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Firms with aging managing partners should develop a succession plan for transferring clients and management responsibilities (over a five-to-ten-year transition period) to the firm's younger attorneys.
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Training new partners helps them develop the necessary skills to become successful attorneys and eventually leaders in their firms. This investment demonstrates the commitment the firm has to the young partner which will reduce attrition and enhance engagement.
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Clear billing guidelines are essential for effectively managing client relationships and preventing costly and time-consuming billing disputes. Well-defined billing standards set expectations upfront, ensure consistent application of rates and procedures and provide transparency around what work will be performed and how it will be billed.
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There are two major factors motivating firms to move in the direction of more risk sharing and more contingency work. The first is client-driven, the second is basic law firm economics.
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Tech companies grabbed six of the top 10 slots on the list, which ranks by total compensation. The five most-highly paid legal chiefs received more than $20 million, while all the top 10 collected more than $15 million.
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This article addresses why difficult conversations are especially challenging in the legal environment, the value of having them, and offers a framework with a few extremely valuable tools for navigating these sticky situations to engage in these dialogues more directly and effectively.
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Although the federal constitution protects against deprivation of property without due process, the Second Circuit and federal district courts have erected significant barriers to dues process claims by landowners who challenge municipal permit denials or revocations.
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A current dispute over a band name that's worth tracking is one between two founding members of "The Isley Brothers," the legendary r&b group, that focuses on what happens to ownership of the band name rights when one member stops performing with the group but continues to be involved in its business affairs.
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Although the federal constitution protects against deprivation of property without due process, the Second Circuit and federal district courts have erected significant barriers to dues process claims by landowners who challenge municipal permit denials or revocations.
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As technology continues to advance at an unprecedented pace, legal practitioners are presented with both challenges and opportunities to harness the power of AI in their practices. This article lays out a general roadmap for success in modern legal firms through the strategic incorporation of AI technologies.