Young Partners Should Embrace an Ownership Mentality
August 01, 2023
Firms promote associates to partner and then expect them to "act" like a partner. Acting like a partner is an unclear declaration and can cover a wide range of expectations. One of the most important expectations for these newly minted partners is for them to have an ownership mindset. The mindset of a business owner is not something that comes naturally, nor is it in any way developed through the associate years.
Is Non-Lawyer Ownership of Law Firms Coming Soon?
July 01, 2023
Powerful forces are now pushing regulators in the direction of non-lawyer ownership of law firms in the United States. Some of the forces are completely well-intentioned, but some of the forces are not so well-intentioned.
Young Partners Need to Embrace an Ownership Mentality
July 01, 2023
Firms promote associates to partner and then expect them to "act" like a partner. Acting like a partner is an unclear declaration and can cover a wide range of expectations. One of the most important expectations for these newly minted partners is for them to have an ownership mindset. The mindset of a business owner is not something that comes naturally, nor is it in any way developed through the associate years.
Should Law Firms Make Pass-Through Entity Tax Elections?
July 01, 2023
As a result of the TCJA, the owners of pass-through entities are limited in the amount of state and local taxes they can deduct on their Federal income tax return. In response, over 25 states have enacted pass-through entity tax regimes, which allow the owners of law firms to preserve their state and local tax deduction on their income from the law firm.
Using the Generational Gap to Enhance Engagement
July 01, 2023
For over a decade, starting when the first millennials graduated law school, efforts to seamlessly integrate — or, perhaps in some cases, strong-arm — new hires into the law firm business model have been a source of focus; and, for many, consternation. Distinct contrasts in ways of working, personal motivators and prevailing attitudes have left many leaders frustrated and disillusioned.
Big Law Leaders Grappling With Attorney Disengagement
July 01, 2023
Unlike burnout or "quiet quitting," which arguably stemmed from mostly short-term dynamics, observers point to a collision of current and long-term trends, such as post-pandemic work and generational shifts, that have led lawyers today to be less committed to or fulfilled in the profession as they were a decade ago.
4 Pitfalls To Avoid In Legal Operations (and How to Deal With Them)
June 01, 2023
For legal stakeholders seeking to take their existing legal operations programs to the next level or start new programs from scratch, there are a few all-too-easy traps that can stunt growth, cost political capital and cause headaches. Having a strategic plan, budget and critical executive buy-in is not enough to avoid these four common issues.
Four Legal Ops Traps That Can Stunt Growth
June 01, 2023
For legal stakeholders seeking to take their existing legal operations programs to the next level or start new programs from scratch, there are a few all-too-easy traps that can stunt growth, cost political capital and cause headaches. Having a strategic plan, budget and critical executive buy-in is not enough to avoid these four common issues.
