Capturing the Current Mood
Implicit in all the stories about layoffs or hourly versus value billing, the fundamental question is whether the severity of the economic downturn will permanently change what law firms look like and how they operate. Can they ever again support the notorious salary structures and leverage strategies of the past?
Business Plans: A New Reality
Now that the legal industry is reeling from losses, layoffs and downsizings, lateral hires are being run through an even more stringent gauntlet. Many firms now want to see business plans from all lateral partner candidates.
Professional Development for the Senior Associate
Senior associates ' who, by definition, are reaching higher levels of profitability for the firm and have developed practice expertise ' are often left behind when it comes to targeted professional development. But ignoring this population creates problems for a firm ...
From Partnership to Personal Liability
When drafting a contract for a client, a lawyer knows to anticipate and address many issues that may arise under the binding agreement. Such attention avoids problems that may result from a breach or termination of the contract. However, in many cases, lawyers do not anticipate or address these concerns in their own agreements.
Will Your New Tenant Bail Out?
With so many vacancies popping up in shopping centers around the country, landlords are willing to entertain creative solutions to placing tenants in these empty spaces. However, before signing the leases and dropping off the keys, landlords should make certain they follow some very simple procedures and perform routine due diligence.
In the Spotlight: Lease Audits: Adding Value in Troubled Times
If you are a tenant that is leasing properties at numerous locations, it would be an especially prudent business practice to take a careful look at all of your leases and operating expense invoices to determine if there are any opportunities to generate savings.
Knock, Knock: Surprise, Opportunity's Here
Opportunity knocks when you least expect it ' but will it knock when the economy is in freefall and the legal profession is seeing some of its worst layoffs ever? Whether you're an e-commerce attorney, or engage in general practice, the economy can visit your firm ' whether a large partnership or a one-person shop ' and deal a blow. The answer: maybe, if you network!
Client Speak: Capturing the Current Mood
Implicit in all the stories about layoffs or hourly versus value billing, the fundamental question is whether the severity of the economic downturn will permanently change what law firms look like and how they operate. Can they ever again support the notorious salary structures and leverage strategies of the past?
For Whom the Bell Tolls
In this climate of uncertainty, the impetus will be on associates to self-motivate, focus on learning the craft and think deeply about what they really want from their careers. But what are those of us committed to developing the careers of associates to do?
Downsizing the Right Way
In Part One of this article, the authors dealt with the primary risks of a "downsizing" event. Part Two herein discusses implementing a methodical plan for a downsizing event, alternatives to downsizing, and going forward with compassion.
