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We found 2,062 results for "Accounting and Financial Planning for Law Firms"...

Happy Anniversary ChatGPT! Leveraging Generative Artificial Intelligence in Your Law Firm Practice One Year into this Disruptive Technology Phenomenon
November 01, 2023
While the societal impact of technology is not a new concept, GenAI stands out due to its accessibility to the public and its profound influence on knowledge-based industries like law. In addition to boosting efficiency and productivity, GenAI's new technological capabilities hold the promise of empowering lawyers to offer more precise and insightful guidance to their clients.
It's Hoteling, Not Moteling
November 01, 2023
Hoteling has a negative connotation in the legal industry as little has been done to make the experience reliable and something to look forward to. The fact is, hoteling has worked very well in other industries for many years, and lessons learned here can help law firms.
When Does Zero Equal More? The Add-In Budget
November 01, 2023
This article is about putting more money into the distributable income line on your monthly financial report; how to rethink and profit from your annual budget-planning cycle, which should be underway now and not postponed for January after the "year-end" collection silly season.
Unleashing the Power of Flexibility In Law Firms for Recruitment, Retention, Diversity and Client Expansion
November 01, 2023
Embracing flexibility can provide law firms with a range of competitive advantages, from attracting and retaining top talent to fostering diversity and expanding their client bases.
Outdated Compensation Plans Leave Young Lawyers Disenchanted About Leadership Roles
November 01, 2023
Without recognition for their varied contributions, young lawyers are likely to feel more disenchanted or disinterested in career longevity or leadership duties at a law firm.
Law Firms Might Meet Budget, But Uncertainty Looms
November 01, 2023
With the end of the year in focus, most law firms may well finish in line with their budget plans. But analysts and observers also described the end-of-year profitability picture in Big Law as "tepid," "flat-ish" and "volatile," with 2024 promising plenty of uncertainty as well.
'Do More With Less' Is Theme from New Legal Ops Report
November 01, 2023
The overarching finding of Thomson Reuters Institute's "2023 Legal Department Operations Index" is that workloads are increasing but budgets aren't. The phrase "do more with less" appears three times in the report and similar sentiments appear on nearly every page of the its 25 pages.
Embracing Drivers of Performance Other Than Billable Hours Can Be More Efficient and Resilient to Change
November 01, 2023
By shifting some focus away from input (billable hours) and embracing output (results), law firms can become more efficient and resilient to industry changes, improve client satisfaction, attract top talent and be better equipped to meet other, more long-term financial targets.
Lack of a Succession Plan Can Lead to the Death of a Law Firm
October 01, 2023
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.
New Partner Training Is a Key Component of Law Firm Success
October 01, 2023
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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  • Major Differences In UK, U.S. Copyright Laws
    This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
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  • Legal Possession: What Does It Mean?
    Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
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  • The Article 8 Opt In
    The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
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  • Cutting Off the Stream: How United States v. Silver Affects "Stream of Benefits" or "Retainer" Bribery
    Although the court stressed that, by vacating certain of former NY State Assembly Speaker Sheldon Silver's counts of conviction, it was clarifying and not altering the "as opportunities arise" theory, it nevertheless emphasized that this theory requires particularity with respect to the "question or matter" that is the subject of the bribe payor and recipient's corrupt agreement.
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