Lateral Hiring: 7 Reasons Why Law Firms Fail
March 01, 2020
Firms routinely report that hiring lateral partners is a difficult process with a low success rate. Why do they struggle with lateral hiring? More importantly, what can they do to improve their results?
The Threat of Ransomware 2.0 for Law Practices
February 01, 2020
During the past few months, there has been a significant paradigm shift in the cybersecurity world. Threat actors from Russia, in particular, have significantly enhanced their capabilities to target individual businesses and Managed Service Providers (MSPs) or IT companies. It is critical that lawyers, their firms and the companies they serve be aware of these threats and take the appropriate measures to proactively secure their own — and their clients' — sensitive and private information.
Linking Partner Pay to Strategic Firm Objectives
February 01, 2020
Pay for performance is not a new concept in this country. The ideas and concepts underlying a graduated pay scale based on contribution and merit are deeply ingrained in our society. However, in general law firms have been slower to adopt pay for performance systems. What law firms need now, and this article describes, is an approach to partner compensation that closely links a partners pay to their ability to contribute to the achievement of the firm's strategic objectives.
Driving Law Firm Profits Through Data Analytics
February 01, 2020
"Data Analytics" have become more than just buzzwords and are an integral part of well informed decision making. The following best practices have the ability to bring your firm's data management up to speed with competitors in the law industry, while turning what might be an underutilized resource into a working asset that drives revenue.
Data Breaches: Adding a New Layer to the Risk of Legal Malpractice
February 01, 2020
Those in the legal profession are not immune to a data breach. What's more, ethical obligations put lawyers and law firms at even greater risk for significant business, financial and reputational harm should they experience a cyberattack. Attorneys have both an ethical and legal duty to take reasonable steps to protect their clients' personal sensitive data against a cyberattack, or face serious ramifications.
Strategies to Avoid or Reduce Billing Rate Discounts
February 01, 2020
For a large portion of engagements, discounts are not necessary to win the work. In fact, discounts come at a price. Both parties assume a degree of risk when margins are thinned. This article presents several techniques that you can use to re-direct discussions away from discounts and help to minimize their financial impact.
A Look Behind, A Look Ahead: Part 1 - Cybersecurity
January 01, 2020
Cybersecurity Law & Strategy partnered with our ALM sibling Legaltech News to ask cybersecurity and e-discovery experts what they thought the key trends were in 2019 and what they expect to see in 2020.
Law Firms Enter the Golden Age of Data Mining
January 01, 2020
Data mining is a relatively new practice in the legal space and the data profiles of firms are highly variable from one organization to another, so identifying the right tools and prioritizing initiatives can be challenging.
10 Top Strategies for Retaining Tomorrow's Talent
January 01, 2020
All lawyers want to be wanted and valued by their firms. It has become apparent that tomorrow's legal talent requires even more hand-holding than previous generations. They want to understand why and what's the payoff of their efforts. By creating a firm culture that addresses these concerns you will heighten your firm's ability to retain precious talent.
