Will Law Firms Be Ready When the Next Recession Hits?
<b><i>The Bottom Is Eventually Going to Drop on the U.S. Economy, and Many Law Firms Won't Be Positioned to Handle the Fallout</b></i><p>No economic expansion lasts forever. That's a hard-and-fast truth of macroeconomics, one that's on the minds of certain law firm leaders.
Prospering in the 'New Normal'
<b><i>Raising Costs and Declining Demand are Sapping Profits</b></i><p>The “New Normal” of today is one in which raising operating costs, associate salary increases, and reduced realization rates coupled with AFAs and demands from corporate counsel for reduced rates are sapping firm profits and there is no relief on the horizon. Law firm leaders, seeing current conditions, should be asking if there is a better way.
Estate Planning In the Age of Cryptocurrency
<b><i>Cryptocurrency's Technological Character Allows Estate Planning to Protect the Intent of Its Holders, But the Lack of Statutory Structure Necessitates Proactive Steps</b></i><p>Cryptocurrency, such as Bitcoin, has value and therefore is increasingly likely to become an estate asset. Due to the nature of cryptocurrency, typical wills and revocable living trusts may not be well suited to efficiently transfer this new type of asset. Consequently, new estate planning questions and clauses are needed.
Cash Flow Drought: How to Identify and Deal with It
Cash flow management can be particularly challenging. You need to account for the time lag between cash going out and cash coming in. This requires financial and management discipline, strong internal policies and procedures for billing and collection policies, planning and attention to detail.
Navigating the Fear and Promise of Artificial Intelligence
AI solves real challenges and answers real questions that lawyers face every day. It can accomplish or facilitate these tasks more quickly, accurately and efficiently than even the most capable human experts — with the goal of augmenting their skills rather than replacing them.
Using Financial Metrics to Drive Business Development
Growing the top line requires a systematic approach that maximizes your available time and focuses you on the best opportunities. With greater clarity, you can be assertive in the pursuit of your financial objectives. With sustained focus on financial metrics, you stay in control of your book of business.
Vendor Risk Management for Law Firms: 7 Steps to Success
Most firms have extensive cybersecurity measures in place, but emerging or unclear regulatory requirements embroil them in a never-ending cycle of evaluation, best-practices review, and implementation. Firms don't just need to have their own systems secured; a responsible firm must also reduce the risk of breach at their third-party vendors. As cloud service providers become commonplace, so too does a firm's responsibility to ensure their vendors are managing risk appropriately.
