On September 8, the American Bar Association (ABA) addressed lawyers’ ethical obligations as investors in firms with nonlawyer owners. Formal Opinion 499, issued by the Standing Committee on Ethics and Professional Responsibility, permits attorneys throughout the country to act as passive investors in Alternative Business Structures (ABS) that may not be allowed within a given […]
As we approach Labor Day, law firm managing partners should re-evaluate the connection between compensation structure and firm culture. This is a good time to review financial data, identify patterns, and, if appropriate, negotiate a new compensation plan to implement for next year. Perhaps there’s not much cross-marketing going on at your firm. Perhaps partners […]
There have been numerous media reports describing how certain advocacy groups have been trying to pressure Supreme Court Justice Stephen Breyer to retire now, while the Democratic Party has nominal control of the Senate. The groups trying to convince Breyer to step aside have used a variety of strategies, all of which have proved futile. […]
At the end of 2021, managing partners will sum up their law firms’ revenues to determine areas of focus for the next fiscal year, but there’s something individual lawyers can be doing now to make this data even more useful. Right now, halfway through the year, ask your people to project revenues on their own […]
As managing partners and practice group leaders weigh the costs and benefits of returning to their offices, they should take advantage of the next six months to modernize their business plans. Three areas in particular are especially ripe for new approaches right now – real estate, practice area mix, and talent acquisition. Lawyers are creatures […]
With vaccination rates rising and states reducing restrictions around COVID-19, discussion in the legal services industry has turned to whether and to what extent law firms will require their people to return to offices. A lot of media reports have framed this issue as a tug-of-war between managers and their workers. The simplified conclusion is […]
Many firms continue to act as if billing a particular number of hours is the most valuable use of every attorney’s time. In the grand scheme of things, however, devoting time and resources to strategizing the firm’s positioning in the market can be more lucrative. Firm leaders, having never been taught to value management time […]
Members of the State Bar of California’s Closing the Justice Gap working group are split over how broad to make the state’s trial of regulatory changes. The board of trustees approved the working group, which is tasked with considering changes in nonlawyer ownership and fee sharing, in May 2020. Its SCOPE subcommittee is currently debating whether or not the organizations […]
In Their Own Words, a report from the American Bar Association’s Initiative on Long-Term Careers for Women in Law, sheds light on the complex reasons experienced women lawyers leave law firms or legal practice entirely. The document summarizes findings from interviews and focus groups with over one hundred women, each with fifteen or more years […]
The past year has only fueled the move toward a more digital world. By now, many law firms have made use of Facebook or LinkedIn to bolster their online presence, but the utility of any online platform can wane quickly as potential clients and referral sources move on to other alternatives. There’s a lot of […]