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Five Initial Steps to Raising Your Hourly Rates
/0 Comments/in Attorney Fee Setting, Law Firm Fee Setting /by Gideon GrunfeldThis is the first in a series of posts about one of the most important and impactful decisions a law firm can make: how to increase your hourly rates. Law firms and other professionals that charge by the hour often leave thousands if not millions of dollars on the table by not having a strategy […]
Mid-Level Associates Have More Power Than Many Law Firms Realize
/0 Comments/in Law Firm Management /by Gideon GrunfeldThe latest development in the ongoing saga to convince workers to return to the office full-time is sadly predictable. Some law firms are becoming more vocal in suggesting that those who don’t return to the office will be laid off in the next economic downturn. A recent article published by JD Supra is indicative; it’s […]
Freshfields Signs 15-year Lease in New York City
/0 Comments/in International Law Firms /by Gideon GrunfeldReuters reports that UK-based Freshfields Bruckhaus Deringer has signed a 15-year lease for new larger offices in New York City. Freshfields is no stranger to New York; it opened its NYC office in 1977 and now has more than 200 lawyers in the U.S. It has had a good track record of hiring lateral partners […]
Recent Trends Impacting International Law Firms Looking To Grow their U.S. Presence
/0 Comments/in International Law Firms, Strategic Planning /by Gideon GrunfeldA recent article published in the Global Legal Post does a good job summarizing what some of the so-called “Magic Circle” U.K. Firms have been doing to grow their presence in the U.S. Specifically, the article identifies recent moves made by Allen & Overy, Freshfields, and Linklaters to hire lateral partners from Am Law 100 […]
May—A Good Month to Adjust Your Law Firm’s Marketing Plan
/0 Comments/in Law Firm, Law Firm Budgeting, Marketing /by Gideon GrunfeldThe first third of the year is behind us and it’s an opportune time to analyze your law firm’s financial performance and make changes to grow revenue and improve profitability. Your financial reports should be complete through the end of April, and four months of results are enough to identify potential changes in course. This […]
Allen & Overy Opens Up New Boston Office
/0 Comments/in International Law Firms, Law Firm Real Estate /by Gideon GrunfeldWe are used to seeing articles involving Am Law 200 firms who raid each other for lateral partners. We might be seeing the beginning of a new development—international firms, especially those based in the UK, joining the lateral partner fun. The news of Allen & Overy’s entry into the Boston market has largely flown under […]
President Biden’s New Executive Order on Cryptocurrency is Good for Law Firms
/0 Comments/in Law Firm Strategy, Practice Areas, Regulatory, Technology /by Gideon GrunfeldOn March 9, President Joe Biden signed a new Executive Order (the “Executive Order”) calling for a renewed focus on the quickly evolving world of cryptocurrency. The Executive Order sets priorities for the U.S. Government, including creating a digital currency authorized by the U.S. Government. While many bitcoin purists might argue that government involvement has […]
CA Legislature Puts the Brakes on Ownership of Law Firms by Non-Lawyers
/0 Comments/in Industry Trends, Legal Profession, Regulatory /by Gideon GrunfeldOn February 25, 2022, an open session of the California State Bar’s Closing The Justice Gap Working Group (“CTJG” or “Working Group”) took place that could pause the short-term prospects of allowing non-lawyers to own and invest in law firms. Specifically, the Working Group made three potentially game-changing decisions. First, and most importantly, the Working […]
Florida Bucks the Trend Toward Nonlawyer Ownership
/0 Comments/in Regulatory /by Gideon GrunfeldWith all the changes impacting law firms right now, it would be easy to overlook an important regulatory development that recently took place. In November, the Florida Bar Association’s Board of Governors unanimously voted down proposals to test nonlawyer ownership and fee sharing in legal practices. The decision represents a sharp deviation from the trend […]
California Counties Represent Growing Markets for Law Firms
/0 Comments/in Business Development /by Gideon GrunfeldDespite some highly publicized news about the decline of California, it continues to have by far the largest number of residents in the country, and along with Texas and Florida accounts for over a quarter of the total U.S. population. Los Angeles maintained a real GDP of approximately $726 billion in 2019, with Orange County […]