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Tag Archives: associates
the fog of the numbers
Earlier this week, I had the privilege of teaching an advanced course in Law Practice Management as part of the LL.M. program in Law and Management of the INIDEM Business Law School. INIDEM is an international institution based in Panama, which … Continue reading
zombie hours
When a law firm faces severe challenges to its profitability, sooner or later someone will say, “We just need more billable hours.” This often results in the promulgation of minimum billable-hours requirements for lawyers and other fee earners, often accompanies … Continue reading
Posted in associates, law firms, leadership, partners, planning, practice groups, profitability
Tagged alternative fees, associates, billable hours, compensation, cost management, fees, fixed fees, law firms, leverage, marketing, partners, productivity, profitability, profits, realization rate
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Carrots and sticks in a post-merger law firm
Today’s on-line edition of The Lawyer leads with an article about concerns about individual partner performance at Norton Rose. In brief, the management has sent letters warning under-performing partners that they are at risk of being sacked or demoted on … Continue reading
Posted in associates, law firms, leadership, mergers, partners
Tagged associates, carrots, culture, large law firms, law firms, leadership, mergers, Norton Rose, partners, performance, performance management, risk, skills, sticks
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An investment mentality: one of the toughest challenges for traditional law firms
Why are so many partners unwilling to make important investments in the long-term success of their firms, especially in strategy, quality assurance, or business skills development for associates? This question highlights one of the most important challenges for law firms … Continue reading
Posted in associates, finance, law firms, leadership, marketing, partners, planning, profitability, strategy
Tagged 2013, associates, change, culture, greed, income, investment, law firms, leadership, marketing, productivity, profitability, profits, risk, skills
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Survival skills: rethinking the role of law firm partners
This is the fourth of a series of posts about eight business skills that will be essential for the continued success of most law firms in 2013 and beyond. Designing and managing alternative fee agreements to remain competitive and profitable Strengthening … Continue reading
Posted in associates, clients, law firms, marketing, partners
Tagged 2013, associates, change, clients, competition, delegation, emerging economies, fees, large law firms, law firms, marketing, partners, rainmakers, skills, small law firms, survival skills
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8 survival skills for 2013… and beyond
This is the first of a series of nine posts that highlight management skills that law firms will need to ensure sustained financial performance through the rest of this decade. We call them survival skills for 2013 because firms that do not … Continue reading
Posted in associates, finance, law firms, leadership, marketing, partners, planning, profitability, strategy
Tagged 2013, associates, business plans, change, change management, clients, competition, decision making, fees, finance, foreign firms, investment, large law firms, law firms, mid-size law firms, partners, planning, productivity, profitability, profits, quality, risk, small law firms, strategy, succession
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Tempus fugit, or why lawyers don’t record time
Research conducted by Walker Clark LLC suggests that, at a conservative minimum, 10% of all billable work performed by lawyers in law firms never is recorded. Never recorded, these hours are never billed. Never billed, the value of this time … Continue reading
Posted in associates, finance, profitability
Tagged 2012, 2013, associates, billable hours, clients, fees, Georgics, law firms, productivity, profitability, profits, quality, revenue, tempus fugit, time, time records, timekeeping, Virgil
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How law firms lose money without noticing it
Of all of the work that your law firm does for clients, for how much of it do you actually get paid? More importantly, what are the reasons why you don’t get paid and what can you do about them? … Continue reading
Posted in associates, finance, knowledge management, law firms, partners, profitability
Tagged associates, finance, law firms, profitability, profits
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Paper or people?
Many law firms like to trumpet that “people are our most important asset.” But they spend more on paper than on developing the talents of their associates. This short-sighted thinking is especially prevalent in the most overlooked area of professional … Continue reading
Posted in associates, law firms, leadership
Tagged associates, career management, law firms, LL.M., marketing, partners, productivity, profitability, skills
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