Law Firms & Lawyers
Is ALSP Outsourcing Right for Your Firm?
Joel A. Herman
To the chagrin of some law firms, alternative legal service providers (ALSPs) have become an important and growing player in the legal industry landscape. According to a recent report, the overall market for ALSPs grew by about $5 billion between 2015 and 2019, reaching almost $14 billion. Nearly 80% of law firms and 71% of […]
Ephemeral Messaging and E-Discovery: To Preserve or Not To Preserve?
Joy A. Long
The conversations we have with others over the phone, in the lunchroom or someone’s office are all considered to be ephemeral. There is typically no trace of those conversations. Someone might attest to the fact that it happened, but unless it was recorded, it is gone. Some messaging apps for mobile devices offer features similar […]
Client Intake: The Importance of Quality Over Quantity
Want to improve profitability, reduce stress and preempt malpractice lawsuits and billing-related disputes? Drop uncooperative or slow-paying clients and use a formal client selection process to avoid taking on new ones. How do existing clients rate? Begin refocusing on client quality by reviewing all existing clients to determine whether any of them are weighing you […]
Are You Using Paralegals Effectively?
Joel A. Herman
Sometimes, attorneys do work that can be accomplished effectively and efficiently by paralegals. This can create a culture of staff members performing tasks for which they are overqualified, which can reduce the firm’s profitability. This blog highlights some considerations to address such concerns. Related Read: How To Get Stuff Done Determine the scope of responsibility The […]
What Entity Structure Makes Sense for a Law Practice?
Regardless of whether you are just starting your own law practice or you have a well-established law firm, entity structure is something to consider. After all, your entity choice affects when you pay tax, what tax you pay, how the tax is paid, your liability in running the firm and much more. Here are a […]
How Top “Pandemic Performer” Law Firms Thrived
A recent report from the Thomson Reuters Institute examines the factors that have contributed to the high performance of law firms that fared best financially during the COVID-19 pandemic. Understanding these factors can help other firms better position themselves for future disruptions. Related Read: State of the Midsize Market: Resilience Is Key Key characteristics The 2021 […]
How To Get Stuff Done
Law firms face disruption on multiple fronts and they are struggling to get things done. Firm leaders must contend with the pandemic’s health threat and the challenges of managing a remote workforce, as well as supply chain disruptions, demand shifts, resource constraints and more, all while devising critical plans for the road ahead. Combined with […]
State of the Midsize Market: Resilience Is Key
Justin L. Sylvan
Despite daunting challenges, midsize law firms flexed their creativity and agility to prove themselves surprisingly resilient in 2020. The 2021 Report on the State of the Midsize Legal Market from the Thomson Reuters Institute (TRI) looks at how midsize firms weathered the challenges of 2020 and the opportunities that may lie ahead. Related Read: 2021 Legal […]
Do Not Go Phish: How To Reduce Your Risk of Cyberattacks
Phishing schemes have been a threat for years. But the COVID-19 pandemic seems to have intensified the risk, with criminals applying new twists on their approaches. Among other developments, law firms are increasingly targeted, due to their wealth of confidential information and the high value that firms place on their reputations. Of course, reputational damage […]
Lawyers’ Professional Obligations in Regard to Legal Technology
Joy A. Long
For far too long, the rate of technology adoption across the legal industry has lagged far behind innovation. As datasets grow larger and litigation costs rise, it is critical for the legal profession to embrace technology and new innovations that help to safeguard client data and to facilitate better outcomes. Related Read: Get Smart: Law Firms […]