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The Key to Success in a Client’s Market, Know Your Firm’s Financials

the-key-to-success

Note: The following is a digest version of the post we published last Wednesday, November 9. On the chance that a portion of our Business of Law Blog readers may have been distracted by the day’s election news, we’ve decided to provide a second opportunity to read this valuable information on law firm economics. Law firms ought to focus less ... Read More »

5 Ways Government Agencies Can Automate FOIA Compliance

5 Ways Government Agencies Can Automate FOIA Compliance

Complying with the Freedom of Information Act (FOIA) is an important way that our government agencies serve our democracy, but the fact is that complying with these mandates is incredibly time-consuming and expensive. A 2016 report from the U.S. Department of Justice found that the 100 agencies subject to FOIA transparency requirements received more than 713,168 requests in 2015 while ... Read More »

3 Reasons Law Firms Should Care About Passive Data Capture

3 Reasons Law Firms Should Care About Passive Data Capture

As they say in the legal profession, time is money. While most attorneys are measured by their proverbial “books of business,” the last thing they want to do is spend valuable time updating their client rolodexes. After all, clients pay top dollar for expert legal counsel, not data entry. Last week, we shared an anecdote about a database administrator at ... Read More »

Why Understanding Economics is the Key to Law Firm Profitability

Why Understanding Economics is the Key to Law Firm Profitability

“One of the biggest flaws with alternative fee arrangements (AFAs) not succeeding in law firms, is most law firms don’t understand their economics,” says Frederick J. Esposito, Jr., CLM, executive director of Long Island, New York and New Jersey based regional law firm, Rivkin Radler, LLP. Mr. Esposito believes law firms focus too heavily on rate setting. By contrast he ... Read More »

How to Go from 40K Known Law Firm Contacts to 250K Using InterAction IQ

InterAction IQ

Lateral hiring is a tried and true growth strategy for many law firms and with good reason. Each time a lateral is hired, that attorney brings a wealth of new and existing connections which ideally helps the firm grow its business pipeline. The only trouble is this strategy assumes that attorneys who are newly hired as laterals to the firm ... Read More »

Data Security Audits: 4 Ways We Can Work Together

Data Security Audits

Data security audits can be onerous and burdensome, but they’re a necessity of business practice — particularly in the legal industry, where confidential documents reside on virtually every desktop, laptop and notebook. To help law firms understand their responsibilities, LexisNexis recently partnered with Lewis Brisbois to host a CLE panel event in Los Angeles: “How to Interpret and Meaningfully Comply ... Read More »

Covering the Bases – Hyperion Benchmarking Identifies Key Contributors to Legal Tech Adoption

Covering the Bases – Hyperion Benchmarking Identifies Key Contributors to Legal Tech Adoption

“Build it and he will come.” Although the now-classic maxim may have rung true in the movie, “Field of Dreams,” that’s certainly not always the case in real life. Consider, for instance, a new ballgame in which the “he” (or she, for that matter) is a lawyer, and the destination is adoption of his or her organization’s latest legal technology ... Read More »

3 Ways InterAction IQ Can Help Law Firms Grow Organically

3 Ways InterAction IQ Can Help Law Firms Grow Organically

Never underestimate the power of intelligent prospecting. Something as simple as well-timed congratulatory email or call to a client about a recent promotion goes a long way. In fact, according to Mark Herrmann Chief Counsel of Litigation and Global Chief Compliance Officer at Aon, in an Above the Law article titled: Business Development 5 Things I Have Seen Work, simply ... Read More »

Data Security Audits: The Benefits of “Co-Education”

Data Security Audits

We’ve been publishing a series of posts tied to the importance of data security audits at law firms and some of the key things that firms need to understand about their responsibilities. In previous articles (click here and here), we shared some of the overarching trends in data security audits and explored the art of interpreting data security audits. This ... Read More »

Reading the Clues of Engagement: 3 Ways to Use IQ to Counter Client Flight Risk

Reading the Clues of Engagement: 3 Ways to Use IQ to Counter Client Flight Risk

Understanding how engaged clients are with their law firms can provide important clues in helping law firms retain clients, according to a new LexisNexis InterAction IQ E-Book titled: 6 Surefire Ways to Impress Your Legal Management Committee and Optimize your Team’s BD efforts. By identifying those clients that are most valuable to the firm and understanding which of those clients ... Read More »