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YouTube Friday:  Imagining the Future of Law

YouTube Friday Imagining the Future of Law

The legal community and the medical community have a lot in common, it seems: Both manage cases Both face pricing pressures Both face compliance concerns Confidentiality is paramount Technology promises the potential to redesign the business and rethink the practice in both professions. Yet instead of reimagining – as the rather stirring video embedded nearby suggests, what if we just…imagine? ... Read More »

Top 10 #BusinessofLaw Posts you Might have Missed in May

business of law most read

Pricing, analysis and generally, big ideas, topped the most read posts on the Business of Law Blog this month. We greatly appreciate our readers and contributors and their influence in shaping and sharing the conversation on this blog. Here are the most read blog posts for May 2104: Porter’s Five Forces for the Legal Industry 9 Takeaways from the Altman ... Read More »

Embrace Your Law Firm Clients: 3 Ways to Make More Rain

Embrace Your Law Firm Clients 3 Ways to Make More Rain

Altman Weil’s recent 2014 Law Firms in Transition survey reminds us that many firms see the pace of change accelerating with clients as the catalyst. 34% of law firm leaders identified corporate law departments as the force most likely to lead change; 32% chose technology innovation; and, 15% selected non-law-firm providers of legal services. Only 10% of respondents believe that ... Read More »

10 Telling Images from the LexisNexis Ironman Raleigh 70.3

LexisNexis Ironman Raleigh

Sixteen.  Including a three-person relay team, that’s the number of LexisNexis employees that competed in the LexisNexis Ironman Raleigh 70.3 race this past Sunday.  Thirteen went the entire 70+ miles on their own and crossed the finish line. Downtown Raleigh ran red with the LexisNexis colors as more than 50 volunteers, dressed up in t-shirts with the design you see above, ... Read More »

Infographic Friday: Billing Rates Up 4%, But So Are Discounts

law-firm-differentiation-means-rate-pressure

Note:  The following is a guest post by Larry Bodine; the infographic, as customary with our Friday Share series, follows below.  Law firm billing rates are up in all firm sizes – especially at “top of the market” megafirms – but then, so are discounts, according to a pair of influential surveys of the legal profession. Fees at megafims have ... Read More »

12 Essential Metrics for Law Firm Rainmakers

law firm rainmaker metrics

There are two overarching components to running a profitable law firm according to Stephen Fairley of The Rainmaking Institute. Those components are the right people and the right systems. People run the systems he said, but the systems run the law firm.  Removing either of these components and it becomes even more challenging to maintain a financially successful law firm. ... Read More »

9 Takeaways from the Altman Weil Law Firms in Transition Study

Law Firms in Transition, Altman Weil

Altman Weil recently released an updated Law Firms in Transition Study – a sweeping 131 page report – that paints a rather challenging portrayal of the competitive legal landscape for large law. Consider the following reactions in the press: >>>Law360: “The lessons for BigLaw of recent years about tougher competition, commoditization of legal work and billing trends are sinking in ... Read More »

CASL: The Million Dollar Email

Legal Marketing The Million Dollar Email

Note: The following is a guest post by David Jacobs. Unless you’re based in Canada, or doing a lot of business with people in that country, you may not be aware of Canada’s Anti-Spam Legislation (CASL). The first phase of this new comprehensive law goes into effect July 1st in what many would agree is a necessary step to curtail ... Read More »

Slowly Being Fired: 3 Tips for Law Firm Business Development

BTI consulting, law firm business development, law firm CRM

“Corporate counsel drop 7 firms from their law firm rosters,” emphasizes BTI Consulting Group in its just released report on Corporate Counsel Management Strategies.  And the news gets more challenging:  “Overall legal budgets remain relatively flat and any increases seen are going straight to internal resources.” Add to client pressure on billing rates, which may have been frozen or even ... Read More »

LexisNexis Business of Law Events and Webinars this Week

LexisNexis Business of Law Events and Webinars this Week

We’ve got a packed week full of events including a series of webinars and a customer conference.  Most of these events are intended for existing customers: Law firm CRM. A glimpse of what to expect in the roadmap for our CRM product. Practice management.  Free tips for our law firm practice management tools. Live blogging and tweeting.  We’ll be live ... Read More »