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Going Cold Turkey Leads to Cleaner Law Firm Financials

Going Cold Turkey Leads to Cleaner Financials for One Vegas Firm

Note: The following is a post from contributor Carla Del Bove, who provides support to the business of law software product line within the LexisNexis software division. Ever wonder how to motivate a group of resistant legal time keepers and attorneys steeped in old ways embrace a new way of managing financials? According to Barbara Fanning, office administrator for the Las Vegas-based law firm ... Read More »

Infographic: Law Firm Panels and Legal Industry Scorecard

Infographic Law Firm Panels and Legal Industry Scorecard

Even as the largest law firms raise billing rates, corporate counsel continues to consolidate law firm panels. The most recent CounselLink® Enterprise Legal Management Trends Report found “55% of companies in the data pool have 10 firms or fewer accounting for at least 80% of outside counsel fees.”  As the infographic, and 2015 Mid-Year Scorecard, nearby show, law firm consolidation ... Read More »

How Law Firms Plan to Fuel Growth in the Next 12 Months

How Law Firms Plan to Fuel Growth in the Next 12 Months

Competition is the top barrier to growth according to a recent survey of law firms, alongside a deluge of anecdotal evidence.   In response, law firm business development is heating up with the mechanisms ranging from compensation and incentives — to the warming notion of hiring a professional law firm sales force. If the trend towards business development is a strategic shift, ... Read More »

Legal Spend Trends:  Big Law Billing Rates Rising

Legal Spend Trends Big Law Rates Rising-header

A new legal spending trends report finds big law billing rates grew notably – pushing a 6% increase in the gap between the top two tiers of law firms, by attorney headcount, from 38% to 44%. Median partner rates at the “Largest 50” law firms – those with more than 750 lawyers – rose to $711 per hour, based on ... Read More »

9 Concerns that Keep New Law Firm Owners Awake

9 Concerns that Keep New Law Firm Owners Awake

By no means are new law firm owners alone in the experience of being woken from deep sleep in a state of sweat-soaked angst, any chance of further sleep exhausted. But for attorneys going out on their own to start new firms, the pressures are intense enough to make them feel as if no one else could possibly understand. New ... Read More »

6 Enhancements to LexisNexis Software and Litigation Tools

6 Enhancements to LexisNexis Software and Litigation Tools

Note: The following is a guest post from Daryn Teague, who provides support to the litigation software product line within the LexisNexis software division. In recent weeks, the LexisNexis software and technology has rolled out software enhancements for a number of products of interest to the legal tech community. 1. Faster Snapshots of eDiscovery Data A new version of the LexisNexis® Early Data ... Read More »

Friday Share: 6 Considerations for Origination Credit in BD

Fostering Law Firm BD 6 Considerations for Origination Credit-header

There’s an old saying in management guru circles:  Pay for performance, promote for potential. Compensation models and incentive structures are among the most central issues in any business, let alone law firms.  A key challenge in the professional services model, absent a professional sales force, is how to incent business development (BD)? The matter is of critical current interest in ... Read More »

197 Ways Law Firm Marketing and BizDev are Different

197 Ways Law Firm Marketing and BD are Different

Upwards of 90% of legal marketing and business development (BD) professionals believe there is a distinction between “law firm marketing” and “law firm business development. That’s according to a recent survey of 400 legal professionals in the industry. More importantly, these two functions require different skillsets.  The data is interesting, but it doesn’t justly serve the passion that goes along ... Read More »

5 Cybersecurity Best Practices for Law Firms

5 Cybersecurity Best Practices for Law Firms

Note: The following is a guest post from Daryn Teague, who provides support to the litigation software product line within the LexisNexis software division. Law firms have a wide range of IT challenges to manage, but the challenge now viewed as the number-one priority is data security. The recently released 2015 ILTA InsideLegal Technology Purchasing Survey reported that, for the first time in ... Read More »

Moneyball for Lawyers: Hollywood Lessons for Practicing Law

Moneyball for Lawyers

What does a hit movie starring Brad Pitt have to do with how you run your law practice? Plenty. Because just like Oakland A’s General Manager Billy Beane used data analysis to revolutionize the way baseball is played, you can take the same approach to learn how your firm operates –and grow it to its highest possible potential. Data Doesn’t ... Read More »