The first third of the year is behind us and it’s an opportune time to analyze your law firm’s financial performance and make changes to grow revenue and improve profitability. Your financial reports should be complete through the end of April, and four months of results are enough to identify potential changes in course. This […]
On March 9, President Joe Biden signed a new Executive Order (the “Executive Order”) calling for a renewed focus on the quickly evolving world of cryptocurrency. The Executive Order sets priorities for the U.S. Government, including creating a digital currency authorized by the U.S. Government. While many bitcoin purists might argue that government involvement has […]
On February 25, 2022, an open session of the California State Bar’s Closing The Justice Gap Working Group (“CTJG” or “Working Group”) took place that could pause the short-term prospects of allowing non-lawyers to own and invest in law firms. Specifically, the Working Group made three potentially game-changing decisions. First, and most importantly, the Working […]
With all the changes impacting law firms right now, it would be easy to overlook an important regulatory development that recently took place. In November, the Florida Bar Association’s Board of Governors unanimously voted down proposals to test nonlawyer ownership and fee sharing in legal practices. The decision represents a sharp deviation from the trend […]
Despite some highly publicized news about the decline of California, it continues to have by far the largest number of residents in the country, and along with Texas and Florida accounts for over a quarter of the total U.S. population. Los Angeles maintained a real GDP of approximately $726 billion in 2019, with Orange County […]
On September 8, the American Bar Association (ABA) addressed lawyers’ ethical obligations as investors in firms with nonlawyer owners. Formal Opinion 499, issued by the Standing Committee on Ethics and Professional Responsibility, permits attorneys throughout the country to act as passive investors in Alternative Business Structures (ABS) that may not be allowed within a given […]
As we approach Labor Day, law firm managing partners should re-evaluate the connection between compensation structure and firm culture. This is a good time to review financial data, identify patterns, and, if appropriate, negotiate a new compensation plan to implement for next year. Perhaps there’s not much cross-marketing going on at your firm. Perhaps partners […]
There have been numerous media reports describing how certain advocacy groups have been trying to pressure Supreme Court Justice Stephen Breyer to retire now, while the Democratic Party has nominal control of the Senate. The groups trying to convince Breyer to step aside have used a variety of strategies, all of which have proved futile. […]
At the end of 2021, managing partners will sum up their law firms’ revenues to determine areas of focus for the next fiscal year, but there’s something individual lawyers can be doing now to make this data even more useful. Right now, halfway through the year, ask your people to project revenues on their own […]
As managing partners and practice group leaders weigh the costs and benefits of returning to their offices, they should take advantage of the next six months to modernize their business plans. Three areas in particular are especially ripe for new approaches right now – real estate, practice area mix, and talent acquisition. Lawyers are creatures […]