The biggest news story of 2020 has been, of course, the pandemic. But that hasn’t been the most significant trend impacting law firms. COVID-19 sped up quite a few processes already unfolding in the world of professional services and in the economy at large, including the growing gap between small businesses and major corporations. Along […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-628434004.jpg15002560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2020-12-30 09:00:412020-12-28 14:12:00The Most Important Trend Impacting Law Firms in 2020 – And It’s Not COVID
With a new year on the horizon, you may be thinking about how you can raise revenues. It’s common to consider upping your hourly rates or flat fees annually, but there are right and wrong ways to go about this. As we talked about last year, a simple “Happy New Year! We’ve raised your rates!” […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-522479992.jpg17072560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2020-12-16 11:49:432020-12-16 11:49:43Raising Your Rates for Existing Clients
Many businesses formally invest in research and development (R&D) to improve products and services and to stay competitive. This is, in many ways, an unremarkable notion, but law firms have largely ignored it. This is even true for law firms that represent business clients and other entities where the potential for repeat business exists. If […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1220278828.jpg17192560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2020-12-09 11:44:002020-12-09 11:44:00Business Law Firms Need R&D Departments to Increase Profits
Boies Schiller Flexner has been the subject of a steady stream of articles over the past year which suggest the firm might be facing some cash flow issues. Bloomberg reported in July that the firm was the only one in the Am Law 100 to receive funding from the Small Business Administration’s Paycheck Protection Program, […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1142333517.jpg16382560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2020-12-02 08:12:542020-12-02 08:12:54What Law Firms Need to Know About Crisis Communications
My aunt, Deborah Lancaster, was a pioneering lawyer from whom we could learn a lot about managing our careers and lives. After her notable work for the Attorney General of the State of Israel, she in the early 1960s moved with her young son to the United States, where she earned her American law degree […]
https://rainmakingforlawyers.com/wp-content/uploads/Deborah-Lancaster_image.jpg650516Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2020-11-25 08:31:182020-11-24 14:31:57Lessons From the Life of Deborah Lancaster
Today’s post covers a very specific scenario. We’ve talked before about filling out Lateral Partner Questionnaires (LPQs) as a non-equity partner and how to present your portable book of business when that information will have direct bearing on the compensation offered to you. The very specific scenario we’re touching on today is a lateral move […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1072549272.jpg20512560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2020-11-19 10:57:312020-11-19 10:57:31How Lateral Partners Should Negotiate Compensation When Working With a Recruiter
The dust has yet to settle on the election, but it’s not too early to identify specific impacts the results could have on law firms and the legal services industry. Below are five ways this election could affect law firms. A win for Biden-Harris is also a big win for large law firms and […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1204426739.jpg16002560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2020-11-11 14:20:002020-11-11 14:20:005 Ways This Election Could Affect Law Firms
When you charge higher hourly rates than most of your competitors, it’s important to understand how you can effectively justify this number to prospective clients. The first rule of quoting fees to potential clients is not to mention a specific hourly rate until you and the client have discussed what is at stake for them. […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-997934518.jpg14142121Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2020-11-04 14:15:432020-11-04 14:15:43The Right Way to Communicate High Hourly Rates
With an increasing number of lawyers (especially partners) changing firms, procedures relating to such moves have become more standardized. Most notably, the use of a Lateral Partner Questionnaire (LPQ) is now commonplace, particularly among larger law firms. The LPQ helps lawyers and the firms to which they might be moving address key financial issues and […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1162370362.jpg17072560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2020-10-28 08:30:032020-10-26 15:12:00Can You Take Work Product With You When You Change Firms?
The changes that have started to develop this year will manifest themselves more clearly in 2021. This includes the reduced staffing levels we’ve seen as firms became focused on cutting costs, adjusting to remote work, and keeping rainmakers happy during an economic downturn. The pandemic led many to shed practice areas they viewed as more […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1254361070.jpg12992309Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2020-10-14 10:42:202020-10-14 10:42:20Your Most Important Hire in 2021 Might Not Be a Lawyer
The Most Important Trend Impacting Law Firms in 2020 – And It’s Not COVID
/0 Comments/in Industry Trends /by Gideon GrunfeldThe biggest news story of 2020 has been, of course, the pandemic. But that hasn’t been the most significant trend impacting law firms. COVID-19 sped up quite a few processes already unfolding in the world of professional services and in the economy at large, including the growing gap between small businesses and major corporations. Along […]
Raising Your Rates for Existing Clients
/0 Comments/in Attorney Fee Setting /by Gideon GrunfeldWith a new year on the horizon, you may be thinking about how you can raise revenues. It’s common to consider upping your hourly rates or flat fees annually, but there are right and wrong ways to go about this. As we talked about last year, a simple “Happy New Year! We’ve raised your rates!” […]
Business Law Firms Need R&D Departments to Increase Profits
/0 Comments/in Attorney Fee Setting /by Gideon GrunfeldMany businesses formally invest in research and development (R&D) to improve products and services and to stay competitive. This is, in many ways, an unremarkable notion, but law firms have largely ignored it. This is even true for law firms that represent business clients and other entities where the potential for repeat business exists. If […]
What Law Firms Need to Know About Crisis Communications
/0 Comments/in Law Firm Management /by Gideon GrunfeldBoies Schiller Flexner has been the subject of a steady stream of articles over the past year which suggest the firm might be facing some cash flow issues. Bloomberg reported in July that the firm was the only one in the Am Law 100 to receive funding from the Small Business Administration’s Paycheck Protection Program, […]
Lessons From the Life of Deborah Lancaster
/0 Comments/in Career Management /by Gideon GrunfeldMy aunt, Deborah Lancaster, was a pioneering lawyer from whom we could learn a lot about managing our careers and lives. After her notable work for the Attorney General of the State of Israel, she in the early 1960s moved with her young son to the United States, where she earned her American law degree […]
How Lateral Partners Should Negotiate Compensation When Working With a Recruiter
/0 Comments/in Salary Negotiation /by Gideon GrunfeldToday’s post covers a very specific scenario. We’ve talked before about filling out Lateral Partner Questionnaires (LPQs) as a non-equity partner and how to present your portable book of business when that information will have direct bearing on the compensation offered to you. The very specific scenario we’re touching on today is a lateral move […]
5 Ways This Election Could Affect Law Firms
/0 Comments/in Regulatory /by Gideon GrunfeldThe dust has yet to settle on the election, but it’s not too early to identify specific impacts the results could have on law firms and the legal services industry. Below are five ways this election could affect law firms. A win for Biden-Harris is also a big win for large law firms and […]
The Right Way to Communicate High Hourly Rates
/0 Comments/in Attorney Fee Setting /by Gideon GrunfeldWhen you charge higher hourly rates than most of your competitors, it’s important to understand how you can effectively justify this number to prospective clients. The first rule of quoting fees to potential clients is not to mention a specific hourly rate until you and the client have discussed what is at stake for them. […]
Can You Take Work Product With You When You Change Firms?
/0 Comments/in Ethics /by Gideon GrunfeldWith an increasing number of lawyers (especially partners) changing firms, procedures relating to such moves have become more standardized. Most notably, the use of a Lateral Partner Questionnaire (LPQ) is now commonplace, particularly among larger law firms. The LPQ helps lawyers and the firms to which they might be moving address key financial issues and […]
Your Most Important Hire in 2021 Might Not Be a Lawyer
/0 Comments/in Law Firm Management /by Gideon GrunfeldThe changes that have started to develop this year will manifest themselves more clearly in 2021. This includes the reduced staffing levels we’ve seen as firms became focused on cutting costs, adjusting to remote work, and keeping rainmakers happy during an economic downturn. The pandemic led many to shed practice areas they viewed as more […]