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Train Your Lawyers to Discuss Fees

Managing partners and other law firm leaders can be reluctant to allow junior lawyers to discuss fees with potential clients. One of the recurring concerns is that the associate might commit the firm to fees that are too low. And some firms are gun shy about discussing hourly rates because of what those figures might […]

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The Best Way for Law Firms to Increase Their Profitability in 2021

If you want to increase law firm profitability, you have to track it relentlessly and share the results of your analysis widely.   Although profits-per-partner has become a widely known metric for large law firms, most smaller firms don’t track profits assiduously. There is a world of difference between having your accountant calculate profits at […]

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The Most Important Trend Impacting Law Firms in 2020 – And It’s Not COVID

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 […]

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Raising Your Rates for Existing Clients

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!” […]

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Business Law Firms Need R&D Departments to Increase Profits

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 […]

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What Law Firms Need to Know About Crisis Communications

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, […]

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Lessons From the Life of Deborah Lancaster

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 […]

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How Lateral Partners Should Negotiate Compensation When Working With a Recruiter

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 […]

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5 Ways This Election Could Affect Law Firms

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 […]

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The Right Way to Communicate High Hourly Rates

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. […]