It Shouldn’t Suck to be an Associate at a Law Firm, Part II.
Filed under: Global law firms, Hiring and training lawyers, Law firm associate efficiency, Law firm associates, Law firm management, Law firm management strategies, Law school recruiting, lawyer training, Navigating the Perfect Storm: Recruiting, Retaining and Training Lawyers in the Coming Decade, Strategic law firm planning, The Law Firm of the Twenty-first Century | Leave a Comment »
With law firm expenses rising at a rate three times higher than revenues, law firms have been working feverishly to cut the expense side and maximize revenues, to rather good effect, thus far. This has resulted in a perfect storm adversely affecting many law firm associates.
The Wall Street Journal reports that law firms have drastically cut their professional headcounts and have been squeezing an extra 50 hours a year out of those who still had seats when the music stopped playing. Fifty hours a week may not sound like much, but in an already crushing 60+ hour work week, these additional hours only serves to enhance partner profitability, while further squeezing the last drops of energy out of already overworked associates.
Saddled with huge student loans and impacted the dwindled job market, associates seem to have little alternative but to groan further under the weight of yet more work, even as their work days have become more complicated and difficult as support staff often no longer exist to assist associates with clerical and administrative duties. In the face of these factors, law firms have further put the squeeze on associates, as described in today’s Wall Street Journal.
The result has been a windfall for law firm partners. PPP has continued to rise, even in the face of The Great Recession. But, at what price? Perhaps it’s time to consider sharing some largesse with those who slave away in the ship’s galleons.
Filed under: Hiring and training lawyers, Law firm associate efficiency, Law firm associates, Law firm management, Law firm management strategies, Law school recruiting, lawyer training, Navigating the Perfect Storm: Recruiting, Retaining and Training Lawyers in the Coming Decade, Strategic law firm planning, The Law Firm of the Twenty-first Century | Tagged: Associate attorney, Associate compensation, Law firm, law firm partners, Steve Harper | 29 Comments »
Difficult Times Sometimes Create Desperate People Who Do Desperate Things: Loss Prevention in Handling Client Escrow Funds.
Filed under: Global law firms, Hiring and training lawyers, Lateral law firm partner, Law Firm Crisis Management, Law Firm Escrow Accounts, Law firm financial reporting, Law firm management, Law firm management strategies, Law Firm Risk Management, lawyer training, Media Relations, Retaining and Training Lawyers in the Coming Decade, Strategic law firm planning, The Law Firm of the Twenty-first Century | Leave a Comment »
There are Fifty Ways to Leave Your Law Firm.
Filed under: Crisis management, Global law firms, Hiring and training lawyers, Lateral law firm partner, Lateral law firm partner movement, Lateral Partner, Law Firm Crisis Management, Law Firm Dissolution, Law Firm Dissolutions, Law Firm Implosions, Law firm management, Law firm management strategies, Law firm partner layoffs, Law Firm Risk Management, Media Relations, Navigating the Perfect Storm: Recruiting, Retaining and Training Lawyers in the Coming Decade, Strategic law firm planning, The Law Firm of the Twenty-first Century | Leave a Comment »
We are in a frenzy of lateral law firm partner movement.
Much has been written about the spate of movement during the opening weeks of 2012. But too little has been written about the steps partners should be taking in planning on a move. Less has been written about what a law firm should be doing when a partner begins planning a move, whether voluntarily or less so.
As the economy continues to roil and partners and law firms seek to gain solid footing in these shifting sands of the continuing aftershocks of The Great Recession – or the second dip of a double dip recession – current traffic patterns suggest that we may be seeing yet a new wave of partner movement in the months to come.
Transitions are always disruptive. The loss of a partner to a law firm may be desired or not. A partner may be making a transition because of better opportunities or because he or she is shown the door. But in all instances careful planning and candid and open discussions by all affected with lessen the disruption.
Thus, the process of these transitions must be the subject of careful planning, with a strong modicum of candor and honesty. Law firms do not want the loss of an important partner result in a cascading effect, with other important partners seeking alternatives as management mishandles a partner departure. Partners planning on a new life must proceed with adequate planning, sure footing and detailed aforethought.
Here’s how to get there.
Filed under: Crisis management, Hiring and training lawyers, Lateral law firm partner, Lateral law firm partner movement, Lateral Partner, Law Firm Crisis Management, Law Firm Dissolution, Law Firm Dissolutions, Law Firm Implosions, Law firm management, Law firm management strategies, Law firm partner layoffs, Navigating the Perfect Storm: Recruiting, Public Relations, Retaining and Training Lawyers in the Coming Decade, Strategic law firm planning, The Law Firm of the Twenty-first Century | Tagged: Law firm, law firm partners, mandatory retirement, Paul Simon, retirement policies, Sidley Austin | 31 Comments »
Trending for Law Firms in 2012: What to Expect This Year.
Filed under: Alternaive Business Structures, Alternative Business Structires for Law Firms, Alternative fee Arrangements, Crisis management, Downsourcing legal services, Electronic Document Discovery, Global law firms, Hiring and training lawyers, Internet based marketing, Lateral law firm partner, Lateral law firm partner movement, Lateral Partner, Law firm blogging, Law Firm Crisis Management, Law Firm Dissolution, Law Firm Dissolutions, Law Firm Implosions, Law Firm Internet Based Marketing, Law firm management, Law firm management strategies, Law firm marketing, Law firm partner layoffs, law firm project management, Law Firm Risk Management, Legal Project management, Legal Project Outsourcing, Legaltech, Marketing the Law Firm on the Internet, Navigating the Perfect Storm: Recruiting, Outsourcing legal services, Project management for law firms, Strategic law firm planning, The Law Firm of the Twenty-first Century, Value Billing | Leave a Comment »
Here is the definitive list of items that will dominate the news for the legal profession for 2012.
It’s going to be a challenging year. Please fasten your seatbelts, hold on to the handrail and make sure that your arms and legs do not extend outside your car. We are in for an interesting year.
Filed under: Alternaive Business Structures, Alternative Business Structires for Law Firms, Alternative fee Arrangements, Crisis management, Downsourcing legal services, Electronic Document Discovery, Global law firms, Hiring and training lawyers, Internet based marketing, Lateral law firm partner, Lateral law firm partner movement, Lateral Partner, Law firm blogging, Law Firm Crisis Management, Law Firm Dissolution, Law Firm Dissolutions, Law firm financial reporting, Law Firm Implosions, Law Firm Internet Based Marketing, Law firm management, Law firm management strategies, Law firm marketing, Law firm partner layoffs, law firm project management, Law Firm Risk Management, Legal Project management, Legal Project Outsourcing, Legaltech, Marketing the Law Firm on the Internet, Navigating the Perfect Storm: Recruiting, Outsourcing legal services, Project management for law firms, Retaining and Training Lawyers in the Coming Decade, Strategic law firm planning, The Law Firm of the Twenty-first Century, Value Billing | Tagged: corporate legal departments, equitization, legal profession, litigation funding | 57 Comments »
