Since a law firm’s most critical assets are its clients, who are the source of both today’s business and tomorrow’s referrals, attorneys are joining their clients and leveraging social media as an integral part of their business development efforts.
Work-life balance initiatives are here to stay. This is not because they are simply a gimmick firms must now adopt to “keep up with the pack.” Fostering a healthy work-life balance for all firm personnel will impact the success of a firm.
Law firms need to consider a range of weather scenarios that could affect their operations, as well as their employees. And as with other types of crises, preparation for severe weather requires creating a PR crisis plan that covers protocols for communicating with the media, public and internal audiences is critical.
Litigation finance can offer a middle path for law firms to recover 50-75 percent of their rack rates on an ongoing basis, while retaining upside in the form of a success fee that often pushes realizations to 125 percent or more of rack rates.