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Firm Leaders on Practice Areas, Lateral Hires and Retirement Policies
On Dec. 3, Texas Lawyer brought together managing partners from four Texas firms of various sizes to discuss the legal environment and the big issues they deal with on a daily basis. In a wide-ranging discussion, the firm leaders talked about mandatory retirement policies, the hottest practice areas, lateral hires, firm culture and whether, knowing what they know now, they'd still take on the managing partner role.Managing Partners Survey: Firm Leaders See Opportunities in 2009 Despite Troubled Economy
Despite the nation's troubled economy and dire blogosphere reports of lawyer and staff layoffs at some big-name firms around the country, Texas firm leaders are optimistic about growth during the coming year. On the upside, they see a boom in bankruptcy and business reorganization practices. But they realize some practice areas, such as real estate, are struggling. Their greatest concern over the next few years is maintaining profitability.View From the Top: Managing Partners Survey Shows What a Difference Five Years Make
Fewer than half of the leaders at Texas firms of all sizes report an increase in revenues or profits for the two most recent fiscal years. J. Allen Smith (pictured) is president of Dallas' SettlePou, which is among the firms forecasting slight growth during the coming year.Push-Back Means Firms Find Billing Alternatives
The goal of keeping business may explain why 79 percent of the 75 firms that participated in Texas Lawyer's annual 2010 Salary & Billing Survey say they are discounting billing rates this year. Since the economy began sagging in 2008, James M. "Duke" Johnston (pictured), VP and general counsel of The Dwyer Group Inc., has been trying to pinch pennies for his Waco company. So he began asking the 20 firms he uses as outside counsel to slash their billing rates.The Big Picture: Firm Leaders Discuss Challenges — Past, Present and Future
Managing partners from four Texas firms of various sizes gathered to discuss the legal environment and the big issues they deal with on a daily basis. The firm leaders talked about their firms' financial performance in 2010 and touched on just about everything that takes up their time, such as billing, how to incentivize every lawyer and employee at their firm, how and why they should grow their firms, hot practice areas, how to deal with lateral hires who don't meet expectations, and how social media can be useful to their firms.Pay Up: Factors Firms Should Consider Before Suing Former Clients Over Unpaid Legal Fees
For decades, the common logic at many Texas firms was that it wasn't worth it to sue a client over unpaid legal fees because it was bad for business. But if recent state district court filings are any indication, that attitude is changing. Paul Storm (pictured), founder of Dallas' Storm LLC, is preparing for mediation this month in his firm's fee-dispute suit.Factors to Consider Before Law Firms Sue Ex-Clients Over Unpaid Fees
If recent Texas state court filings are any indication, the attitude toward avoiding suing clients over unpaid legal fees is changing. But some lawyers say such suits may be more expensive than they're worth, lead to legal malpractice counterclaims, and could increase a firm's insurance premiums.Corporate Transparency Act Resource Kit
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Revenue, Profit, Cash: Managing Law Firms for Success
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Law Firm Operational Considerations for the Corporate Transparency Act
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The Ultimate Guide to Remote Legal Work
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