Tag - Business of Law

Think Tank

Think Tank: Five Actionable Ideas for Lawyers to Advance their Market Knowledge

The legal market is enduring drastic change. The business model, the source of competition and the technology that enables the business of law, are all evolving. While there’s been a great deal of academic emphasis placed on preparing emerging lawyers for such the change – practicing lawyers have been “largely overlooked.”
That’s according to Mark A. Cohen who published his ideas in Forbes: Legal Education’s Other Challenge: Retraining Practicing Lawyers For A New Marketplace.   “Most practicing lawyers were prepared for […]

Read More

Navigating the Complexity of Billing Guidelines

The purpose of outside counsel guidelines, or billing guidelines, ought to be to strengthen the relationships between corporate counsel and law firms.  Such guidelines are intended to be a level set that establishes an agreement between client and service provider for legal value – the best possible outcome at an efficient price.
Unfortunately, these guidelines have a tendency to devolve into mechanisms primarily focused on cost-cutting – a long list of things for which clients say they will not authorize […]

Read More
Business of Law

Five Business of Law Studies in Summary

The beginning of a new year is an appropriate time for both reflection and forward thinking.  I read through a number of newly published studies, in part, to reflect on the state of the business of law – and what it means for the coming year.  In considering the sum, it is apparent to me the trends in people, process and pricing all share technology as a common denominator.
For example, the issues around people aren’t simply about talent management […]

Read More

Can You Improve Your Firm’s Realization Rate?

A decline in your realization rate can sometimes be indicative of larger problems in your firm and, as the ABA Law Practice Magazine notes, time and effort written-off by your firm can have a number of causes. Sometimes “it represents time invested that is not well spent; in other situations, it is time that cannot be justified based on the intrinsic value of the work or the arrangement with the client. Some lawyers have to write off time due […]

Read More
Aderant Think Tank

Can Sustainable Mentorship Lead to Strategic Advantage? (Part 2)

With the focus that design-led thinking has on removing personal biases, working more collaboratively, embracing ambiguity, rapid experimentation, and having a bias towards action, organisations are now adopting Design Thinking as a way to allow for more integrated thinking and a more adaptive strategic mindset.

Read More
Aderant Think Tank

Research Shows Value of Metric-Based Partner Compensation Systems

If you’re an equity partner in a law firm, it’s likely that you’re making more money than you were a few years ago, but remain unsatisfied with your firm’s partner compensation system and would welcome changes. Recent surveys of law firm partners show fairly similar patterns in these responses, even if the partner compensations systems are completely different.

Read More
Aderant Think Tank

Can Sustainable Mentorship Lead to Strategic Advantage?

Mentoring is a “pay it forward” activity – you don’t want to just mentor people, you want to create future mentors. In this special two-part Aderant Think Tank post, CIO New Zealand Editor Divina Paredes interviews Caroline Jones, Aderant’s Manager of User Experience.

Read More
Aderant Think Tank

Are Your Clients Seeing Value?

Young lawyers are often advised to “project value” when dealing with clients. More specifically, when interacting with clients either directly or through billing statements, lawyers should make sure that clients understand the purpose of the work conducted and why it’s important. While this message is not new, the importance of defining value in the client relationship has never been greater.

Read More
Aderant Think Tank

Do Non-Equity Partnerships Still Make Sense?

Non-equity partner positions became incredibly popular with firms over the past 20 years, so much so that by 2006 about 80% of the 200 largest U.S. firms employed non-equity partners.
The business ran for decades on the same model, with few coherent strategies for growth, marketing or pricing. Executives were asked to wear many hats in their enterprises, including professional expertise, sales, marketing, human resources and management. Customer demand never wavered and profits continued to grow at a healthy pace.

Read More
Aderant Think Tank

Could a Pricing Officer Transform Your Firm?

At larger law firms, pricing professionals—sometimes called Pricing Officers—are in high demand. According to Considine Legal Search, 76% of big firms now employ some sort of pricing officer, and 44% of these positions were created in the last two years. They also found that a bidding war for these positions is underway, with 28% reporting compensation packages of $250,000 or more.

Read More
Aderant Think Tank

Can Your Firm Offer Better Customer Service?

Customer service tends to be an administrative issue handled by someone else. However, in today’s highly competitive legal market, a firm’s customer service level is fast becoming a differentiator between successful firms and all the rest.

Read More
Aderant Think Tank

Can Strategic Planning Help Your Firm Right Now?

Often, the business advice given to firms overlooks some very basic steps that can quickly improve their performance. The term “strategic planning” may sound abstract, but if pursued in an intelligent way, it can effectively address many of your firm’s everyday challenges.

Read More
Aderant Think Tank

Does Your Firm Measure Up?

It’s natural to compare your firm to others, particularly when they are direct competitors. But what metrics are you using to determine if your firm compares favorably? There’s a tendency in law to evaluate success or failure anecdotally, rather than examining the cold, hard facts and figures. In the business world the term “benchmarking” describes the process of dispassionately measuring a company’s performance against industry standards, and it’s now being used in the legal field to great effect.

Read More
Aderant Think Tank

Why is Pro Bono Work Increasing?

As we approach the holiday season, we at Aderant strive to look beyond our company and consider how we can impact the communities in which we live. In reflecting on the charitable and giving spirit of the season, the long-established practice of legal pro bono work came to mind.

Read More
Aderant Think Tank

Can a Stable Company Really Be Innovative?

In my opinion, stability takes on two important forms in this context—financial stability and leadership stability. Without financial stability and access to capital investment in product development, innovation becomes very challenging.

Read More