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 […]

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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 […]

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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, […]

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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 […]

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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.

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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.

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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.

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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 […]

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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 […]

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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 […]

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