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Using legal data for strategic lawfirm planning is no longer reserved for BigLaw. For lawfirms, it’s critical to gather intelligence about real-time trends that are creating sharp and sudden changes as well as longer-term trends affecting the overall health of your markets. Long-Term Trends.
Depending on your point of view, there’s either lots new or “not so much” new with lawfirm ownership. In a nutshell, it says that lawyers must own lawfirms. New Developments in LawFirm Ownership. Australia and the United Kingdom already permit outside ownership of lawfirms.
That doesn’t mean, however, that lawfirms and litigation support teams have been quick to embrace them. In the ABA 2020 Legal Tech Survey , 23% of lawfirms reported not being interested in AI, while 34% said they didn’t know enough about AI to speak to their firms’ interest. AI Hesitation.
Advisory firm CEB estimates that the percentage is 40%. Small lawfirms are not immune to this trend. How many lawfirm services are in the cloud, especially today? Often, they think the evasion of the policy is good for the lawfirm, that it allows for better solutions. The likely answer is no.
Today, automation-based solutions are widespread practice — nearly half of firms were using them in 2020. But lawfirms often don't use automation to its full potential. We'll walk through all the tasks your firm can automate, how to implement automation and measure your success. Barriers to lawfirm automation.
Does your lawfirm work allocation model leave too many associates behind? Historically, work allocation in lawfirms has primarily been driven by partner s. In a National Association of Law Placement (NALP) Foundation survey, lawfirms cited dissatisfaction with work quality as the top reason for associate departures.
Managing people is tough, and employment issues are among the thorniest that lawfirm managers must face. Here’s advice on lawfirm risk management from a managing partner who also represents those disgruntled employees. Here are a few observations and tips from an employment lawyer who also manages a lawfirm.
The aviation tycoon Farhad Azima alleges that the international lawfirm hired illegal hackers to steal privileged information about his business, leading to a London judge holding him liable for defrauding the sovereign wealth fund of UAE’s Ras Al Khaimah emirate. Azima had been ordered to pay $4.1
Abacus Payment Exchange (APX) is a proprietary tool that has been built from the ground up and engineered exclusively for lawfirms. If queried, most lawfirms would point to March of 2020 as the point in time that everything changed. Balance Forward: Introducing Abacus Payment Exchange (APX).
Lawfirms of all sizes are feeling pressure to meet client demand for both tailored services and greater efficiencies in this rapidly changing industry. Must lawfirms keep pace with their clients’ technology efforts? Increasing law practice specialization. According to Gartner Inc., Rising cyberthreats.
Lawfirms didn’t let the pandemic get in the way of profitability or performance in 2020. on average in the fourth quarter of 2020, according to Thomson Reuters — and 15% among AmLaw 100 firms. Corporate law departments made structural shifts as well. Profits per equity partner rose 11.5%
COVID was not kind to lawfirm marketing and business development, with two-thirds of firms reporting that business development was more difficult in 2020, and the overwhelming majority of firms pivoting their marketing strategies, turning from live conferences and face-to-face meetings to social media, email alerts and Zoom.
That’s why 81% of senior risk managers believe that remote work will remain a permanent feature of their firm’s operations. Indeed, a hybrid workforce makes compliance requirements, cybersecurity threats, and productivity metrics a real concern for lawfirms. Demonstrate Compliance. session mining. policy enforcement.
lawfirms have made little progress towards achieving greater diversity, with only minimal gains over the last seven years, according to a new analysis by Law360 Pulse. More strikingly, in the seven years since 2014, the percentage of minority attorneys in lawfirms rose just four points, from 14.1% of equity partners.
In 2020, the Arizona Supreme Court established its Alternative Business Structure (ABS) program which allows nonlawyers to have an economic interest or decision making authority in a lawfirm. However, only a few firms listed their contact information and website. The task force report doesnt provide an answer.
Looking for a new challenge after almost two decades in practice, he started Milanfar LawFirm, PC. in 2020 and transitioned to plaintiff’s work. Shortly after starting his firm, Milanfar took on yet another challenge with a plaintiff’s elder abuse case. "A Photo of Shahrad Milanfar, Milanfar LawFirm Founder.
By way of example, many lawfirms transitioned to remote working at the start of the pandemic and many continue to have work-from-home mandates in place. Likewise, lawfirms have incorporated cloud-based remote working tools into their workflows, including VOIP phone systems, online fax, and law practice management software.
Lawfirms should check their state tax laws and consult with their tax professionals to see if the IRS’s Notice 2020-75 allows them a workaround for the unpopular state and local tax deduction limitation.
Having worked in-house at several lawfirms and as a consultant, I know how long it takes to get a client alert or blog post from concept to first draft, formatting and distribution. Yet, despite legal marketing surveys that show this to be true year after year, very few firms manage to get it right.
Back then, lawyers working anywhere but a traditional bricks-and-mortar office with their firm name on the door typically glossed over their nontraditional working environment. Over time, the taboo surrounding less traditional work setups began to ease, and early in 2020, when COVID-19 hit the world, the stigma had all but disappeared.
The LexisNexis InterAction 2021 Marketing & Business Development Report tracked lawfirm business development activities during the pandemic. So, what did high-growth firms do that no-growth firms did not? Some lawfirms have seen great success, others barely hung on, and others went out of business altogether.
In an open letter , 21 Canadian lawsfirms Monday urged the government to “respond meaningfully to the crisis in Afghanistan.” The post Canada lawfirms urge government to assist Afghan evacuees appeared first on JURIST - News.
Because many companies, including lawfirms, were unprepared for the rapid transition to remote work, it was easier for criminals to launch successful cyberattacks. When that malware is activated, all data stored on a lawfirm’s on-premises servers can be locked up and held hostage for ransom.
Because it was conducted during the first few months of the pandemic, it offers useful insight into COVID-related technology trends, including the ways that lawfirms are using remote working tools and cloud-based legal software to continue operating despite office closures. ” Cloud usage and future technology purchases.
During the pandemic, our team at 4LegalLeads.com has seen incredible growth in lawfirms across the nation. Lawfirms as a whole have been hesitant to adopt online lead generation strategies over the years, tending to rely on more traditional methods of marketing. Most firms are short on marketing resources.
Because many companies, including lawfirms, were unprepared for the rapid transition to remote work, it was easier for criminals to launch successful cyberattacks. . When that malware is activated, all data stored on a lawfirm’s on-premises servers can be locked up and held hostage for ransom.
News – Best Lawyers “Best LawFirms,” released on November 5, 2020! News & World Report, in combination with Best Lawyers, has ranked lawfirms nationwide. News – Best Lawyers “Best LawFirms” appeared first on Livesay & Myers, PC. Livesay & Myers, P.C.
Now that lawyers have been working remotely over the past year – and may continue to do so in the future – the legal software choices made by lawfirm leaders take on a whole new level of importance. Which types of software do lawfirms use most often? Last was solo firm attorneys at 86%.
Seven times since 2016, Thomson Reuters has conducted a survey on the state of small lawfirms in the U.S., and every time, it found that small firms had made virtually no progress on one of their greatest challenges, which is that they spend too much time on administrative tasks to the exclusion of practicing law.
“Jury selection starts today in LA’s Tom Girardi embezzlement trial; Federal prosecutors contend that the disgraced attorney and his lawfirm’s former bookkeeper, Chris Kamon, embezzled and pocketed millions that belonged to clients of the firm from 2010 to 2020”: Fred Shuster of City News Service has this report.
Intaker , a marketing automation platform for lawfirms, now integrates with the practice management platform MyCase , so that every lead that comes in to a firm through an Intaker chat is automatically added to MyCase. Intaker was a participant in the 2020 Startup Alley at ABA Techshow (which I oversee).
Which Technology Is the Best Fit for Your LawFirm? It’s a big part of the reason why many lawfirms have historically been slow to adopt new technology. Now, in 2022, lawfirms are facing a handful of new challenges, depending on how they initially responded to the shift to remote work. .
Just when you thought you had perfected your cybersecurity training for lawfirm employees… Time to think again. In fact, according to a report from security provider Proofpoint, SMS text phishing (also called smishing) increased by almost 700% in the first half of 2021 as compared to the last six months of 2020.
Axiom , a company that is one of the longest-running alternative legal services providers, this week stepped into the world of regulated legal services as it formally launched Axiom Advice & Counsel , an Arizona lawfirm. That follows from Arizona’s historic decision in 2020 to become the first U.S.
It’s a big part of the reason why many lawfirms have historically been slow to adopt new technology. . In this article, we’ll explore how the COVID-19 pandemic has affected lawfirm technology decisions, share essential steps to take and questions to ask when evaluating technology for attorneys. . Accounting .
2020 was perhaps one of the most disruptive years for lawfirms in recent history. And while many firms struggled to stay afloat, others adapted with ease in ways that all practices can replicate. 7:12 – The Biggest, Sweeping Industry Change of 2020. 13:17 – How LawFirms Are Coping With Change.
The Arizona Supreme Court has granted an alternative business structure license to law company Elevate , enabling Elevate and its affiliated lawfirm, ElevateNext, to operate as a single entity in that state, the company says.
Real estate attorneys, brokers and title agents are emerging from a roller coaster period that saw home sales skyrocketing throughout 2020 and 2021 before a sharp decline in 2022. Now’s the time to nurture your relationships so you stay top of mind. While we ease […].
A legal industry report released today by the sibling legal technology companies LawPay and MyCase provides unique insights into the technology tools that matter most to smaller lawfirms in the post-pandemic era. Other types of cloud software used by firms: Calendar management software, 44%. Firms Ready for Remote Work.
The Report offers timely statistics regarding the technologies that lawyers are using and how they are being implemented in lawfirms. Topics covered in the Report include cybersecurity, basic office software, legal-specific software, cloud computing and mobile usage trends, and marketing tools used by lawfirms.
According to the ABA Profile of the Legal Profession 2020 , nearly 20% of lawyers suffer from anxiety. It is important for lawfirms and firm leaders to “lead the way” for attorney well-being by creating a culture that does not increase our stress and anxiety to unhealthy levels.
In our recent virtual workshop, Texas attorney and MyCase customer, Benson Varghese , demonstrated the new, game-changing features that will help lawfirms reach a new tier of efficiency in 2021. Last year, he pushed his firm to become the sixth fastest-growing company in Fort Worth and the 782nd fastest growing company in the country.
The agreement was in response to a complaint filed by shareholders accusing board members of awarding themselves millions in excess pay from 2017 to 2020. million in legal fees to three lawfirms that filed the case on behalf of the Police & Fire Retirement System of the City of Detroit.
During the past two years, the pace of tech adoption quickened as firms moved to automate their practices for remote work and virtual practice. We wondered what tools or initiatives small firms might open their wallets for this coming year. She was Co-Chair of the 2020 ABA TECHSHOW Planning Board.
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