As corporate clients more often consider the diversity and inclusion policies of law firms when selecting counsel to represent them, competition to recruit minority talent is fierce. To satisfy their desire for outside counsel that meet their desired diversity and inclusion goals, general counsel expand their searches to include smaller, local, and regional firms. Specifically,…
If your law firm is eligible but lacks certification as a woman-, minority-, veteran-, or other diversity-owned or small business, you may be missing out on valuable business opportunities. Most governmental entities now mandate that their vendors and their vendors’ suppliers are not only diverse, but also are certified as such. Hence, many private businesses…
With increased competition among law firms, business development is a top priority. To maximize revenues, many—if not most—law firms incentivize rainmakers via compensation models which encourage business development. They track originations as a way to reward those who bring in the most business. Historically, however, the most profitable U.S. law firms never tracked originations. They…
Law firm lawyers live by the billable hour, but there are many other types of hours—not all of them billable—expected of you by the firm. In addition to performing work for clients, partners (and aspiring partners) also must squeeze into their busy workdays other essential functions such as attorney training, mentoring and development, client development…
The skills that make a great rainmaker are not necessarily the same skills that make a great law firm associate. In the first few years, associates are valued for traits similar to those that brought success in law school—the ability to learn quickly and produce massive quantities of quality work. Suddenly, a few years later…
Law firm recruiting and retention efforts benefit from treating your former attorneys like valued alumni rather than disloyal deserters. Gone are the days when lawyers joined the firm directly from law school and left only when they retired or were pushed out if they failed to make partner. Today, even (or especially) the best lawyers…
