Gaining prestige may be one of the more challenging tasks that law firms take on, but there are a number of tactics firms can use that hold the potential to transform their image from ordinary to elite. Here, experts highlight four ways law firms can pump up their prestige.
Classes on blockchain and artificial intelligence. Crash courses in business and financial markets. These are a few ways law schools are preparing students for a job market that is struggling in the wake of the recession.
Caught in a whirlwind of firm dissolutions and layoffs, thousands of associates were thrust into one of the worst job markets in history a decade ago. While some have rebounded, others are still feeling the lingering effects of the financial crisis on their careers.
For starting attorneys, the financial crisis casts a long shadow, even though the worst is past. Here’s our breakdown of the data showing its impact and where the industry’s headed.
Despite the shaky economy, about 30 percent of in-house legal professionals received a bonus in the past 12 months that was higher than the one they received the year prior, according to a new survey.
Sheppard Mullin Richter & Hampton LLP chairman Guy Halgren has presided over a 70 percent increase in firm size while playing a unique hands-on role in lateral hiring, revamping associate training, encouraging alternative fees and pioneering client surveys, earning him a spot on Law360's list of Most Innovative Managing Partners.
Faced with a challenging economy and a tough legal market, Hogan Lovells co-CEOs Warren Gorrell and David Harris orchestrated a trans-Atlantic merger of unprecedented size, but that only marked the beginning of a transformation that has earned the pair a spot on Law360's list of Most Innovative Managing Partners.
The U.S. Court of Appeals for the Federal Circuit's rehearing of two patent cases in which Rambus Inc. stands accused of improperly destroying documents prior to litigation could provide much-needed clarity on when the duty to preserve documents for litigation kicks in, experts say.
The American Bar Association is urging the U.S. Supreme Court to consider a suit brought by eight current and former federal judges seeking cost-of-living salary raises, saying low judicial salaries are keeping the best legal minds from joining the bench.
As other alternative billing arrangements gain in popularity, blended fees are coming under attack because they don't allow law firms to share in the risk, one of the main selling points of alternative fee arrangements, according to legal experts.
Just about every law firm trumpets its client services, but Crowell & Moring LLP's Kent A. Gardiner has recouped hundreds of millions of dollars for clients through plaintiff's recovery litigation, pioneered alternative fees and encouraged his lawyers to treat in-house counsel like business partners, landing him a spot on Law360's list of Most Innovative Managing Partners.
Jones Day has laid off approximately 30 support staff members in two of its offices in an effort to become more efficient.
Under pressure from clients to drop their billing rates, corporate law firms are increasingly turning to the pricing model long favored by the plaintiffs bar. But industry experts warn that when it comes to working on contingency, winning isn't everything.
Phelps Dunbar LLP is poised to expand into Alabama through a combination with regional law firm Lyons Pipes & Cook PC, effective July 1.
The examination of an opponent's expert is a pivotal point in any trial, but it can also be an attorney's downfall if not conducted effectively. Here, seasoned trial attorneys weigh in on which techniques are most likely to help invalidate even the peskiest of expert witnesses — and which strategies should be avoided.
The Gibbons PC logo — shining out from the top of its Newark, N.J., headquarters in a glow of white and blue wattage — is the biggest outward emblem of the firm's transformation, one that has put it at the apex of marketing and branding in the legal industry and landed its young leader, Patrick C. Dunican Jr., on Law360's list of Most Innovative Managing Partners.
Legal industry consultants have advice for lawyers and clients on how best to craft bonus fee arrangements: Keep them simple.
In an economy that has sent other big-league firms scrambling to cut costs, Mintz Levin Cohn Ferris Glovsky & Popeo PC's Bob Bodian has brought on business development managers and boosted the firm's marketing budget by 25 percent, earning a place among Law360's Most Innovative Managing Partners.
A newer alternative billing method — portfolio billing — is growing in popularity as law firms realize the deals can become more profitable over time, lawyers and legal consultants said.
Labor and employment firm Fisher & Phillips LLP announced Friday that it was increasing associate salaries about 8 percent, or about $10,000 on average, but that associates must meet certain performance standards in order to earn the full increase.
When it comes to rethinking law firm management — whether it be through new staffing models, experimenting with alternative fees or changing how firms define success — Orrick Herrington & Sutcliffe LLP has led the way, earning its chairman and CEO Ralph Baxter a spot on Law360's list of Most Innovative Managing Partners.
When times are tough, the tough get going. Or in the case of Law360's most innovative managing partners, they kick open doors, blaze trails and figure out ways for their firm to not only survive but thrive in a time of crisis.
Fixed-fee arrangements are one of the most popular alternative billing models and the foundation of many other models. But to stave off a billing disaster, fixed-fee deals have to be well-defined and provide an opportunity for renegotiation to protect both sides from getting burned, lawyers and legal consultants said.
President Barack Obama nominated a presiding Mississippi Supreme Court justice to the U.S. Court of Appeals for the Fifth Circuit on Thursday, as the president's nominee for the Second Circuit inched closer to confirmation.