Taking Advantage of Emerging Practice Areas
Emerging practice areas can be exciting, but they’re also risky. This article explores seven key questions law firms should ask before investing in a new niche—and how to avoid chasing opportunities that won’t last.
Firing Clients
Small clients may be costing your firm more than they’re worth. This article explores how culling unprofitable clients—or managing them smarter—can dramatically boost profitability without a full client overhaul.
Can We Make Knowledge Management Work?
Knowledge management may be the legal industry’s favorite buzzword, but real success comes down to creating incentives that benefit clients, attorneys, and firms alike. By sharing work product in a way that generates commissions and credits, firms can turn a hot-topic challenge into a differentiating advantage—or decide it’s just a costly distraction.
Fighting Sticker Shock
Sticker shock in legal billing isn’t really about price sensitivity—it’s about client expectations. By borrowing simple pricing cues from consumer markets, like price familiarization, benchmark pricing, and even the power of 9, law firms can reduce surprises, increase fee acceptance, and strengthen client trust.
The Luge Strategy: Surviving as a Commodity Practice in a Business Firm
A recent New Jersey ethics opinion could unlock new possibilities for law firms to spin off underperforming or cost-sensitive practices like insurance defense into profitable subsidiaries—offering a strategic alternative to the traditional ‘firm within a firm’ approach and potentially reshaping the landscape of law firm mergers.