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Expert Analysis

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  Biz Development Tip Of The Month: Create A Succession Plan

  鈥嬧�嬧�嬧�嬧�嬧�嬧�婥onversations around retirement and succession can be understandably difficult, but when attorneys make a plan for the transition early and effectively, they have the opportunity to not only keep work but also increase it, says Jillian McKenna at Verrill Dana.

• Looking Under The Hood Of The $3,000 Billable Hour

  In recent years, top-tier law firms have pushed hourly rates to unprecedented heights, with some partners commanding $3,000 per hour 鈥� but this eye-popping number doesn鈥檛 tell the full story, as there are numerous caveats and rigorous winnowing along the way, says Christopher Seck at Squire Patton.

• How Law Firms Can Keep Nonequity Partners Happy

  Law firms that successfully manage two-tiered partnership do so by creating a culture that treats everyone with respect and by establishing financial incentives outside their base compensation to reward performance, says Carol Morganstern at Major Lindsey.

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  Biz Development Tip Of The Month: Leverage Your Atty Bio

  If maintained properly, your firm bio can help attract potential clients and create authentic connections, so it's crucial to take steps to write an updated attorney profile that goes beyond a list of credentials, says Raychel Lean at Reputation Ink.

• Ask A Mentor: How Can I Promote Thoughtful Use Of AI?

  Eran Kahana at Maslon discusses how partners can encourage responsible use of artificial intelligence tools within their firms by learning to spot pitfalls common to AI-generated work product and championing firmwide procedures and trainings that address the risks of uncritically relying on this powerful but imperfect technology.

• Making Legal Cents: Firm Culture Is The New Game Plan

  Law firm culture is often dismissed as a soft factor 鈥� merely platitudes on a website that seem disconnected from the bottom line 鈥� but by intentionally embedding a strong culture into day-to-day operations, law firms can achieve sustainable success, says Shireen Hilal at Maior Strategic Consulting.

• 5 Questions Firms Must Ask For Successful Lateral Integration

  To ensure that lateral partners effectively integrate their books of business, firms should design a structured transition plan based on a few fundamentals, from tracking the right data to implementing meaningful incentives, says Lana Manganiello at Practice Growth Partner.

• Goldilocks Solution: Why The 4-Day Office Week Is Just Right

  As law firms continue to wrestle with return-to-office policies, many are being pulled toward one or the other of two extremes: the rigidity of a five-day in-office schedule and the laissez-faire approach of a flexible three-day hybrid model 鈥� but a four-day in-office workweek may be the sweet spot, says Paul Manuele at PR Manuele Consulting.

• As Attys Adopt Generative AI, 3 Elements Should Be Cardinal

  As the legal world increasingly adopts generative artificial intelligence, lawyers and firms must develop and utilize strong prompting skills, keep a pulse on forthcoming tech evolutions, and remain steadfast to ethical obligations, say Michele Carney at Carney & Marchi and Marty Robles-Avila at BAL.

• Rethinking 'No Comment' For Clients Facing Public Crises

  鈥淣o comment鈥� is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.

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  Biz Development Tip Of The Month: Prioritize Connections

  One reason business development in the legal industry seems so mysterious is because human relationships are so complex, but lawyers can reorient their thinking in two important ways to drive the process of connecting with new colleagues and contacts, say Jamie Lawless and Angela Quinn at Husch Blackwell.

• Overcoming US Law Firms' Hesitancy To Enter Indian Market

  Successful private equity exits with strong returns have solidified India's buyout market as an increasingly attractive destination for future investments, offering compelling reasons for the U.S. legal community to overcome its caution on the country's markets, says Vaishali Movva at Eimer Stahl.

• Biz Development Tip Of The Month: Make A Plan For The Year

  While firms are busy allocating resources and assessing client demand, individual attorneys should use the start of the year to slow down and create a personal business plan, which can be accomplished with a few steps, say Elizabeth Gooch, Teri Robshaw and Chris Newman at McDermott.

• Lessons From Developing A CTA Compliance Application

  Corporate Transparency Act challenges pushed our firm to develop an in-house compliance solution, and for firms exploring similar initiatives, the keys are to build consensus, foster collaboration and remain adaptable to change, says David McCarville at Fennemore Craig.

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  Talking Mental Health: Caring For Everyone As A Firm Leader

  Reid Phillips at Brooks Pierce discusses how he manages the pressure of running a law firm, how sources of stress in the legal industry have changed over the past decade, and what firm leaders should do to help manage burnout and mental health issues among employees.