Small Law

Expert Analysis

• Making Legal Cents: For Billing, Think Value, Not Time

  Pricing strategy is one of the most consistently discussed but underleveraged tools in a firm's arsenal, and rather than keeping hourly billing because it's easy, firms should consider their differentiators when structuring more effective fee models, says Shireen Hilal at Maior Consultants.

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  Achieving Organic Growth For A Legal Nonprofit

  We started Law Rocks to promote music education for underprivileged youth and raise funds for local nonprofits, and our 15-year journey has shown that enthusiasm, persistence and a great network can lead to a surprising amount of organic growth, say Nick Child and Ted Scott at Secretariat.

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  Biz Development Tip Of The Month: Engage With The Media

  Business development is all about awareness — and by taking existing skills and adapting them to build media relationships and thereby address today's audiences, lawyers can expand their outreach and use thought leadership to build a more complete, compelling personal brand, says Michael Goodwin at Stanton PR.

• What GCs Value Most: 7 Habits Of Great Relationship Partners

  When seeking outside legal advisers, general counsel want commercially savvy lawyers who cultivate relationships of trust with their in-house counterparts, back up the GC's authority and focus on actionable advice instead of abstract legal analysis, say Andrew Dick at The L Suite and Rob Morvillo at Olo.

• Nonequity Partner Frustrations Reflect Erosion Of Opportunity

  Nonequity partners report the lowest satisfaction, highest stress and poorest financial outlook of any group of lawyers, highlighting a growing structural disconnect that leaves attorneys at many firms feeling like the ladder has been pulled up behind those who already ascended, says Jake Carroll at Nelson Mullins.

• Learn Your Colleagues To Cross-Sell Their Services Fearlessly

  Understanding where colleagues in other practice areas shine can help attorneys confidently cross-sell each other's services and bring in business to keep the firm afloat in hard times, says Joe Calve at Calve Communications.

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  Biz Development Tip Of The Month: Advertise Ethically

  Business development in the legal industry is about building authentic connections and showcasing expertise in a way that reflects reality, and, when done right, it can elevate a practice, establish credibility and bring in clients without risking an ethics violation, says Melody Jackson at Robinhood.

• Ask A Mentor: How Do I Help After Mental Health Leave?

  Molly Ranns at the State Bar of Michigan suggests five ways to smooth a colleague's return to practice after short-term mental health leave, while creating a firm culture that protects employees’ emotional health.

• Tips For Attracting Stellar CLOs In A Competitive Landscape

  Amid a rapidly changing regulatory environment and a fierce market for talent, companies hoping to attract the best chief legal officers must have a strong grasp of their roles’ biggest selling points, and any roadblocks that may prevent them from recruiting the strongest choice, says Heather Fine at Major Lindsey.

• 'Golden Handcuffs' May Be A Double-Edge Sword For Firms

  As law firms increasingly use certain financial incentives to retain partners in a fierce lateral market, managing partners should consider the pros and cons of various deferred compensation schemes, says Tom Hanlon at Buchanan Law.

• The 10-Min. Rule For Building A Business Development Habit

  Many lawyers assume that becoming a rainmaker requires a significant investment of time and effort, but the truth is that building a consistent habit of business development can start with just 10 minutes of strategic outreach a day, says Paul Manuele at PR Manuele Consulting.

• 5 Pointers For Firm Leaders Communicating Tough Decisions

  Certain law firm decisions — such as whether to challenge an executive order — cannot be crowdsourced, but leadership can collaboratively communicate these choices using strategies that build trust, reinforce values and preserve cohesion, says John Hellerman at Hellerman Communications.

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  Biz Development Tip Of The Month: Create A Succession Plan

  ​​​​​​​Conversations 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 — but this eye-popping number doesn’t 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.