New York Pulse

Expert Analysis

• '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.

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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 — merely platitudes on a website that seem disconnected from the bottom line — 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 — 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

  “No comment” 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.

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  Biz Development Tip Of The Month

  This year, experts shared 12 actionable strategies on building business in today's competitive legal market, from prioritizing human connections to maximizing the impact of thought leadership.