A new report on corporate law departments shows increasing investments in technology solutions, an expected increase in legal spend, and strengthening partnerships between corporate law departments and their external law firms. Thomson Reuters released 2022 State of Corporate Law Departments Report on March 22. The pandemic impacted all aspects of business including corporate … [Read more...] about Corporate law departments strengthen ties with outside law firms
Working with lawyers
Hot lateral hiring market of 2021 notches record increase from 2020
Following a 30% decline in 2020 due in large part to hiring pauses in the early months of the COVID-19 pandemic, lateral hiring rebounded at an unprecedented rate in 2021, according to analyses of NALP’s Survey on 2021 Lateral Hiring. Overall, lateral hiring was up by 111% compared to 2020, the largest year-over-year increase since NALP (National Association for Law Placement) … [Read more...] about Hot lateral hiring market of 2021 notches record increase from 2020
4 components of effective succession planning
By Brenda Barnes Woody Allen’s famous quip, “I don’t want to achieve immortality through my work. I want to achieve it through not dying,” perfectly expresses the kind of wishful thinking that often gets in the way of preparing for the future. A huge wave of baby boomers has been pushing through the workforce and is now at retirement age or within sight of retirement. … [Read more...] about 4 components of effective succession planning
Survey: Law students need more skills to be ready for practice
A recent survey by Bloomberg Law offers insights on law students’ preparedness for practice. Bloomberg asked over 1,000 practicing attorneys, law school students, faculty, and librarians about the skills needed for practice and how well law schools prepared individuals to enter the legal profession. Responses indicate that new attorneys would benefit from having more skills … [Read more...] about Survey: Law students need more skills to be ready for practice
Fair compensation for lawyers in a competitive environment
By Brenda Barnes How to slice up the compensation pie has long been a problem for many law firms. The first question you may ask yourself is whether you have a well-developed compensation plan for your firm. After the announcement by Big Law that entry-level associates would start at over $200,000 per year, competition for talent has become even more fierce. So, what do small … [Read more...] about Fair compensation for lawyers in a competitive environment
What law firms have learned about working remotely
When the pandemic first hit, the professional world shifted to remote working in an instant, but many people viewed the transition as temporary. Two years later, it’s clear that working from home is here to stay. The more time we’ve spent working remotely, the more we’ve learned—and like everything else in life, our process continues to evolve. According to Cosmolex, a company … [Read more...] about What law firms have learned about working remotely
Salaries and employment strong for Class of 2020, despite pandemic
Overall median salaries rose and private practice employment stayed strong for the Class of 2020, even as other key employment metrics declined due to the pandemic. The National Association for Law Placement, Inc. (NALP) has released its Employment for the Class of 2020 — Selected Findings, a synopsis of key findings from the upcoming annual Jobs & JDs: Employment and … [Read more...] about Salaries and employment strong for Class of 2020, despite pandemic
Overall lateral hiring plummets in 2020, lateral associate hiring saw greatest declines
After remaining relatively steady in 2019, lateral hiring fell by more than 30% overall in 2020, driven in large part by the impact of the COVID-19 pandemic on recruiting. This steep fall-off in 2020 was experienced across all firm sizes, regions, and cities included in NALP’s analysis of the Survey of Legal Employers on Recruiting from 2020-21, although some offices saw larger … [Read more...] about Overall lateral hiring plummets in 2020, lateral associate hiring saw greatest declines
First-year associate salaries rise in spite of pandemic pay cuts
Salaries for first-year associates are rising in spite of last year's pay reductions. The National Association for Law Placement (NALP) has released its 2021 Associate Salary Survey report, showing that the overall median first-year associate base salary as of Jan. 1, 2021 was $165,000, up $10,000 (6.5%) from 2019, the year of the last survey administration. Law firms of more … [Read more...] about First-year associate salaries rise in spite of pandemic pay cuts
Use your high performers to engage the rest of the team
Among the goals of any manager is to create and maintain a high-performance organization. That means you have created a machine that operates at top efficiency, and your employees are engaged. Some organizations don’t believe this really applies to them. Research has suggested that only 25 percent of the typical workforce is engaged. This means that only a fraction of your … [Read more...] about Use your high performers to engage the rest of the team