Sentences with phrase «firm economic model»

Shadowing: Under the current law firm economic model, associates often miss out on the broad range of practical experiences they need to become effective lawyers.

«They don't know about the law firm economic model.

«There's no way our partners will understand the law firm economic model,» says the committee member who questioned partners» ability to understand matter profitability.

Profitability at the matter level can also be expressed in terms of the law firm economic model, in which profits equal the product of realization rate, average standard billing rate, leverage, margin and utilization.

The law firm economic model shows that profits per partner takes four additional variables into account beyond merely realization rate.

You are looking at a fundamental shift in the law firm economic model we've lived with for many years.

Not exact matches

The report, co-written with risk - modeling firm Cyence, examined potential economic losses from the hypothetical hacking of a cloud service provider and cyber attacks on computer operating systems run by businesses worldwide.

Economic pressures to reduce legal costs is the primary force behind a growing number of firms moving away from the billable - hours model to new alternative billing models such as fixed, flat, blended or capped fees.

OTTAWA — A five - year $ 50 - billion public infrastructure spending initiative would generate a return on investment to Canadians over the long term as high as $ 3.83 per dollar spent, trigger significant private sector investment and stimulate wage increases, according to a new study by an independent economic modelling firm.

I believe that the companies listed below represent most of the dominant firms on the planet, with business models and economic moats that lend themselves favorably to buy - and - hold investing.

Part 2 on Business Environment is where I explain my firm, RTC Advisory Services» proprietary «SPELT - G» model for business environment analysis — a six - level analysis covering SOCIAL, POLITICAL, ECONOMIC, LEGAL / REGULATORY, TECHNOLOGY and GLOBAL sub-environments, a framework for analysis which is arguably more robust than its global equivalents — PEST, SPEED, etc..

I believe that the companies listed below represent most of the dominant firms on the planet, with business models and economic moats that lend themselves favorably to buy - and - hold investing.

It was analyzed by the EPA using results from two economic forecasting models: the ADAGE model developed at Research Triangle Institute (RTI) in North Carolina; and the IGEM model run by a consulting firm founded by Dale Jorgenson, a professor at Harvard.

These strategies were not radical, and they attempted to address a variety of much - brooded - about problems among the big firms, including client billing revolts, associate dissatisfaction, peripatetic partners and an unsustainable economic model.

After the early 2000's, the international economic crisis arrived, obligating many law firms to reorganise their business models and structures.

As the economic model of law firms changes with the rise of alternative billing structures to the billable hour, there may be more room for creativity in providing flexibile work arrangements for lawyers.

In The Philadelphia Inquirer this week, Larry E. Ribstein tells business writer Chris Mondics that law firms have yet to figure out the model that will get them out of the economic mess in which they find themselves.

While 56 percent of firm leaders say the current economic downturn has produced a fundamental shift in the legal marketplace, 70 percent of those same leaders say it has not produced a corresponding shift in their own firm's business model.

The model will no doubt need polishing, but the diamond may come to better represent the structure of law firm staffing than the pyramid, suggests Gina Passarella, a reporter for The Legal Intelligencer in Philadelphia, in her piece, Diamonds May Be a Law Firm's Best Friend in Economic Downtfirm staffing than the pyramid, suggests Gina Passarella, a reporter for The Legal Intelligencer in Philadelphia, in her piece, Diamonds May Be a Law Firm's Best Friend in Economic DowntFirm's Best Friend in Economic Downturn.

But it appears that the new strategic model of the firm is based on a sober analysis that the firm's current economic model is not working.

Led by the Association of Corporate Counsel's «ACC Value Challenge,» corporate America is increasingly demanding that their outside law firms abandon the entrenched, historic, «cost - plus,» «billable hour» economic pricing model in favor of «Alternative Fee Arrangements» («AFAs») and other «value billing» approaches (e.g., non-hourly pricing arrangements such as «fixed fee,» «contingency,» or «hybrid» fee arrangements).

The majority of big firms are not changing their business models, despite the economic downswing.

142 of the Am Law firms responded to a recent survey — 56 % saying the economic downturn has caused a change in the legal marketplace, but 70 % also saying the downturn has not produced a shift in their firm's business model.

I tried but wasn't able to figure out how to do this within traditional law firm structures because, candidly, the entrenched model of these structures presented too many economic and cultural impediments.

Firms confront a number of client challenges: (1) dissatisfaction and failure to address it; (2) insufficient knowledge of the client's business; (3) high, unpredictable cost; (4) inefficiency and an economic model that «applies brute force» (read: lots of high - priced lawyers billing loads of hours) accompanied by a failure to assess appropriate value to task / cases from the client perspective; (5) failure to deploy technology to streamline operations and provide enterprise solutions; (6) an absence of process and project management; (7) a transactional approach to client matters rather than one that provides enterprise solutions; and (8) poor customer service.

If I had a dollar for every time I heard someone complain that he or she was sick of the «unbearable tension... between a big - firm profit model and the needs of businesses that are suffering through difficult economic times, whose legal affairs must be managed effectively and efficiently,» well, I'd still hate paying for my own health insurance.

Law firms whose economic model is based on maximizing billable hours rather than efficiency, who limit (or shrink) the number of partners in order to maximize profits per partner, and who equate «face time» with commitment and loyalty, scoff at younger lawyers as being naïve and unrealistic.

«I was always worried with the lawyer inside the big firm that the pressures of the economic model would lead to overstaffing and over billing no matter how careful they were.»

Consider: (1) the separation from the pack by a few of The AmLaw 200; (2) a recent report by ALM Intelligence revealing that law firms now account for only 25 % market share; (3) changed customer expectations — «faster, better, cheaper» and «more with less»; (4) new competitors — notably the BigFour, in - house departments, and legal service providers; (5) the sustainability of the partnership model for economic, cultural, structural, and succession reasons; and (6) the emergence of legal operations — CLOC and its ACC counterpart — and the distinction between legal practice and delivery.

Such a change will, or at least could, shake the economic model of law firms that has existed for decades to its very foundations.

In «Alternative Sourcing as a Means to an Agile End,» Ms. Bradick surveys the economic realities of modern law firms and outlines the case for contingent staffing models.

To develop the model, the law firm provided Andrew Chesher, professor of economics and economic measurement at University College London, with data about the outcomes of 600 cases concluded over 12 months.

In R (Eisai Ltd) v NICE & Ors the court ruled that NICE had acted unfairly in refusing to allow pharmaceutical firms Eisai and Pfizer access to a «fully executable» version of the economic model it had used when deciding that the drug Aricept should not be prescribed on the NHS to patients with mild Alzheimer's disease.

Except for a handful of specialized and / or brand - differentiated elites like Cravath and Wachtell, most firms became undifferentiated big box stores offering the same practice capability at similar pricing delivered from an identical economic model and objective — maximization of PPP.

His thought - provoking and stimulating take on problems facing the economic model of law firms comes from a career spent both working in New York firms and as in - house counsel for the former powerhouse Morgan Stanley / Dean Witter.

While their clients increasingly relied on technology and process to manage their complex, geographically dispersed business (es), law firms resisted change and remained labor - intensive to sustain their economic model.

Lawyers controlled every aspect of legal delivery: its providers — lawyers; the structure from which services were delivered — firms; the economic model — billable hours; the resources required — lots of lawyers; the delivery timetable and cost — unpredictable; the novelty of the case — «every matter has unique aspects;» and the value of the matter — from the lawyer's perspective, not the client's.

The structure, economic model, and culture of law firms appears increasingly out - of - synch with a digital world.

Law firm hubris, structure, economic model, culture, greed, and short - term perspective have opened the door to new providers and the unwillingness — or inability — of firms to effect material changes is starting to have significant economic impact.

The Interim Report on the Joint Project of The American College Of Trial Lawyers Task Force On Discovery and The Institute For The Advancement Of The American Legal System contains this nugget: 64 % of the respondents (member lawyers, so people who try lots of cases) say law firms» economic models... Continue Reading

Gabriel Byberg has worked with several economists in both academic and corporate settings on projects ranging from applied research in the field of renewable resource integration to the development of economic models depicting business - development behavior in service firms.

In addition to the traditional sources of anxiety and depression noted above, current economic, technological and demographic forces are putting increasing pressure on the traditional law firm business model and lawyers themselves.

Snapshot • Conflicts prone world • Major economic blocks competing fiercely • Few large firms acting as consolidators • Still a traditional model dominated by giants • Customer loyalty is low and frustration is high

The economic model for large firms is changing; small firms are being affective.

And the ACC also commissioned a major economic consulting firm to develop a computer - based model of basic law firm economics.

There are many reasons that may lead firms to make this choice, but one of the primary ones is surely that, like Kodak, many law firm partners believe they have an economic model that has served them very well over the years and that continues to produce good results today.

The firm's estimates are based on a model which observes data culled from major publishers, economic conditions, discussions with stakeholders, and past trends and performances.