According to data from Altman Weil’s MergerLine TM, the legal industry has averaged 80 law firm mergers per year since 2013. The ongoing volatile legal market means more law firm merger activity will continue to occur. The vast majority of acquisitions are of law firms with 20 lawyers or less. Based on the data from Altman Weil’s MergerLine TM, here are 5 law firm merger trends:
Here’s what’s trending in the Legal Industry: (1) American Lawyer announces its Law Firm of the Year, (2) General Counsels should be great communicators and have digital transformation skills, (3) Information Security Trends for Legal, (4) Creative Solutions for Legal Resourcing, (5) Spending on Legal Tech, and more!
Contracts take up an enormous amount of time to negotiate and sign. They never seem to get signed fast enough and there are so many to negotiate. Organizations often blame the other party (or the lawyers) for taking unreasonable positions or just being “difficult”. We’ve written several blog posts about reducing the cycle time of contracts and the benefits of automating the contracts process but sometimes the fault lies within the terms of your own contracts.
Here’s what’s trending in the legal industry: (1) 5 Simple Business Development Strategies, (2) Law firm revenue is up in 2018, (3) Artificial Intelligence outperforms lawyers, (4) Top Legal Blog Nomination, (5) Associate Bonus Season, (6) Law Departments are sending less money to Big Law, and more!
Law firm lawyers should spend at least 20% of their time on business development. When working with law firm lawyers on business development coaching and leadership development it has become abundantly clear that while every firm wants their lawyers to be developing new business, there is no target or stake in the ground to guide lawyers on business development expectations.
Perhaps they read our recent blog post “5 Reasons Why Law Firms Shouldn’t Leave Consulting to Accounting Firms” or, far more likely, this new consultancy was in the works for months. This week brought news of Bryan Cave Leighton Paisner’s new legal operations consulting firm called “Cantilever”.
Nimble is thrilled to be nominated for The Expert Institute's Best Legal Blog Contest in the category of “Legal Tech”. Vote for us here: https://www.theexpertinstitute.com/legal-blog/nimble-thoughts/
Here’s what’s trending in the legal industry in early November:
A SWOT Analysis will help legal organizations develop a robust strategy;
Love Your Lawyer Day is stupid;
Technology can help drive deal velocity;
The In-house IP lawyer role has increased importance;
Blockchain legal issues; and much more!
Why law firms have left consulting to accounting firms over the last few decades is a mystery. Accounting firms quickly moved up the value chain and are viewed by clients as strategic partners leaving law firms behind. But Law Firms really should get into the consulting business as evidenced by the fact this morning’s news from thelawyer.com that Eversheds Sunderland’s consulting business brought in over GBP 26 million ($33 million) in 2017.