The legal profession, like so many other fields, has continued to reel from the deep-reaching and significant impact of the 2008 financial crisis. In the years following the crash, a general downward turn in the demand for legal services compelled firms to tighten their belts, make tough decisions, and come up with innovative strategies in order to survive. One of these was an increased focus on profitability and different means of managing and improving it, a relatively new development for the legal industry. However, in recent years there have been small but positive signs of improvement, manifested in a gradual pick-up in client engagement, as global economies continue to slowly but steadily recover from the crash. It is definitely a better time to be a lawyer, as latent demand begins to manifest in parallel with growing client confidence in a stabilizing market, fast-paced disruptive technological innovations, and significant changes in laws and regulations. However, this does not mean that firms can afford to be complacent. The legal landscape continues to be in flux, and improvement is slow. Increased revenue and client demand does not come to firms that do not proactively seek it, nor is it achieved by those who are not applying innovative and cutting-edge techniques and strategies to the management of their firm. Of course, delivering the best service to clients should always be a top priority; however, there should also be an emphasis on running the firm like a business, which includes intensive scrutiny of expenditure and coming up with new and inventive ways to generate profit. Managing and growing a firm's profitability should not just be an exercise for difficult economic periods, but instead must be a priority at all times. Rather than being perceived as an irksome bolt-on, it is necessary to see it as a great opportunity in these times of increased business. Existing and persistent cultural norms amongst lawyers, however, means that the reform of current business practices does not always come naturally. Nor is it necessarily easy to find the right practical advice that can carry a firm through the transition. Emerging Approaches to Law Firm Profitability aims to be the ideal tool to assist with implementation, providing essential guidance for those seeking new means of maximizing their firm's capacity. Featuring advice and reflections from a wide variety of contributors, ranging from business and finance professionals to thought leaders and consultants, this book offers in-depth, intensive insight into the challenges generated by today's dynamic and hypercompetitive legal landscape. Most importantly, Emerging Approaches to Law Firm Profitability moves past the identification of these obstacles and supplies original, innovative ways of tackling them. Expert guidance is complemented by compelling case studies and effective real-world examples, supplying principles that can be applied to firms of any size or capacity.

Successfully managing a change initiative is no simple feat, regardless of the size of the firm - distilling the process of change into a workforce takes careful planning and support. Change is stressful and difficult for people to process and accept, as we often cling to what we know. This is especially true of lawyers, who are notoriously averse to change. However, the legal sector has begun to rapidly transform - and the firms that don't change with it are going to struggle to stay relevant. In these turbulent times for firms, change initiatives must be properly managed to ensure the whole firm can successfully shift to the new norm and stick to it. Without the proper support and management, a firm runs the risks of alienating their workforce - who will not take well to sudden and imposed change. Managing Legal Change Initiatives looks to illustrate the best methods of introducing and managing change in a sector that is known for being adverse to it. The book highlights the critical obstacles and pitfalls that law firms will face during transitional periods, and outlines some of the best methods of approaching organizational change; from building a change framework to follow, to encouraging a shift in partner behavior through the compensation strategy. This new book also explores why change is so difficult for individuals - with discussion of the neuroscience behind change, and the role of emotional intelligence in leaders to help garner a transformation. With the disruptions to legal services predicted to continue for some time, it will be those firms who adapt, put into place, and act upon a change management strategy that will be the ones capitalize on changes to come.

Becoming a partner in a law firm is a significant milestone in a lawyer's career, and requires a combination of strong legal skills, business acumen, leadership abilities and a commitment to the firm's success. Preparing for Partnership reviews the essential steps that lawyers need to take to make partnership a reality. This book outlines the critical factors for success, from building a strong track record to developing a loyal client base, demonstrating leadership skills and meeting the firm's criteria. Contributors to the book discuss how to network and build relationships within the firm, review the financial aspects of partnership, and how to seek feedback and mentorship from other partners. Preparing for Partnership is an invaluable resource for lawyers seeking to achieve the ultimate career milestone of partnership, and for team leaders and management as they help aspiring partners to prepare. This book will help lawyers navigate the complex path to partnership and realize their full potential in the legal profession.