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Like so many other professions, law is becoming increasingly
influenced by an overwhelming amount of disparate, fragmented and
complex data that can both help and hinder business. Data comes
from a wealth of different sources, both internal and external,
constantly changing, never still. Keeping control of all that data
is one challenge; leveraging it to the greater good much harder.
Despite the huge amount of data in the average law firm,
data-driven decision-making is relatively new and uncharted. With
the hugely disruptive changes that have occurred in our ways of
working over the last two years, the issue of data is now front and
centre. This second edition of Building the Data-Driven Law Firm
looks at how the use of data has become inextricably linked with
the practice of law; how it can be utilized to the good, and the
safeguards that must be put in place to mitigate the bad; how Big
Data will revolutionize the way lawyers work, and the cases they
will work on; and how new uses for data (including blockchain and
the Internet of Things) will influence the law firm of the future.
Bringing the book bang up to date, new content features how we can
keep data secure in the changing world of work, how data can be
used for business development and client satisfaction, the
implications of data bias and data theft, and whether the way we
use data is even useful anymore.
It has never been more important for law firms to plan for the
future. A highly competitive market, an aging profession, the
changing ambitions of younger generations, many of whom place
greater importance on work-life balance than reaching top
leadership levels, and a long-held reluctance to discuss retirement
and succession, all combine to create what some are calling a
succession crisis. It is time to face the issue head-on and start
putting systems in place to ensure the long-term success and health
of lawyers and their firms: succession planning is the answer to
this. A successful succession encompasses two core elements:
transitioning firm management to a new generation, and transferring
client relationships. This title provides guidance not only on how
these two transitions can be achieved effectively, from the
perspectives of both individual partners and the firm, but also on
the plethora of issues involved in preparing for the departure of
retiring partners and transitioning in new leadership, including
compensation, the role of diversity and inclusion and financial
considerations. It also considers situations where more specific
and specialised plans may be required, such as managing the
succession of a rainmaker or a founding partner. A strong and
effective succession plan ensures that clients are retained over
the long-term, retiring partners leave optimistic and satisfied,
future leaders are in place and prepared for their roles, and the
firm continues to grow and flourish. The shift to a more remote
work environment has also made the institutionalising of processes
such as succession planning even more important. By providing a
thorough understanding of its many elements, this title explains
how effective succession planning can be implemented and ensure
smooth leadership and client transitions, securing and enhancing
the current and future success of partners and their firms.
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