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The COVID-19 pandemic has undoubtedly had a seismic and lasting
impact on how the business of law is conducted. Whilst 2020
certainly expedited changes that were already trending - flexible
work schedules, fully-remote offices, revised resource allocations,
new client expectations - it also forced firms to adopt practices,
methodologies, and strategies that pre-COVID they insisted they
could not. These changes are not only here to stay but have become
the expectation. Law firm attorneys, staff, and indeed clients are
no longer interested in a traditional office, nor the practices
that typically occurred within them. The modern law firm needs to
evolve with both employee and consumer expectations in order to
stay abreast with the post-pandemic world. The Post-Pandemic Law
Firm looks at how law firms can make a paradigm shift, adopting an
entirely new business model that focuses on providing outcomes,
outputs, and results to their clients and internally places the
wellbeing of their team as a cornerstone to the future long-term
success and sustainability of the legal profession. Chapters
include changes to business models, virtual and remote working, how
the pandemic has affected women in the profession, the future of
dispute resolution, M&A activity and changes to pricing models
- all authored by highly respected practitioners in the modern
legal system. For those law firms leaders and lawyers that realize
a 'return to normal' is exactly the wrong approach, there is an
opportunity to create a brighter future where work-life balance,
market innovation, and smart use of technology will define the law
firm of the future.
Commentators have argued for many years that law firms need to move
forward from their traditional, seniority-based compensation
systems. But it's not enough to simply add performance-related
elements at the edges of these. Shifting generational-based
attitudes; changing career aspirations; increasingly demanding
clients; and pricing innovation and development in the range of
benefits that can be offered (both financial and non-financial) all
conspire to urge firms to rethink how their compensation system
operates at all levels, across the whole firm. By reviewing these
emerging factors, Compensation Innovation: An in-depth exploration
into the future of law firm compensation aims to inspire law firms
towards future proofing their compensation systems so that they
continue to deliver results as their partnerships age. Exploring
also the interplay between compensation and succession planning,
and compensation and lateral hiring, the authors keep one eye to
the future.
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