New York Pulse

Expert Analysis

• Nonequity Partner Frustrations Reflect Erosion Of Opportunity

  Nonequity partners report the lowest satisfaction, highest stress and poorest financial outlook of any group of lawyers, highlighting a growing structural disconnect that leaves attorneys at many firms feeling like the ladder has been pulled up behind those who already ascended, says Jake Carroll at Nelson Mullins.

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  Building Brand Awareness For A Legal Nonprofit

  I co-founded the Bridging the Gap Scholarship as a way to increase minority representation in BigLaw, and my advice for other legal professionals starting a nonprofit is to focus on building brand awareness early on, and to get comfortable delegating work to a dedicated team, says Imani Maatuka at Sidley.

• Learn Your Colleagues To Cross-Sell Their Services Fearlessly

  Understanding where colleagues in other practice areas shine can help attorneys confidently cross-sell each other's services and bring in business to keep the firm afloat in hard times, says Joe Calve at Calve Communications.

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  Biz Development Tip Of The Month: Advertise Ethically

  Business development in the legal industry is about building authentic connections and showcasing expertise in a way that reflects reality, and, when done right, it can elevate a practice, establish credibility and bring in clients without risking an ethics violation, says Melody Jackson at Robinhood.

• Ask A Mentor: How Do I Help After Mental Health Leave?

  Molly Ranns at the State Bar of Michigan suggests five ways to smooth a colleague's return to practice after short-term mental health leave, while creating a firm culture that protects employees’ emotional health.

• Tips For Attracting Stellar CLOs In A Competitive Landscape

  Amid a rapidly changing regulatory environment and a fierce market for talent, companies hoping to attract the best chief legal officers must have a strong grasp of their roles’ biggest selling points, and any roadblocks that may prevent them from recruiting the strongest choice, says Heather Fine at Major Lindsey.

• 'Golden Handcuffs' May Be A Double-Edge Sword For Firms

  As law firms increasingly use certain financial incentives to retain partners in a fierce lateral market, managing partners should consider the pros and cons of various deferred compensation schemes, says Tom Hanlon at Buchanan Law.

• The 10-Min. Rule For Building A Business Development Habit

  Many lawyers assume that becoming a rainmaker requires a significant investment of time and effort, but the truth is that building a consistent habit of business development can start with just 10 minutes of strategic outreach a day, says Paul Manuele at PR Manuele Consulting.

• 5 Pointers For Firm Leaders Communicating Tough Decisions

  Certain law firm decisions — such as whether to challenge an executive order — cannot be crowdsourced, but leadership can collaboratively communicate these choices using strategies that build trust, reinforce values and preserve cohesion, says John Hellerman at Hellerman Communications.

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  Biz Development Tip Of The Month: Create A Succession Plan

  ​​​​​​​Conversations around retirement and succession can be understandably difficult, but when attorneys make a plan for the transition early and effectively, they have the opportunity to not only keep work but also increase it, says Jillian McKenna at Verrill Dana.

• Looking Under The Hood Of The $3,000 Billable Hour

  In recent years, top-tier law firms have pushed hourly rates to unprecedented heights, with some partners commanding $3,000 per hour — but this eye-popping number doesn’t tell the full story, as there are numerous caveats and rigorous winnowing along the way, says Christopher Seck at Squire Patton.

• How Law Firms Can Keep Nonequity Partners Happy

  Law firms that successfully manage two-tiered partnership do so by creating a culture that treats everyone with respect and by establishing financial incentives outside their base compensation to reward performance, says Carol Morganstern at Major Lindsey.

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  Biz Development Tip Of The Month: Leverage Your Atty Bio

  If maintained properly, your firm bio can help attract potential clients and create authentic connections, so it's crucial to take steps to write an updated attorney profile that goes beyond a list of credentials, says Raychel Lean at Reputation Ink.

• Ask A Mentor: How Can I Promote Thoughtful Use Of AI?

  Eran Kahana at Maslon discusses how partners can encourage responsible use of artificial intelligence tools within their firms by learning to spot pitfalls common to AI-generated work product and championing firmwide procedures and trainings that address the risks of uncritically relying on this powerful but imperfect technology.

• Making Legal Cents: Firm Culture Is The New Game Plan

  Law firm culture is often dismissed as a soft factor — merely platitudes on a website that seem disconnected from the bottom line — but by intentionally embedding a strong culture into day-to-day operations, law firms can achieve sustainable success, says Shireen Hilal at Maior Strategic Consulting.