Practice Finance

Coronavirus cancellations mean revenue loss, potential liability

The designation of COVID-19 as a pandemic has affected tens of thousands of business and consumer contracts. Lawyers were suddenly swamped with questions about contractual provisions for delays or cancellations, and they found themselves immersed in force majeure provisions, common law doctrine and specifics on business interruption tucked away in insurance agreements.

Apr 2, 2020 9:46 AM CDT

Is there a law-firm rate bubble? Peer Monitor notes concerns, but sees few indications of trouble

Law firm billing rates have reached “lofty levels,” raising concerns in some quarters that they are in a bit of a bubble, according to a report issued on Monday.

Feb 5, 2020 11:19 AM CST

Lawyer accused of billing more than 24 hours per day is found in Nicaragua

Authorities have arrested a suspended Charleston, West Virginia, lawyer who went on the lam in 2016 after he was accused of billing the state for indigent defense work that he didn’t perform.

Jan 27, 2020 12:16 PM CST

Too big too soon: How LeClairRyan went under

While there was no single point of failure, undisciplined acquisitions, ad hoc and expensive compensation schemes, and financial mismanagement coalesced to bring LeClairRyan’s ruin, several former shareholders say. Its demise—one of several firm failures in the last decade—is as much a story about a single firm as it is a warning to others in a softening economy.

Jan 21, 2020 11:56 AM CST

Company that promised to revolutionize legal services confirms layoffs of most of its legal staff

Atrium, a company that launched in 2017 with the promise of transforming the delivery of legal services, has laid off most of its legal staff in a restructuring.

Jan 14, 2020 10:24 AM CST

The financial costs for firms when women and minority lawyers leave

In this new episode of Asked and Answered, Ripa Rashid of Culture at Work talks to the ABA Journal’s Stephanie Francis Ward about how can firms keep female and minority lawyers from leaving and the potentially high cost if and when they depart.

Dec 30, 2019 6:00 AM CST

Suit claims BigLaw firm took over corporate client’s finances and took advantage of its impaired CEO

A lawsuit filed Thursday claims that Akin Gump Strauss Hauer & Feld and its lawyers took advantage of a corporate CEO who was suffering from substance abuse and mental health problems.

Dec 20, 2019 12:38 PM CST

Legal jobs take another leap and hit 10-year high; what’s driving the increase?

The legal industry gained 2,900 jobs in November, according to new seasonally adjusted figures from the U.S. Bureau of Labor Statistics.

Dec 9, 2019 9:48 AM CST

Super Law: How ethical obligations can shape business and your practice

When framing the phrase super law in relation to sustainability with senior in-house execs and lawyers some years ago, people were puzzled by the concept. The notion seems counterintuitive to people steeped in traditional risk management.

Oct 29, 2019 6:30 AM CDT

Venture capital firm sues its former general counsel, once a child actress on ‘The Wonder Years’

A lawyer who portrayed Becky Slater on The Wonder Years, a TV show than ran from 1988 to 1993, is facing a lawsuit of more than $1 million stemming from her work as a general counsel for a venture capital firm.

Oct 8, 2019 10:23 AM CDT

Pay Attention: CPA serves up financial tips for lawyers

In this episode of the ABA Journal’s Asked and Answered podcast, Senior Writer Stephanie Francis Ward talks to New York CPA Gary DuBoff about how to live within your means, how to figure out your set costs, and how to budget with what’s left over.

Sep 30, 2019 6:30 AM CDT

Law firm and former partner battle over $11M referral fee

A Pennsylvania law firm and one of its former partners are battling in court over the right to an $11 million referral fee.

Sep 26, 2019 9:42 AM CDT

BigLaw firms are taking ‘two steps forward, one step back,’ new Thomson Reuters report says

Law firm productivity is dropping, driven by accelerated hiring that is driving the supply of lawyers higher than demand for their services, according to a report released this week. Productivity decreased 1.2% during the second quarter of 2019 and is down 1.5% from the beginning of the year, according to…

Aug 6, 2019 2:55 PM CDT

Lawyer’s hip-hop defense fails in case involving ‘an overarching pattern of misconduct’

Maryland’s highest court has disbarred a lawyer for a “myriad of rule violations” that included calling a social worker who testified in one of his cases a “bitch.” The Maryland Court of Appeals explained why it disbarred Garland Montgomery Jarrat Sanderson in a July 23 opinion noted by the Legal…

Aug 1, 2019 10:13 AM CDT

One size does not fit all: Law firm subscription plans come in all shapes and sizes

Home movies are dominated by Netflix. And Amazon Prime’s subscription-based free shipping model has shaken up online commerce. Are law firms ready to move to a subscription-based model, too?

Jul 1, 2019 9:08 AM CDT