The document discusses various concepts related to strategic planning and corporate strategy formulation. It begins with defining strategy and the importance of strategic planning. It then covers the following key points:
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4. Factors to consider when selecting between strategic options like SWOT analysis and Porter's five forces framework.
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The document discusses various concepts related to strategic planning and corporate strategy formulation. It begins with defining strategy and the importance of strategic planning. It then covers the following key points:
1. The stages of corporate strategy formulation including developing a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy, and monitoring performance.
2. Michael Porter's generic strategies of cost leadership, differentiation, and focus.
3. Strategic alternatives like stability, expansion, retrenchment, and combinations thereof.
4. Factors to consider when selecting between strategic options like SWOT analysis and Porter's five forces framework.
Law schools are dropping the LSAT requirement to increase diversity. Removing the LSAT requirement allows for a more diverse pool of applicants, as the LSAT disproportionately impacts minority and disadvantaged students. Without needing to take the LSAT, applicants save time and money, and law schools can consider a wider range of talented candidates. This benefits both students and the legal profession by promoting greater diversity among lawyers.
Law School Brain Drain: Why Are More People Failing the Bar Exam?LawCrossing
Declining bar exam passage rates and an influx of law students with lower LSAT scores have contributed to the phenomenon known as the "law school brain drain," wherein the most qualified candidates are choosing not to attend law school. This is problematic as it lowers the overall intelligence and qualifications of the legal profession. To address this, law schools should consider accepting GRE scores to widen the applicant pool, recruit more candidates with STEM backgrounds, and offer improved financial aid options to attract top students. Fixing the brain drain will help raise bar passage rates and the prestige of legal education.
Your next great sexual lover could be a lawyerLawCrossing
Lawyers can make good lovers for several reasons. As attorneys, they are used to dominating situations, taking risks, and aiming to please their clients. These traits can translate well to the bedroom, where lawyers' confidence, inventiveness, intellectual curiosity, and ability to listen make them sexually skilled partners. Their daily frustrations from work also mean they rely on sex for stress relief, leading to greater experience. While the legal profession is demanding, it cultivates qualities in lawyers that can benefit their romantic relationships.
The Science of Recruiting Lateral PartnersLawCrossing
Law firms are increasingly using data analytics to inform lateral hiring decisions, similarly to how sports teams use statistics to evaluate players. Firms analyze performance data to identify ideal candidate profiles and estimate if a hire would boost profits. Over one-fifth of Am Law 200 firms have adopted these techniques. While data may help reduce biases, personal judgment is also important in hiring.
Rocking Your On-Campus Law Student InterviewsLawCrossing
This document provides tips for law students to succeed in on-campus interviews. It recommends that students have a compelling story about their career goals and interests to share with interviewers. It also suggests focusing on relevant experiences, demonstrating enthusiasm for the job, and researching the firm. Students should be prepared to discuss weaknesses and how they have developed relevant skills without work experience. Proper preparation includes practicing responses to common questions and having your own questions prepared. Callback interviews involve more evaluative activities over half a day, so maintaining professionalism is important. The overall message is to demonstrate fit for the job and passion for the legal field.
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Big Data and Its Impacts on the Legal ProfessionLawCrossing
Big Data has the potential to significantly change the legal profession by helping attorneys analyze large amounts of past case data and documents to improve research, predict case outcomes, and enhance transparency. Companies like Ravel Law are developing new analytical tools to help attorneys leverage Big Data, and the legal field is becoming more receptive to technological innovations, especially as younger attorneys familiar with data analysis enter the profession. Embracing Big Data fully could lead to greater efficiency, more accurate judgments, and improved access to justice.
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What Should You Know about Law Firm Succession Planning?
1. What Should You Know about Law
Firm Succession Planning?
www.lawcrossing.com/employers/post-legal-jobs-main.php
2. Summary:
With the changing face of the
legal realm, it can be difficult to
figure out what steps need to be
taken for law firm succession
planning.
www.lawcrossing.com/employers/post-legal-jobs-main.php
3. www.lawcrossing.com/employers/post-legal-jobs-main.php
According to ManagingLawFirmTransition.com, law firm succession has always
been a tricky issue for attorneys and their firms. Due to the changes within the
legal field, such changes may become more difficult in the future.
Running a law firm is not as simple as it was in the past, and it probably will not
get any easier. According to William Henderson, a professor who writes about law
firms and the legal industry, commented, “[i]t’s getting harder to generate new
business and to grow your top line revenue. The historic, bill-by-the-hour matter,
that business is on the decline, so there really is no risk-free strategy right now—
the clients are building capacity in-house for the lower-level work, and litigation
is…too expensive.”
Additionally, Citi Private Bank recently conducted a study that showed many law
firm leaders are worried about the state of the legal industry, as well as the
economy as a whole. Young attorneys entering the legal realm seem to be
dropping, and the most recent bar exam scores are the lowest since 1988.
Moreover, the idea of replacing associate attorneys with artificial intelligence
seems to be growing in popularity.
4. www.lawcrossing.com/employers/post-legal-jobs-main.php
So what is so different about law firms now, and what changes can we expect in
the future?
First, technology advances will have a more significant impact on law firms.
Though advances make a practice more profitable and efficient, the same
technology may also cut out the need for a law firm altogether if a client can
meet their legal needs in-house or stir up some competition. Therefore, some
business for law firms may become more short-term, and therefore not of a
nature that requires extensive succession planning.
The pool of attorneys practicing is also shrinking. Fewer and fewer students are
attending law school and taking the bar exam. Therefore, who will take over
current law firms? This will definitely be a challenge for firms in the future.
The firms that have the strongest business plans will be the most successful. Law
firms on the hunt for success from a business perspective will have smaller
margins of error. These firms will enjoy their current practices, and will also be
prepared for the future. They will have a greater number of clients, higher profits,
and stronger talent. For firms with wavering business practices, succession may
not even be possible.
5. www.lawcrossing.com/employers/post-legal-jobs-main.php
Expect more mergers in the future as well. Many firms are dealing with
succession by pairing up with other firms. “Succession through merger” will likely
become more and more popular.
Succession planning cannot take place at the last minute. It is recommended that
discussions begin at least a decade before such a transition is made, with the
details becoming established about five years prior.
The American Bar Association has also issued publications on this topic. According
to the ABA, the partners of a firm should begin discussing the details of
succession within five years of retirement. It is important to talk about the current
situation, identify those who plan to retire, and then discuss each partner’s
individual plans for retirement.
Next, the partners must discuss potential successors. What does the firm need for
success? Do the successors meet these qualifications? The successor or
successors should be skilled at managing people, possess self-sufficiency, have
good client relationships, and manage cases efficiently, at a minimum.
6. www.lawcrossing.com/employers/post-legal-jobs-main.php
The successor’s developmental needs must also be considered. Mentoring by firm
partners may be necessary to ease the transition, for example, or additional
training may be required.
It is also important to provide support for the transitioning partners. Some firms
create an “easing out” process to allow partners to reduce their hours over time,
instead of simply stopping their work altogether. Financial planners, career
coaches, and other such individuals can be helpful with this step.
Succession planning is essential to the survival of a firm. With proper preparation,
a firm can survive for decades after the partners retire.
This article “What Should You Know about Law Firm Succession Planning?” first
appeared on LawCrossing’s employer section. It is the world leader in “pure”
monitoring and reporting of legal jobs, through its active and growing research
into all legal employers throughout the world.