How Law Firms Are Still Losing Millions Despite Hiring Pricing Pros: The Morning Minute
The news and analysis you need to start your day.
October 13, 2023 at 06:00 AM
3 minute read
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WHAT WE'RE WATCHING
LOST LEADERS - It's undeniable that Big Law leadership has seen massive turnover recently and there appears to be some validity to the idea that the stress of the pandemic hastened burnout. But, as Law.com's Gina Passarella Cipriani writes in this week's Barometer newsletter, these jobs are not likely to get any easier, so firms need to be prepared, by focusing on succession planning and making sure that the people who are tapped for these roles have the right tools to lead, including, but not limited to, emotional intelligence and the ability to connect the work a firm does to a career with purpose. To receive the Law.com Barometer directly to your inbox each week, click here.
LEAVING MONEY ON THE TABLE - Law firms have been increasing their investments in pricing and financial professionals. Yet, Big Law has still lost out on revenue over the last couple of years during the collections process. So what gives? As analysts and consultants told Law.com's Andrew Maloney reports, it's not the pricing pros' fault, but rather a confluence of factors. For instance, pricing teams are still small, or at least, more strategically deployed to certain matters versus others. Partners still have "silent" write-downs, billing only what they expected at the outset of a task. Meanwhile, e-billing systems and clients' increased scrutiny both play roles in reducing realization.
ON THE RADAR - Robert A. Jacobs, Charles E. Weir and Andrea Del-Carmen Gonzalez from Manatt, Phelps & Phillips have entered appearances for music publishers BMG Rights Management (France), Sarl and BMG Rights Management (US) LLC in a pending trademark infringement lawsuit. The complaint, filed Aug. 31 in California Northern District Court by Phillips, Erlewine, Given & Carlin on behalf of Om Records LLC, seeks to enjoin the defendants from using the 'OM Records' mark in connection with the sale of record label goods or services. The case, assigned to U.S. District Judge Jeffrey S. White, is 4:23-cv-04506, Om Records, LLC v. Om Developpement, SAS et al Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
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EDITOR'S PICKS
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