Latest news with #legalindustry
CNA
2 days ago
- Business
- CNA
CNA938 Rewind - The Wellness Hour - Can mindfulness save us from burnout?
A new movement is taking root in Singapore's legal industry, one that puts well-being, balance, and mental health at the centre of work. Hui Wong finds out how mindful business practices could reshape not just legal workplaces, but the future of work itself with Paul Neo, Assistant Chief Executive, SAL.
Forbes
03-07-2025
- Business
- Forbes
How Trust And Relationship Building Transform Client Engagement
John R. Kormanik, esq. CEO and Head Coach at John R. Kormanik Coaching. From my past working in law and my current career as an executive coach working exclusively with outstanding law firm leaders, I've seen up close how trust is essential for driving client engagement. Think about it. Clients often arrive at the lawyer's door drowning in confusion, cloaked in crisis and consumed by conflict. While they're coming to you and your associates for expert legal tactics, cultivating a trusting relationship with them at the same time can pay enormous dividends for your firm. However, attorneys are trained to evaluate facts, make arguments and generally act in ways that avoid risk. In other words, they're trained to build cases, not relationships. So, they tend to believe it's more important to let their work speak for itself. But in a world of ever-increasing competition, that couldn't be further from the truth. Relationship Building Is A Driver Of ROI Relationship building with clients, their team, referral sources and tactical partners is as much of a strategic leadership practice as business development or 'lawyering.' Focusing on these connections can lead to a variety of benefits. For example, it helps create stronger client bonds, greater lifetime value (LTV) and deeper impact. Establishing a relationship with clients can improve their satisfaction, leading to greater retention. As law expert Heidi Gardner once said, 'The more partners serve a client, the longer that client remains with the firm.' This is vital, considering the cost of acquiring a new client is higher than retaining an existing one. Meanwhile, as research has shown, just a 5% increase in customer retention can increase profits by 25% to 95%. Talk about increasing LTV! Despite this, most attorneys compartmentalize working relationships as clients, potential clients, the opposition or someone who's not relevant. So, what would happen if we ditched the compartmentalization and simply thought of people as people? The Shift From Transaction To Transformation When engaging with clients, most lawyers default to showcasing their well-honed legal tactics. After all, it's tactics that ultimately make it possible to deliver the results the client seeks and remain within the ethical boundaries that govern attorneys' work. Leaning on them is easy, comfortable and safe. However, when we're solely focused on being tactical, we lack the capacity to empathize and connect with others. Do clients want a brilliant tactician? Of course they do. But I don't believe that's all they want. Clients need their counsel to understand them on a human level and provide space so they can tell their story (even the parts that are legally irrelevant). They want to know that, when you're speaking with them or working on their matter, you're fully present and engaged. Because while the client's matter may be one of many for you, it's one of one for them. Finally, clients crave reliability. Do you do what you say you will do, when you say you will do it? Each of these things—understanding, presence and reliability—creates trust between your client and you, creating a strong relationship. Turn Relationship Building Into A Core Leadership Habit Becoming skilled at relationship building isn't some hack or marketing ploy, though. People have outstanding b.s. detectors. If you want to start thinking in terms of what clients actually want from their attorney, then act in accordance with that knowledge, you have to shift your approach to leadership. It'll require slowing down, being uncomfortable and doing things differently, all in service of your client and, ultimately, your firm. Here are three key ways to ensure that you and your team are skilled in relationship building: 1. Create clarity. Make certain you frequently talk about the value of relationship building. I find this George Bernard Shaw quote to be a valuable reminder: 'The single biggest problem in communication is the illusion that it has taken place.' 2. Walk the talk. Through your actions, demonstrate the importance of relationship building. Additionally, ensure your compensation model identifies and rewards the achievement of KPIs that evidence relationship building. Then communicate the value of the activities to individuals and the firm as a whole. 3. Hire for interpersonal ability. Law firm leaders, whether they're managing partners, shareholders or practice group leaders, should consider the words of J. Willard Marriott, former CEO of Marriott International: 'It's very hard to teach people to smile. That's why we hire friendly associates and train technical skills.' With that in mind, bring on associates who understand the value of, and are energized by, relationship building. Final Takeaway: Lawyers Who Lead, Win In the ultra-competitive legal market, shifting your priorities from being the best tactician to being the best trusted advisor who cultivates relationships isn't just fluff. It improves the firm's bottom line. But trust isn't built in your conference room in a single interaction. It's built little by little every day, when you and your associates consistently show up as human beings first, tacticians second. Forbes Coaches Council is an invitation-only community for leading business and career coaches. Do I qualify?
Reuters
26-06-2025
- Business
- Reuters
McDermott, Schulte partnerships vote to approve law firm merger
June 26 (Reuters) - Partners at U.S. law firms McDermott Will & Emery and Schulte Roth & Zabel have voted to merge effective Aug. 1, the firms said in a joint statement on Thursday. The deal is set to create a 1,750-lawyer firm with more than 20 offices globally, in the latest major legal industry merger. The combined firm will be named McDermott Will & Schulte. The two firms in May said they were finalizing a merger deal. Chicago-founded McDermott, the larger firm with about 1,400 lawyers, generated more than $2.2 billion in gross revenue in 2024, according to figures reported by The American Lawyer. The firm is known for advising healthcare and other clients in a range of practice areas. New York-founded Schulte, which is focused on advising hedge funds and other private capital clients, brought in more than $618 million in gross revenue last year, according to the American Lawyer. Consolidation has been a theme in the legal industry for decades, as firms seek scale in a quest for increased market share and profitability. The most recent major law firm tie-up was that of Herbert Smith Freehills and Kramer Levin, which merged on June 1 to create Herbert Smith Freehills Kramer, which has more than 2,700 lawyers. Last year, Allen & Overy combined with Shearman & Sterling to create A&O Shearman, with nearly 4,000 lawyers.
Forbes
25-06-2025
- Business
- Forbes
Why Work-Life Balance Is One Of The Biggest Challenges For Female Lawyers
Raquel Gomes is the founder and CEO of Stafi. When we talk about progress in the legal industry, we often point to the rising number of women graduating from law school or the growing visibility of female attorneys in leadership. However, one stubborn truth continues to undermine these milestones: Women leave law firms mid-career at staggering rates. And they aren't leaving because they can't cut it. They're leaving because the system wasn't designed with them in mind. According to the American Bar Association, 58% of female attorneys cite caregiving responsibilities as a major reason for leaving law firms. And while women make up more than half of law school graduates, they account for just 22% of equity partners. The pipeline isn't just leaky—it's hemorrhaging talent. As a psychologist and CEO who supports law firms through strategic staffing and delegation, I see this pattern all too often. Firms spend years cultivating bright, talented women only to lose them when the demands of the job become incompatible with their lives. The irony? These are often the same women clients love most: empathetic, thorough and fiercely committed. The Outdated Ideal Worker Model At the heart of the issue is an outdated view of the "ideal lawyer"—someone who is always available, responds to emails at midnight and wears exhaustion as a badge of honor. But this model doesn't serve anyone, least of all women. The legal profession still rewards visibility and availability over sustainability. For women juggling caregiving, community roles and personal well-being, this model becomes not just unappealing but unlivable. "We celebrate when women make partners, but we should ask: At what cost did they stay?" That's a question I often pose to law firm owners we work with. Burnout isn't just a personal issue; it's a retention crisis. Burnout: The Quiet Saboteur The ABA Journal reports that women in law experience burnout an average of 56% of the time, compared to 41% of the time for men. And in addition to stress, burnout means misalignment. It's what happens when someone's work drains them rather than supports their growth. Too often, the only way women feel they can find relief is by leaving the profession altogether. This doesn't just affect their careers, but also it erodes the diversity, empathy and strength of the legal field as a whole. What Can Law Firms Do? Forward-thinking firms are beginning to see that retaining women requires more than mentorship luncheons and panel discussions. It means: • Offering flexible work—not just remote options but autonomy over how and when work is done. • Creating pathways to leadership that accommodate nonlinear career journeys. • Rebuilding internal cultures to value outcomes over hours. • Providing mental health support and proactively preventing burnout. While specific percentages may vary, the positive impact of mentorship programs on female retention in law firms is well-documented. For example, according to The Australian, firms with formal mentorship programs see 23% higher retention among women. But the most important factor isn't a single policy, it's alignment. When a firm's values align with the lives of its people, retention becomes a natural outcome. A New Definition of Success I believe the future of law isn't just about how many women we can recruit but rather how many we can empower to stay, thrive and lead. Success should not demand self-abandonment. It should reflect wholeness. We need to redefine what it means to win, not just for women in law but for everyone. When women stay, law firms don't just retain talent. They retain perspective, innovation and strength. And that's the kind of firm that doesn't just survive—it leads. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Forbes
25-06-2025
- Business
- Forbes
Meet America's Best-In-State Lawyers 2025
getty T he story of 2025 is one of transformation and challenges that have reshaped business as usual. A confluence of policy decisions has roiled markets and left economic forecasts murky. Concerns about inflation, tariffs, trade barriers, the supply chain, labor markets—and war—have set many businesses in a holding pattern, with some tightening belts and reducing spending, particularly those that relied on government funding or have been directly impacted by global volatility. Yet even as clients face existential troubles, the legal industry has remained strong, unbound by bull or bear markets. Law is a sector that can prosper in hostile environments—litigation thrives during both prosperity and adversity, and downtimes can be a boon for countercyclical practices like bankruptcy and restructuring. And while the jury remains out on 2025, data shows 2024 was a blockbuster year for the legal sector as a whole. Buoyed by a strong economy, collective revenue per lawyer in the AmLaw 100 was up 5.2% overall last year, reaching $1.28 million. Hiring has remained steady and law firms have been increasing their spending and strategically investing in technology, AI and knowledge management to remain competitive. Whether the current economic climate is viewed as a glass half full or half empty, there will always be opportunity and need for lawyers, and fortune favors not just the brave, but the prepared mind. 'Economic uncertainty rewards those lawyers capable of transitioning from mere legal advisors to becoming their clients' trusted strategic navigators,' says listmaker and Denver-based Perkins Coie partner T. Markus Funk. 'Quick and nimble thinking by adaptable and empathetic lawyers with deep industry understanding and the ability to deliver tailored, contextual advice and steer clients through crises, are increasingly becoming the premium skill sets.' O ver the past year our editorial team set out to find lawyers with premium skill sets from across the United States, reviewing thousands of candidates for Forbes ' inaugural Best-In-State list. Vetted through outside nominations, independent research and consultation with experts and industry insiders, we've curated an elite cohort of lawyers from all 50 states, across a variety of specializations. And over the course of that research, we've gleaned insights into the state of the profession—and what today's best lawyers can deliver for you. According to the American Bar Association Profile of the Legal Profession, while there are 1.3 million lawyers in the U.S., more than a quarter of those reside in just two states—New York and California—with Washington, DC, having the most lawyers per capita. But top lawyers are practicing across the country, and those who stand out and thrive today are demonstrating a renewed focus on a concept rooted in sales and UX: customer service. In an increasingly competitive legal marketplace, centering client satisfaction is more important than ever. And in an era of emerging tech, economic uncertainty and geopolitical shifts, clients are looking for their lawyers to be both compass and counsel, providing direction and expertise. 'The momentum through the first half of 2025 is real, but fragile, with the biggest threat to continued growth being macroeconomic confusion,' says Mike McNamara, CEO of legal growth advisory firm Baretz+Brunelle and former CEO of Dentons US. 'Right now, some of the most valuable lawyers are not simply advisors, but sentries. If you are not calling with insight before a client asks for it, clients likely will turn to someone who is.' Client retention today is in part a function of foresight, McNamara adds, noting the firms that thrive are regularly mapping risks and engaging in scenario-planning, bringing in tech and AI and building internal protocols for clients as part of their service delivery. 'We are absolutely service providers but in providing that service there's so much opportunity to build depth of knowledge and expertise,' says listmaker and Morrison Foerster partner Val Dahiya. 'It's very easy to demonstrate to clients that you understand not just their business but the much larger market structure. There's a comfort level in having someone who knows the inside-out of agencies, and being able to navigate expertly can make a substantial difference for clients.' Dahiya, who practices in the securities compliance and regulation sector, says the rapid evolution of technology is upending the way consumers and investors understand and interact with markets, citing Blockchain, crypto assets and AI. Dahiya has worked through the dot-com bust and the 2008 credit crisis that threatened capital markets; she also served on the SEC's Enron task force. Now in private practice as co-head of Morrison Foerster's Securities + Derivatives Regulatory Solutions team and a partner in the firm's Capital Markets and Broker-Dealer Compliance + Regulation practice groups, Dahiya is in a unique position to help clients navigate complex and uncertain terrain. 'There have been so many crises in my career where I've been very hands-on and kind of in the eye of the storm,' Dahiya says. 'But you have to be able to step back, understand the fundamental principles, the client goals and connect the dots. The regulatory risk, compliance obligations, business considerations, what the industry is doing writ large, and making sure the client is in the best position to make the very best decisions.' Perkins Coie partner Funk agrees that an increasingly intricate and politicized regulatory environment is reshaping the legal terrain in real time, and that compliance, along with investigations, litigation and cross-border disputes, are areas where subject matter expertise will open opportunities for high-value work. 'Lawyers who truly own their space, have created a recognized brand for themselves, and have mastered the table stakes of providing proactive, timely and practical advice, along with a good dose of compassion, will thrive in the future, as they have in the past,' says Funk, who specializes in complex litigation and international law out of the firm's Denver office. O ne aspect of change that has come for the legal profession—as it has for all others—is AI. As growth explodes in the field of generative AI, staying ahead of the curve, remaining agile and spotting trends are proving to be significant competitive advantages. Firms are ramping up resources and expertise to not just meet client demand in the field, but to harness the next Cambrian iteration of the technology and improve their own bottom line. It's a moment that Seattle-based lawyer and listmaker Sumedha Ahuja is well prepared for, having been steeped in artificial intelligence technology for two decades, first as a software engineer and then as an IP lawyer. At Perkins Coie she manages five large teams and says harnessing AI has streamlined her work process, freeing up more time for deep-dives and holistic thinking to better serve clients. 'People who embrace AI and learn how to augment their work with AI will be successful—super successful,' predicts Ahuja, firmwide co-chair of the firm's artificial intelligence and machine learning practice. 'I feel like it's a great way to augment how we practice law. AI itself is not new but it's becoming mainstream. It's become more democratized.' Ahuja says clients are looking for practitioners who see the full picture from a business, legal and technological standpoint—what she describes as three-dimensional advice, a concept familiar to Fairfax Associates strategic legal consultant Lisa Smith. 'Firms need to focus on the combination of technical expertise and industry experience,' Smith says. 'Clients value lawyers who bring both of those dimensions, with technical expertise being the baseline expectation and industry experience being the value add.' Chicago-based lawyer and listmaker Annie Kastanek brings deep industry expertise to her role as co-chair of Jenner & Block's Appellate and Supreme Court Practice. Before entering private practice, Kastanek clerked for the Seventh Circuit and Justice Anthony Kennedy at the U.S. Supreme Court, followed by work at the U.S. Attorney's Office in Chicago. Kastanek continues to try cases—which provides a dual perspective she finds invaluable. 'When you understand both trial dynamics and appellate implications, you can craft strategies that work across forums from the very beginning of a case,' she says. Kastanek says today's lawyers must demonstrate value to clients early and often by being proactive and not just reactive, particularly in an increasingly unpredictable legal environment. She believes appellate work will continue to accelerate after recent Supreme Court decisions that have upended what was once considered settled law. Finding opportunity in the unpredictable, viewing this moment in time as a glass half full—these, Ahuja says, are the hallmarks of today's best lawyers: 'The way I see it, it's a great time to be practicing. It's a transformative time for the legal industry and the economy itself.' For the full list of America's Best-In-State Lawyers, click here. Methodology To create our inaugural list of America's Best-In-State Lawyers, Forbes assembled an editorial team with broad experience in law practice, coverage of legal news, and knowledge of the legal marketplace. The team then identified a wide pool of eligible candidates through hundreds of interviews with industry insiders, outside nominations, editorial research, and an independent, advisory board of experts. To qualify for consideration, lawyers were required to be active and licensed—and thousands of attorneys from a variety of backgrounds, specializations and jurisdictions were ultimately considered. For more information on the selection process see America's Best-In-State Lawyers 2025 Methodology. As with all Forbes lists, candidates do not pay any fee to be considered. For questions about this list, please contact lawyerlist [at]
