ABA Journal

Business of Law

692 ABA Journal Business of Law articles.

Are virtual offices here to stay?

The virtual law office—once a niche curiosity reserved for sole practitioners and a fraction of traditional firms—suddenly flowered, forced by necessity out of high-rise towers and into personal homes in the dark, uncertain pre-vaccine days.

Some attorneys liked parts of their pandemic lifestyles so much, they’ve made some changes permanent

Some attorneys are choosing to continue making room for their new hobbies, their altered schedules or their amended ways of living their lives post-COVID.

Nonfungible tokens are all the rage now. What are they, and what should buyers watch for?

How lawyers are using the Clubhouse app to build their businesses and make new connections

Since Francesca Witzburg left Dentons last year to join an intellectual property firm, the New York City-based attorney has used social media to help her build a client base from scratch. One platform she has found particularly helpful with business development is Clubhouse, the audio-only app that allows users to pop in and out of “rooms” featuring conversations about a variety of topics.

Probate lawyers are taking steps to secure LGBTQ+ families’ rights in case Supreme Court limits them

Family law could look very different in the near future, especially for nontraditional families, who are concerned that their protections may not be as secure. This is why many estate planners are advising that these clients create and make changes to their legal documents stat.

How law firms should approach collections for financial success

By many accounts, law firms got through the financial challenges of 2020 by making deep cuts to expenses. And while that strategy seems to have worked, firms have likely reduced spending as much as they can and will have to focus on other aspects of the revenue cycle to propel their recovery.

How do firms benefit from hiring a CFO?

It’s a well-worn cliché that lawyers are lousy businesspeople. As a result, many of the larger firms have already turned to financial specialists to help. More than 70% of Am Law 200 firms and over 85% of Am Law 100 firms employ a chief financial officer. The larger the firm’s revenue, the more likely it is to hire a CFO. But what about small firms or solo practices?

The new frontier of health care is here, but will DNA privacy be lost?

Advocates are concerned about the privacy of data collected by genetic testing companies; what control consumers have over their DNA data once it’s been submitted to 23andMe and other genetic testing firms; and what recourse consumers have if companies’ assurances of privacy prove unreliable.

First all-virtual ABA Techshow emphasized that web conferencing tools are here to stay

Thanks to the ongoing coronavirus pandemic, the first-ever all-virtual ABA Techshow was held in March. Instead of crowded expo halls, packed conference rooms and in-person networking events, conferencegoers logged on to the Techshow virtual platform and watched live remote talks and panel discussions addressing various issues relating to law and technology.

Artificial intelligence has made great inroads, but hasn’t yet increased access to civil justice

With AI using data to improve customer experience in other industries—from banking and retail to consumer electronics and transportation—can it enhance access to justice in civil court?

BigLaw’s lockstep compensation is declining in order to keep and attract talent

Lateral transfers are nothing new. Like the big leagues, BigLaw seeks to gain powerhouse rainmakers via outsize salary offers. The deals have the added value of draining rivals’ rosters to kneecap the competition. “Understand that these are not ‘all or nothing’ changes,” said John C. Coffee, director of the Center on Corporate Governance at Columbia Law School. “But marginal ones to allow the firm to pay more to the highest-grossing partner. Other firms have decided not to change significantly.”

Some lawyers have reinvented themselves to become ‘COVID-19 attorneys’

The coronavirus has affected every aspect of life, from employment to housing to travel to child safety. And while some law firms have closed their doors within the last few months, others are simply adjusting their focus. In fact, some lawyers have switched focus entirely, becoming full-time “COVID attorneys.”

Thanks to the COVID-19 pandemic, law firms are starting to embrace virtual offices—but will it last?

Blame it on the pandemic. Law offices throughout the country are finally tiptoeing into the virtual world. For most professions, this is nothing new: More than half of professionals worked remotely at least half the week before the COVID-19 pandemic was declared in March.

COVID-19 and a slow economy have forced law firms of all sizes to cut costs

Law firms throughout the United States—and the rest of the world—are dealing with the effects of the COVID-19 pandemic and a sluggish economy. Although it’s clear that firms need to focus on cost-saving measures, what’s not so transparent is where the costs should be cut.

Since the pandemic started, contract review software providers have raked in millions in funding

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