Super happy to say that I passed the Association of Proposal Management Professionals (APMP) Foundation Course test and so the team at GSJ Consulting are now accredited tender specialists – a rare feat for a tender provider focused on the professional services sector!
APMP is the peak industry body for proposal managers more broadly than professional services – like those tender writers doing submissions for multi-billion dollar construction tenders, so it really is a great honor to be in this esteem company.
Get in touch if you need help resourcing your next tender.
The Association of Corporate Council (ACC) – the worldwide association that promotes the interests of in-house counsel – recently published its ‘10 Key Findings from the ACC CLO Survey 2024‘.
While I have not read the full report, there are some very interesting take-outs from the Executive Summary, including:
58 percent of [in-house] departments have been impacted by law firm rate hikes
42 percent of CLOs say their legal department received a cost cutting mandate over the past year
23 percent of in-house say that rate increases have been difficult to manage
only 9 percent are “very confident” in their organization’s ability to mitigate emerging data risks
The top 3 issues that keep CLOs up at night are not what you would think [well, maybe one of them!]
The importance of ESG would appear to be a little over cooked – but…
…I’ll leave you with this one: 63 percent of CLOs say they are seeking to develop greater business acumen among the lawyers in their department – Good luck with that one!
Check out the link above to read more and as always if need any help feel free to get in touch.
If you’ve wondered how much replacing that associate or senior associate who just left you is going to cost, then a recent report from Big Hand provides the answer: circa $500k.
That’s right, a cool half a million dollars!
Those costs won’t always be upfront and apparent, they will include:
a possible increase in salary for your replacement associate over your previous associate’s salary (due to market pressure) – which is somewhat ironic as salary may well be the reason the old associate left you!
commissions to talent agents to find you said new associate
increasingly – signing on bonuses
training costs over the first 12 – 18 months to bring the new associate up to scratch on your firm’s systems and business development strategy.
The list of actual and hidden costs here is almost limitless, and so the overall cost to your firm of replacing that departing associate/senior associate could actually be a lot more than $500k. Which begs the question:
with 49% of surveyed firms having said they had experienced an increase in associate attrition, you have to wonder why this isn’t an area where more firms are focusing their attention?
And with 75% of surveyed firms having said they have seen a drop in demand for legal services, is this a cost you really want to be incurring right now?
If you need help looking at your firm’s strategy, how to retain associates and differentiating your practice from the crowd, get in touch!
Happy Thanksgiving to all those who celebrate. So much to be thankful for this year with the crew GSJ Consulting – so a big shout out to all those who are helping us out on our journey of a thousand steps!
Yesterday (13/11) was World Kindness Day, and while I think that’s a great idea/concept – with the level of mental health issues that we have in the legal profession, you have to ask yourself:
Why doesn’t every law firm office have one of these benches?
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