Finance

Finance

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Our networking events are FREE to attend but only if you work in a law firm or solicitors practice.

Lunchtime event - REGISTER NOW!

Our networking events are FREE to attend but only if you work in a law firm or solicitors practice.

As law firms recognize the growing importance of an information governance (IG) strategy, they are beginning to think about how they can transform traditional records management (RM) staff into true IG professionals. This shift, which is driven by increasing regulatory demands and pressure from clients for stronger security, is making firms realize that IG requires a much broader set of skills than records management.

I had a clear message to deliver to those in attendance when I took the stage at this year’s International Legal Technology Conference (ILTACON): law departments are gathering, centralizing and sharing more data than ever, and many law firms are lagging behind. During the presentation, “Data Gathering and Sharing by GCs,” I was joined by Ron Katcher, director and senior corporate counsel at Qlik Technologies, and Paul Nicandri, chief service delivery officer at DLA Piper.

October was once again packed with conferences, from large international events to smaller regional and industry-specific seminars and roundtables. If there was one word that was thematic across all of these events this year, it was “disruption.”

At this year’s annual ARMA Live! Conference in Anaheim, we conducted an informal survey of the 300+ visitors to our booth, asking a single question: “What is your greatest information governance challenge today?” We received a variety of responses including:

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This month: 
LPM magazine investigates what SME law firms do to make high volume, low margin practice areas more efficient

Special supplement: 
Tech in – LPM teams up with Converge TS to dive into how clients are driving SME law firms to build better connections with technology

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Key considerations

  • How much will it cost you, both now and in the future?
  • What are the tiers of partnership and what are the steps to full equity?
  • Which covenants and policies are likely to affect you? e.g. pension, SMP, SPP, SSP etc.
  • Does it match with your own goals and aspirations for the future?
  • What are the implications throughout your career?
  • What level of financial information about the firm is available to you?
  • Profit share and extraction (see below)
  • Who pays your tax and on what basis of earning?
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