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Trust disputes can be tremendously costly, in terms of legal fees, hiring experts and lost opportunity costs, as well as the costs attendant with the often emotionally charged atmosphere that can pit family members against one another. Despite the high toll, trust litigation continues to increase around the world - both in the number of matters being initiated and the amounts in controversy - as trust instruments become increasingly important vehicles in the management and transfer of wealth of various sizes. Preventing a fire is substantially less costly than fighting one. Identifying and appreciating the potential causes of trust disputes puts settlors, trust officials and beneficiaries in the best position to prevent a dispute from developing or accelerating. This Special Report examines the causes of trust disputes and explores the steps that settlors, trustees, beneficiaries and others can take during each stage of a trust's lifecycle - design, execution, administration and termination - to reduce the risk of sparking a dispute. Supported by real world experience and input from leading international trust practitioners, including estate planners, general counsel and experienced trust litigators, this Special Report delves into key concepts such as:thoughtful design of a trust's governance;incorporating flexibility and adaptability into a trust structure;the need for constructive communication and engagement between fiduciaries and beneficiaries;practices and procedures trust officials should consider implementing in trust administration; andhow trustees and beneficiaries can avoid adding fuel to the fire once a dispute arises. The authors also examine the benefits of involving different perspectives, including those of experienced trust litigators, at various stages of the trust's lifecycle, and offer practitioner insight into the measures and approaches both fiduciaries and beneficiaries should consider taking when a dispute first presents itself. Filled with real-world practitioner guidance, perspective and insight on issues of critical importance to fiduciaries, trust officials and beneficiaries alike, this Special Report is essential reading.

There is a widespread and growing acceptance in legal services organisations worldwide that dealing with stress and burnout is not just the responsibility of the individual lawyer. The mitigation and prevention of excessive stress in the legal workplace are now being recognised as critical management responsibilities. This expectation has serious measurable implications and consequences for managing partners, general counsel and other leaders. This practical guide summons lawyers, leaders and managers to greater alertness about stress-producing factors in the workplace and to more effective applications of practical responses and methods in the special conditions and circumstances of the practice of law in today's often intense and highly competitive environment. It is written expressly for professional colleagues who want to work together in common cause to bring greater awareness to wellness needs and to minimise excessive stress or distress in the legal workplace, positively impacting workplace culture, professional relationships, firm reputation, talent retention and profitability. Written by a world-recognised counselling psychologist, who has worked exclusively with the people and organisations in the legal services industry for more than twenty-five years, it focuses on actions, not theories and philosophy, that any leader and legal services organisation can begin to use immediately to make sustainable investments in the well-being of its people.

Law firms have evolved exponentially over the last few decades, and today it requires far more than legal skills for firms to operate efficiently, fulfil client demands, give back to their communities and, ultimately, succeed. As a result, specialist roles beyond fee-earning have been created and more continue to emerge as technology advances and competition intensifies. They are a crucial part of future-proofing law firms and there is growing recognition of the respect and value they deserve with increasing numbers gaining positions in senior management. These roles range from working with legal tech to bringing in new business, from managing the firm's risk and compliance function to collaborating with clients to develop new products. For a lawyer looking to take the next steps in their career, or a law firm wanting to implement the career paths required for future success, it can be difficult to know where to begin.The Rise of Specialist Career Paths in Law Firms is the essential guide to the plethora of career opportunities available in law firms. It covers more established roles such as the professional support lawyer and pro bono professional, and new, emerging career paths, including in innovation and legal operations, as well as roles that will become available in the future. Written by experts with lived experience performing these roles, chapters provide information and insights into the different opportunities available, the skills needed to thrive in these positions, the responsibilities they entail and how to build careers in these spaces.With increasing client demands and the 'talent war' raging, this title will demonstrate how implementing these specialist career paths will enable law firms to continue to provide stellar client service and develop and retain top legal talent, who are increasingly looking for more tailored and flexible career options. It will also provide individual lawyers with the resource to identify and pursue the career that suits them best, allowing them to thrive to the benefit of both the individuals and their firms.

The second edition has been fully updated to take into account the pandemic and the adverse impact this has had on diversity and inclusion, along with other developments and includes new chapters on belief, ageism, mental health and intersectionality.

This title has been updated significantly and several new chapters have been added dealing with topical issues including: the regulation of satellite navigation systems, and satellite constellations; the application of human rights in outer space settlements; the exploration and colonisation of outer space; and planetary protection.

Partner compensation and how partners share profits is central to the cohesive fabric of any professional partnership. While one adage says that "there are as many profit-sharing systems as there are partnerships", there has recently been the emergence of a global practice about what "merit" means and how risk and reward are shared among partners in professional service firms.In The Partner Remuneration Handbook, Michael Roch and Ray D'Cruz provide guidance for senior partners, managing partners, partnership boards, remuneration committees and others involved in the partner compensation process (department heads, CFOs, HRDs), on designing effective profit-sharing systems, reaching fair reward decisions efficiently and implementing motivating contribution management processes.Filled with practical insights, this book draws on principles of partnership, motivation and incentives in human capital management, and executive compensation in closely held businesses. Looking beyond the numbers, the authors balance the big picture with a detailed how-to for any professional partnership irrespective of geography, size and maturity.This title encompasses three core elements: Exploring the different partner reward systems found in most professional firms.Showing how partnerships define and discuss partner contribution commitments that further the firm's overall strategic, operational and financial objectives.Providing decision-making guidance about marrying reward to performance and on Remuneration Committee governance.It also addresses a myriad of special topics, such as rewarding partners in management roles, and provides a proven approach for how firm leaders can take partners with them on the journey of evolving their partner compensation system.

Mergers and acquisitions of law firms of all sizes have become increasingly common as competition for talent and business intensifies and leading firms dominate the market in size and profitability. Lawyers and law firm leaders contemplating the future of their firms need to understand the changing dynamics of the market, and the ways in which mergers and other combinations may or may not help them fulfil their aspirations. Law Firm Mergers offers both law firm leaders and all partners a way to approach the issues, highlighting the best practices gleaned from successful combinations. Beginning with an overview of the forces driving consolidation, it discusses how to formulate and get buy-in for a strategy and how to view a merger as a potential vehicle to accelerate progress. It looks at the advantages and disadvantages of combining with other firms, and offers practical insights about the process - from the best ways to identify and evaluate potential merger candidates, to how to approach those firms, to navigating the negotiations, and common deal terms that can bridge differences over crucial factors such as compensation, capital, and governance. Beyond the financial and strategic challenges faced by firms evaluating a merger, this title also delves into the cultural and human issues that can make or break a merger, from the best way to handle sticking points in negotiations to the ways in which firm leaders can muster support internally and head off opposition from their own partners. Full of practical tips and laced with candid, first-hand insights from leaders who have successfully guided their firms through mergers, this Special Report will be the essential guide for a successful and prosperous law firm merger.

A client-centric business model is essential for future law firm success and the authors of this far-reaching title utilize their own experience and real-life case studies to drill down into the importance of maintaining the one thing no business can do without: its client.

This Special Report looks at the challenges and opportunities that intellectual property issues present for different areas of this broad and rapidly changing sector, including upstream, downstream, renewables, digitalisation, Standard Essential Patents and brand and reputation.

This title covers a variety of topics including: how families can make decisions about their philanthropy activities; donor advised funds; ways in which families can support cultural organisations, such as museums; and leaving a legacy for the next generations.

With continued pressure from human rights organisations and socially conscious shareholders, investors, clients and employees, there is little doubt that every law firm must have environmental, social and governance (ESG) issues at the core of its business strategy. However, the implementation of an ESG strategy should not be a box-ticking exercise; rather, it requires firm-wide commitment and involves the full integration of ESG criteria into the strategy, operations and ethos of the firm, in relation to both the firm itself and its dealing with clients. Increased regulation, stronger business ethics and attitudes to climate change, environmental protection, employment standards, sustainable finance, risk and governance, community engagement, corruption and human rights are evolving at an unprecedented rate. As a result, the development of robust, long-term ESG initiatives in these areas can provide law firms with manifold benefits, including the opportunity to:gain competitive advantage;retain their license to operate;make cost savings due to operational improvements;attract, engage and retain clients and employees;increase value and service offerings to clients through advising them on their own sustainability transformation; andenter new markets. This Special Report looks at the business drivers for sustainability in law firms and offers a practical toolkit to guide law firms on their ESG journey. It will make essential reading for all lawyers, law firm leaders and management teams who are involved in implementing sustainability strategies at both a firm and practice group level.

This second edition brings together experts on this topic, provides a practical guide to important legal developments in the field of secured finance and expands further on the work in the first edition in covering the types of collateral used as security, the variety of transaction types and geographical coverage in emerging markets.

The Post-Pandemic Law Firm looks at how law firms can make a paradigm shift, adopting an entirely new business model that focuses on providing outcomes, outputs, and results to their clients and internally places the wellbeing of their team as a cornerstone to the future long-term success and sustainability of the legal profession.

Petroleum royalty agreements are well understood and widely used in several jurisdictions worldwide, and are increasingly being used in many new jurisdictions as a tool for petroleum project development, financing and divestment. However, they are not always drafted with the necessary rigour, and deficiencies are commonplace. This Special Report provides an overview of the key issues relating to petroleum royalty agreements (with drafting examples), including:key forms of royalty agreement (including gross overriding royalties, net profit interests, cash and in-kind royalties);an explanation of the economic underpinning of royalty agreements;the content and effect of key royalty agreement provisions; andadditional provisions which can be found in royalty agreements. It will be an invaluable guide to legal, commercial and financial professionals engaged in petroleum project financing, development and divestment.

This Special Report aims to develop a shared mindset and better understanding across and between the generations, focusing in particular on matters from the perspective of the next generation.

The second edition of International Copyright Law features up-to-date contributions from experts in over 30 jurisdictions worldwide, setting out the legal framework of their copyright laws and how to protect and exploit rights in creative and entrepreneurial works.

This book combines trendspotting, exploratory intelligence with case studies and real-world examples of best practice.

For women, by women - to help female lawyers progress their careers in an industry still struggling with gender equality.

A workable, real-world strategic planning process that can be used in any firm.

Developing successful, authentic, out-of-the-box business development strategies in a largely male-dominated profession.

The legal profession, like so many other fields, has continued to reel from the deep-reaching and significant impact of the 2008 financial crisis. In the years following the crash, a general downward turn in the demand for legal services compelled firms to tighten their belts, make tough decisions, and come up with innovative strategies in order to survive. One of these was an increased focus on profitability and different means of managing and improving it, a relatively new development for the legal industry. However, in recent years there have been small but positive signs of improvement, manifested in a gradual pick-up in client engagement, as global economies continue to slowly but steadily recover from the crash. It is definitely a better time to be a lawyer, as latent demand begins to manifest in parallel with growing client confidence in a stabilizing market, fast-paced disruptive technological innovations, and significant changes in laws and regulations. However, this does not mean that firms can afford to be complacent. The legal landscape continues to be in flux, and improvement is slow. Increased revenue and client demand does not come to firms that do not proactively seek it, nor is it achieved by those who are not applying innovative and cutting-edge techniques and strategies to the management of their firm. Of course, delivering the best service to clients should always be a top priority; however, there should also be an emphasis on running the firm like a business, which includes intensive scrutiny of expenditure and coming up with new and inventive ways to generate profit. Managing and growing a firm's profitability should not just be an exercise for difficult economic periods, but instead must be a priority at all times. Rather than being perceived as an irksome bolt-on, it is necessary to see it as a great opportunity in these times of increased business. Existing and persistent cultural norms amongst lawyers, however, means that the reform of current business practices does not always come naturally. Nor is it necessarily easy to find the right practical advice that can carry a firm through the transition. Emerging Approaches to Law Firm Profitability aims to be the ideal tool to assist with implementation, providing essential guidance for those seeking new means of maximizing their firm's capacity. Featuring advice and reflections from a wide variety of contributors, ranging from business and finance professionals to thought leaders and consultants, this book offers in-depth, intensive insight into the challenges generated by today's dynamic and hypercompetitive legal landscape. Most importantly, Emerging Approaches to Law Firm Profitability moves past the identification of these obstacles and supplies original, innovative ways of tackling them. Expert guidance is complemented by compelling case studies and effective real-world examples, supplying principles that can be applied to firms of any size or capacity.

What exactly is the "right" data in an information age?

The issue of underperformance at partner level remains incredibly agonising and sensitive in law firms. Low demand for legal services has been compounded by an increase in the competitive forces both inside and outside the legal profession. Life has become even more difficult for partners, for whom performance demands have increased at the same time as the availability of work has tailed off. Underperformance continues to affect law firms in many ways, not least of which are diminished profitability, loss of opportunity, the disaffection of high performers, challenges to the firm's values and falling morale. What is more, underperformance has to be seen not just in terms of productivity but also in terms of a more holistic approach to a firm's standards. Drawing on original and academic research from the past 8 years, and featuring contributions from law firm performance experts including Edwin Reeser, Angus Lyon, and Patrick McKenna, author Nick Jarrett-Kerr's highly anticipated Tackling Partner Underperformance 2nd Edition covers topics including: *Trends in partner performance *Understanding why partners underperform or are underproductive *Judging, rating and evaluating partners *Aligning performance with partner compensation and rewards *Supporting and rehabilitating underperforming partners *Stress and mental illness impact on performance *Systems for partner performance management *Underperformance culture *Governance, communication and conflict management *And more. Tackling Partner Underperformance 2nd Edition is arguably the most comprehensive study ever undertaken into partner underperformance in law firms, and those firms (regardless of size and location) who utilize and implement the information, advice and practical strategies for addressing this issue, will see significant differences in their productivity and ultimately profitability.

Client experience (CX) is by no means a new concept. Ever since the service industry came into being, providing excellent customer service has been a key concern, with particular focus on how the client experiences the service they are receiving. Yet, client experience is rarely delivered well. Inconsistencies, errors, and an endlessly unanswered phone lead to frustration on the part of the client, and a feeling that they are worth little more than a signature on the monthly timesheet. So, how do law firms, and individual lawyers, ensure they exceed expectations, and deliver the best customer experience possible? And what benefits - tangible and intangible - does this bring? Innovations in Client Experience brings together a collection of global contributors, giving their thoughts and advice on how the legal profession can up its game in client experience, offering innovative strategies and pragmatic advice to those law firms concerned they need to improve their CX.

Commentators have argued for many years that law firms need to move forward from their traditional, seniority-based compensation systems. But it's not enough to simply add performance-related elements at the edges of these. Shifting generational-based attitudes; changing career aspirations; increasingly demanding clients; and pricing innovation and development in the range of benefits that can be offered (both financial and non-financial) all conspire to urge firms to rethink how their compensation system operates at all levels, across the whole firm. By reviewing these emerging factors, Compensation Innovation: An in-depth exploration into the future of law firm compensation aims to inspire law firms towards future proofing their compensation systems so that they continue to deliver results as their partnerships age. Exploring also the interplay between compensation and succession planning, and compensation and lateral hiring, the authors keep one eye to the future.

A collection of real world case studies highlighting some of the most important achievements and ideas in matter management today.