Legal Management Magazine

Legal Management reports on topics within ALA’s five knowledge areas: Legal Industry/Business Management; Human Resources Management; Financial Management; Communications and Organizational Management; and Operations Management.

May 2018: On the Cover

Is External Funding the Future of Litigation? 
Find out what external lawsuit funding deals typically involve, what factors attorneys should consider — and why the practice is gaining popularity. 

Thirty years ago, cases being funded by an external third party in exchange for a share of the judgment or settlement wasn’t really a prevalent practice in the United States. Today, however, litigation financing is far more common — to the point Cassandra Robertson, Director of the Center for Professional Ethics and a Professor at Case Western Reserve University’s School of Law, describes it as on the verge of being widespread. “It used to be third-party financing in the U.S., as well as England, was totally forbidden in lawsuits,” Robertson says. “Very slowly in England and Australia, you started to see some inroads being made, and in the U.S., it started to really pick up speed about 20 years ago [when] more states started saying, ‘This is not unethical.’” Investor interest has since helped fuel the practice’s popularity. Read article.

Features

lm-may2018 (002)Building a Better Brand
In the hypercompetitive legal talent market, what goes into your firm’s brand can distinguish you.

It’s no secret that the legal industry is crazy competitive. The unemployment rate is currently at a 17-year low, coming in at 4.1 percent in March 2018 for the sixth month in a row. On the other hand, the number of jobs that need to be filled is at nearly an eight-year high. So even if your firm boasts high profits and has great employees who provide results for its clients, the key to a firm’s longevity depends on your ability to attract top talent who can be developed to eventually lead the firm. Offering an attractive position, salary and benefits are perennial employee attractors. However, there’s one area you might not consider that can make a huge impact on prospective employee’s first impression of you — your brand. Read more

Earn CE Credit

Members and nonmembers can read the article, then log in to take a test (members pay $49; nonmembers pay $69). If you pass with at least 70 percent, you will earn one CE credit hour. The goal is to help CLMs get the credits they need for recertification, but it will also count toward SHRM, HRCI or CPE credit. 

  • Click here to read “How to Ethically Oversee Trust Accounts,” and to earn one credit hour in financial management.
  • Click here to read “Confronting Addiction in the Law Firm,” and to earn one credit hour in substance abuse.
  • Click here to read “The Ever Evolving World of Legal Ethics,” and to earn one credit hour in ethics.