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The “G” in ESG – Governance

As the cultural climate shifts in the 21st century, focusing on Environmental, Social, and Governance (ESG) factors is essential to every company’s success. Businesses need ESG-driven policies to thrive, including environmentally friendly operations, socially-conscious hiring processes, and transparent decision-making regulations. Law firms must lead the charge in creating and enacting ESG elements. If you run a law firm, hiring ESG experts is vital to help your firm develop ESG policies and support your clients in doing the same. ESG in Law Firms Environmental, Social, and Governance (ESG) is a broad set of metrics, practices, and policies organizations use to operate. 58% of corporate studies regarding ESG show a positive correlation between a company’s financial performance and implementation of ESG factors. The G in ESG refers to the roles, processes, and rules that guide a company’s operations and the decisions made by its board members. Strong governance policies help mitigate issues like corruption, bribery, and fraud. Governance is vital for reducing risk and ensuring protection against mismanagement. Law offices must hire and retain ESG experts to help their clients and themselves mitigate risks. The “G” in ESG Governance policies related to several areas of corporate operations, including: ● Decision-making ● Policy-making ● Distribution of rights ● Distribution of responsibilities Participants affected by governance policies include a company’s stakeholders, shareholders, directors, and managers. Governance affects how the board of directors is structured and how much a company pays its top executives. This factor also plays into the monitoring and oversight policies used to resolve conflicts of interest between company policies and when the board of directors disagrees on an issue. Governance is especially relevant in today’s climate. As political, social, and cultural attitudes change, solid governance policies can prevent problems for your law firm, your clients, and their businesses. How to Quantify Good Governance Policies Companies looking to quantify governance can track specific criteria and data to estimate an economic dimension score (EDS). The EDS is a comprehensive measurement of governance metrics that you can use to understand how a company performs on governance issues. Estimating the EDS involves monitoring and quantifying information from the following areas: ● Corporate governance Put strong policies in place regarding board structure, compensation, and ownership. Also, look at policies that encourage diversity, effectiveness, and experience within the company’s organizational structure. ● Codes of conduct Good governance includes putting procedures and systems in place for identifying and dealing with corruption and bribery. Also, consider how to handle reporting breaches when they occur. ● Risk and crisis management Consider the company’s risk and crisis management policies. How effectively can the company handle risks from internal or external sources? How do the policies deal with liability in the short and long term? Identify policies that allow for stress training and proactively identify and deal with emerging risks. ● Supply chain management Strong governance policies encourage supply chain awareness and implement a supplier code of conduct. They also integrate other ESG factors into the supply chain to promote socially conscious ideals and environmental considerations. ● Tax strategy A company’s governance must include policies regarding taxes. Policies should outline a beneficial tax strategy, ensure proper tax reporting, and promote year-long tax governance to avoid problems during filing. ● Materiality Materiality refers to the governance policies surrounding long-term value creation and the metrics used to report these details. Good governance encourages transparency in reporting future value creation. ● Policy influence Strong governance regarding policy influence includes policies that encourage disclosing large contributions to businesses that influence policies. It also includes adherence to regulations and legislation. ● Impact measurement and valuation Governance policies must help the company assess programs for social needs and how these are impacting society more broadly. They should also account for the social impact that programs may have over time and how to price them into operations. Lack of Governance Policies A lack of solid governance policies can lead to serious issues within a company. Most corporate scandals occur because the business didn’t have or didn’t adhere to governance policies. For instance, Facebook’s misuse of data and the ensuing scandal resulted from a lack of transparency and negatively impacted the company’s shareholders. Not having governance policies in place leaves companies prone to mismanagement. Scandals or risks resulting from this mismanagement can be costly to stakeholders and deter investors who want to protect themselves from scandal. Law Firms Can Help Law firms can help their clients implement ESG elements into their business operations. You can help your clients focus on ESG by: ● Helping establish governance policies ● Creating ESG assessments ● Identifying metrics to track governance performance ● Developing consistent, uniform reporting channels ● Setting an example by implementing strong ESG policies in your law firm Find ESG Experts for Your Law Firm Future-proof your law firm by hiring an ESG expert today. Collier Legal can match your law firm with a qualified candidate knowledgeable in all areas of ESG to ensure your firm enacts up-to-date policies regarding social, environmental, and governance issues. Contact Coller Legal today to find the perfect candidate for your firm.

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The “S” in ESG – Social

Blogs / collierlegal

Boosting a law firm’s ability to function in a rapidly changing world where Environmental, Social, and Governance(ESG) capabilities are required is paramount for remaining relevant. Practices that fail to future-proof by hiring knowledgeable ESG attorneys risk losing valuable talent to other firms. At the same time, clients may move to competitors to find proper ESG-knowledgeable legal services. ESG in Law Firms Environmental consciousness, contribution to social justice, and ethical corporate governance are gaining importance with people and corporate entities. ESG deals with how companies operate regarding these issues, bringing them to their core policies and effecting real-world change. Applying ESG facilitates transparent data use and efficient business practices that promote eco-friendliness, fairness, and equitable governance. Law firms need the flexibility to respond to client requests that stem from this triad of factors. For example, an international corporate client may want to conform to human rights practices for employees in the United States and abroad. In a world where many faceless corporations take advantage of human rights imbalances between countries, this social issue can significantly impact the client’s positive public perception. Companies apply ESG by quantifying their outcomes using metrics and changing their practices to meet specific values. For law firms, ESG is becoming increasingly important for keeping clients compliant while mitigating risks for themselves. A recent study shows that 65.8% of Chief Legal Officers expect the focus on ESG to accelerate over the coming years, making it an essential priority for legal practices. The social aspect of ESG is one of the most difficult to quantify. It requires a legal framework for assessing its effectiveness and places heavy emphasis on hiring attorneys with experience in labor and employment law to ensure compliance. The Social Impact The S in ESG emphasizes corporations’ social impact on issues that affect groups of people in the workforce. Being socially conscious arises from actively caring about human rights and diversity issues. Corporations are entities with the ability to effect change in the face of political strife and accommodate the social change that respects a broad range of backgrounds. Social components of ESG affect policies put in place in the workforce, such as diversity, human rights, engagement, equality, training, and employment requirements. They also prioritize safeguarding company data and protecting the privacy of stakeholders. Stakeholders are a vital element of ESG when contemplating adopting the social model. Issues in this category pertain to companies’ corporate cultures as much as they do to customers, and adopting equitable and healthy ‘S’ practices benefits organizations. Hiring an ESG attorney can help your firm implement an ESG framework that highlights your company’s focus on social justice and equality. Promoting this trait engages consumers on a human level and can help you deepen relationships with your clients. Stakeholder Relationship Management Creating socially oriented policies that involve inclusion, diversity, training, and safety issues are at the heart of stakeholder relationship management. Being aware of demographic shifts and how they affect client needs requires an ESG worldview. Balancing local community engagement with overarching global practices calls for corporate legal experts to be flexible in adapting to changes. Stakeholder relationship management is also affected by security and reliability practices by corporations. Protecting secure data from cyber risks and maintaining robust IT protections are necessary. In the competitive legal space where firms vie for top talent, sustainability hinges on finding lawyers who are adept at creating and assessing ESG-focused policies. These experts can work with your firm to promote a socially conscious culture. Law firms should include their social justice initiatives in their recruiting materials to broadcast to as wide a talent pool as possible. Regulatory Risk Mitigation Regulations don’t only affect a company’s environmental and governance compliance but also its ability to act in its stakeholders’ best interest. Companies that build strong corporate cultures and take a proactive stance in adopting policies that promote positive social change and transparent disclosure are less vulnerable to political, regulatory, and reputational risks. A high-level ESG legal expert ensures a company does its due diligence concerning operations, supply chains, contractors, and how these issues relate to human rights and regulatory matters. Remaining on top of regulatory compliance requires a blueprint with which a company monitors the effectiveness of its social policies. Hiring Top ESG Lawyers for Your Firm Law firms seeking to climb to the top of their fields are recruiting top ESG legal experts. Building your firm’s policies around comprehensive ESG policies and framework will prepare your law firm for upcoming regulatory changes regarding ESG. Our highly qualified ESG attorney candidates can help your firm establish meaningful labor agreements that support social causes and advise on social policies and assessment procedures pertaining to ESG. To seize the opportunity to transform your firm with a top ESG expert, work with Collier Legal Search. We have access to a large pool of ESG-qualified candidates who can benefit your firm and ensure you implement ESG policies into your operations.

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The “E” in ESG: Environmental

Blogs / collierlegal

The legal consulting industry is witnessing a rapid expansion in demand for Environmental, Social, and Governance (ESG) consulting. Corporations anticipate new environmental regulations related to ESG and are turning to their retained law firms for guidance. In addition, law firms must implement environmentally-conscious practices to meet ESG compliance. A continued increase in the importance of corporate environmental responsibility means law firms need to build up their ESG consulting capabilities or risk losing business, talent, and positive public perception. Implementing a clear, environmentally conscious ESG plan and hiring ESG consultants to assist clients to do the same is necessary for today’s social climate. ESG and Why it Matters to Law Firms ESG is a term that refers to how companies run their business in accordance with environmental responsibility, social justice concerns, and ethical corporate governance. ESG-focused business methods promote transparency through data collection and reporting and implementing practices that benefit the environment, social justice, and ethical governance. Law firm clients need help developing ESG practices and implementing them into their corporate operations. For instance, if a company wants to increase gender inclusivity with more women in management positions, they may look to law firms to advise them on the legality of hiring goals compared to hiring quotas. In addition to looking to law firms for consulting, corporations expect law firms to establish their own ESG policies. A study showed that 87% of law firms received proposal requests regarding their environmental responsibility practices. This expectation makes it crucial for law firms to implement ESG policies to mitigate risk to their clients and themselves. E – Environmental The E in ESG represents how corporation practices affect every aspect of the natural world. Greenhouse gas emissions, water conservation, waste reduction, and climate change are the most significant focus of environmental factors facing businesses. Depending on a law firm’s clientele, the firm’s ESG consultant should have specific expertise in preventing environmental disasters and performing material disposal. According to the Law Firm Sustainability Network, firms looking to make environmentally conscious changes can incentivize responsible commuting and implement paper-reduction policies. They can also invest in energy star lighting, windows, and other equipment to create a green building for a less harmful impact on the environment. Hiring an ESG consultant to make such policy shifts helps develop a sense of stewardship for businesses as they work to care for the natural world around them. Sustainable Practices and Brand Reputation Brand reputation is key to continued growth for law firms and their clients. Consumers demand environmentally sustainable business operations, and corporations must make ecologically conscious changes and be prepared to document and report them using established practices. Reporting helps decide environmentally-focused next steps for a business, builds a positive brand reputation, and attracts great talent. In a competitive legal field where attracting talented lawyers is the key to sustaining a firm, it is beneficial to include its green initiatives in recruiting materials. Sound environmental policies are the key to a positive public perception among clients and new talent. Firms that invite their employees to participate in eco-friendly practices stand out. Mitigating Regulation Risks The Securities and Exchange Commission is developing a new proposal that may require public companies to report climate risks, which is an example of the ESG regulations that may occur more frequently in the future. Both firms and their clientele need to be ready to quickly adhere to new requirements to continue working without significant disruptions. Companies must develop frameworks for measuring environmental impact to ensure a seamless transition before implementing governmental regulations. They should also have established plans for unexpected ecological events to help them mitigate issues and prevent detrimental consequences to brand reputation. ESG consultants create risk-mitigating programs and frameworks to ensure firms and their clients are ready for what lies ahead. Hire ESG Consultants for Your Firm ESG support consultants are already significant parts of a law firm and will soon be necessary assets. They help firms and their clients by consulting on all aspects of ESG, sifting through anticipated regulations, and developing strategic plans to meet them. If you need an ESG consultant at your firm, contact Collier Legal Search. Our knowledge of legal trends leads to compatible placements for both candidates and law firms. Work with our team to find the right ESG candidates to help your firm create meaningful and comprehensive ESG policies that prepare your business for changes to come.

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Gender Diversity in Law Firms Impacts Success

Blogs / collierlegal

Achieving gender diversity at all levels of the legal field is essential for creating an equitable and prosperous law firm. The advantages of gender-diverse associates, management, and board members cannot be ignored in the hyper-competitive law industry. Research shows that gender-diverse law firms achieve 10% higher client spending and are 15% more likely to earn above-average financial returns. Given the numbers, firms must take action to increase their gender diversity. However, firms seeking a gender-diverse workforce face several challenges on their path to diversity. To counteract the unconscious bias and domestic responsibilities that most frequently block women’s advancement to positions of power, firms need to create a culture of inclusion, hire ESG (environmental, social, and governance) consultants, and codify hiring and advancement quotas. How to Build Gender Diverse Legal Teams and Leadership The key to building gender-diverse legal teams and firm leadership is attracting women with a gender-inclusive culture, offering flexible work options, and countering unconscious bias. Women make up over half of current law school graduates, so there is no reason for lack of representation at every level of a firm. Build a culture of diversity and inclusion Company culture is hugely important in attracting and retaining women in the workforce. Start creating an inclusive culture by giving your workers anonymous and non-anonymous ways of providing feedback. Consider hiring an ESG expert to assess your firm. They can determine which departments lack gender diversity and provide guidance on implementing gender-inclusive practices to promote company growth. Start a woman-to-woman mentorship program where women in higher positions meet with newly hired women to discuss and advise on careers. The most critical action in creating a culture of diversity is hiring and promoting more women. Hiring, retention, and advancement quotas Hiring quotas are legal if they are meant to fix a gross imbalance, do not unduly harm others, are temporary, and are regularly reviewed. Many firms have a gross inequality of gender diversity in their management, equity partners, and board of directors. Setting goals or quotas to match the gender makeup of the labor pool in these areas is an excellent practice to implement. Counteract unconscious bias and cultural obstacles Gender biases are usually unconscious, but they are undeniably detrimental to gender diversity. Simple fixes like removing gender indications from application materials and gender-based hiring and advancement goals can counteract unconscious bias’ adverse consequences. Women’s disproportionately large domestic and caregiving responsibilities are often cited as the most significant obstacles to career advancement. Providing women with flexible work alternatives, like remote work, helps overcome this cultural obstacle. Many companies already recognize the importance of alternative work options, so offering flexible work may already be part of your business structure. Expand it further with childcare benefits and flexible work hours. Culture of Diversity Creating a culture of diversity is essential to attracting and retaining high-quality talent. It acts as a magnet for talent because satisfied workers are a company’s strongest recruiting tool. Improving worker morale through an inclusive work culture also increases employee retention, which allows your firm to advance women to management positions. A diverse work environment shows continual benefits as women move into leadership positions. It creates an even more inclusive space that attracts high-achieving women to the firm. To create a culture of diversity, begin by hosting allyship seminars, setting hiring goals, and asking for continuous feedback from your current employees. As you implement these strategies, you can watch as your firm grows more diverse. Women in the Legal Field Most firms have been focusing their diversity efforts on entry to mid-level positions, with women well represented in junior to senior level partners. Firms’ biggest challenge is retaining women to advance them to management and board of directors positions. It is beneficial for firms to overcome this obstacle because clients primarily want women in positions of power. Always ask your clients about their opinions on your firm’s gender diversity because client feedback is a strong influencer in favor of more gender inclusivity. Top Firms are Leading the Way Some of the world’s largest law firms, including Freshfields Bruckhaus Deringer and Linklaters, are leading the legal industry in gender diversity in positions of power after appointing women to be executive leaders. The legal field is creating a pipeline for the best women to overcome the obstacles and get a fair chance for the top positions. Many firms are also working with ESG experts to lead gender diversity. ESG factors provide legal firms with helpful guidelines regarding building a gender-diverse workplace. By partnering with an ESG expert candidate, your firm can adhere to socially progressive hiring criteria. Given the advantages of diverse workforces in legal firms, it is to every firm’s advantage to make this advancement pipeline a reality. A change toward gender diversity in law firms is occurring across the industry, and being a leader in this change is financially advantageous and morally correct. Hire Qualified Women Through Collier Legal Search While there are some obstacles to overcome to increase gender diversity in law firms, finding qualified women to hire does not have to be one. At Collier Legal Search, we take a consultative approach to connecting the best candidates for every open position. While your firm focuses on creating an inclusive culture, we send highly qualified candidates to uphold that culture and advance to positions of power. Contact us for more information on how we can help you increase gender diversity by providing ESG experts and offering smart candidate placement. Collier Legal Search founded by Kellie Collier and Kay Egger is a Woman-Owned Business.

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ESG and Future-Proofing Your Organization

Blogs / collierlegal

There is an increasing focus on ESG for all industries across the globe. In 2020, the total amount invested in assets with sustainable principles reached $17 trillion, a 42% increase over the numbers in 2018. For law firms, a focus on ESG is essential to future success. 65.8% of chief legal officers believe interest in ESG will continue to accelerate for the unforeseeable future, making it necessary for firms to recruit and retain ESG experts to thrive. Discover why ESG and future-proofing your organization can happen by recruiting ESG experts with the help of Collier Legal Search. What is ESG? ESG, or Environmental, Social, and Governance, refers to a set of metrics, values, and practices that a company uses to operate. A company’s focus on ESG is vital to its success. Investors, clients, and potential employees are likely to consider ESG when investing, partnering, or working with a company. The breakdown of the individual ESG elements is as follows: Environmental The environmental element of ESG refers to ethical, environmental practices. Companies focusing on ESG promote sustainability and are conscious of climate change issues. They seek sustainable ways of operating and, depending on the industry, attempt to limit their carbon footprint or partner with like-minded businesses. Social ESG’s social component refers to a company’s responsibility to act in a socially conscious manner that respects and values all people. This aspect reflects in a company’s policies and interactions with people on a public and personal level. An ESG-focused business outwardly supports and promotes equality, diversity, and human rights. Governance Governance in the context of ESG relays how a business operates. It promotes transparency in business operations and reporting, focusing on ethical corporate management through a clear set of standards that shareholders and board members must follow. Building ESG Practices for Your Firm The need to focus on ESG and future-proofing your organization has never been greater for law firms. Clients are looking for firms that implement ESG factors as a matter of principle. According to one survey, 87% of law firms indicated that potential clients ask for environmental effort information in their proposals. This indicates that your firm’s stance and implementation of ESG factors affect your ability to attract and retain corporate clients. Clients also need firms that retain ESG experts on staff to aid them with developing SEC regulations regarding ESG reporting. The SEC, or U.S. Securities and Exchange Commission, announced that it is developing a Climate and ESG Task Force as part of their Division of Enforcement as of 2021. Although work on establishing a government task force and its rules continue, recent developments point to a significant future need for ESG legal experts. These developments also indicate that your firm will need an in-house team of ESG experts to ensure compliance with new reporting regulations. In addition to these elements, developing ESG and future-proofing your law firm is essential to recruit and retain new employees. Candidates consistently show an interest in firms’ policies and actions regarding equity, inclusion, diversity, and the environment. As older employees retire, leaving positions open for new talent, your firm must focus on ESG factors to attract and keep qualified candidates of the younger generation. Prepare to Provide ESG Guidance to Client As all regulatory levels push for ESG reporting, your firm must prepare to provide ESG guidance to clients. Your firm needs to hire qualified candidates to navigate this exciting and fast-evolving legal landscape to succeed in this area. Consider hiring candidates with ESG experience who: Can establish detailed ESG policies Have a legal background in environmental, social, and governance areas Are comfortable with regulatory reporting Promote ESG values within the company on a persona and professional level Understand the importance of ESG to investors and clients If you succeed in retaining the right legal talent, your firm gains an advantage over others who are not focusing on ESG matters. Strong ESG Benefits for Your Clients and Your Firm With a strong focus on ESG, your clients and your firm experience an array of benefits. These include attracting : A high level of talent among new employees New ESG conscious clients Investors to your firm and for your clients There is a strong link between ESG and profitability. One meta-analysis reports that 58% of corporations experienced a positive relationship regarding ESG practices and profitability, indicating that the more your firm focuses on ESG, the better returns you’ll see. Partner With Collier Legal to Strengthen Your ESG Focus If your firm is looking for ESG qualified candidates to strengthen your ESG focus, Collier Legal Search can help. We’ll connect you with legal professionals with experience in ESG matters so that you can proactively address issues related to ESG within your firm and for your clients. Future-proof your firm with staffing services from Collier Legal Search. Contact us today to learn how to get started.

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2022 Hiring Trends

Blogs / collierlegal

As the new year begins, law firms are still reeling from a skilled worker shortage brought on by a strong economy, the lasting effects of pandemic layoffs, and the great resignation. In May 2021, there were 8,268 open positions for lawyers across the United States, a 150% increase from early 2020. This is not surprising when reports of mass resignations are paired with increased corporate demand for legal services. The result of the trends catalyzed by the global pandemic is that 2022 will continue to be an applicant’s job market. Firms need to use their hiring budget to develop employee-friendly characteristics, like flexible work schedules, to attract qualified employees. Law firms also need to invest in technology that supports hybrid working models. If companies can implement successful hiring changes, there is significant potential for business growth. Demand for legal services is high, and the job market requires firms to invest in new hire recruitment. Learn the 2022 hiring trends and how to get the best talent for your firm. Candidate Driven Market Applicants have the advantage in a job market when there are a lot of available openings. Since workers are not threatened by the prospect of a long job search, they are willing to leave their job for another one. 2021 saw significant increases in employee turnover in professional services, with quitting rates per month increasing from 2.9% in 2020 to 3.7% in 2021. At the same time workers were leaving their jobs, the demand for legal services was at a record high, resulting in the few applicants applying for positions vying for higher salaries. There were more mergers and acquisitions in the first half of 2021 than in the past 20 years. In addition, the pandemic created a backlog of cases that firms have started to work through as courts open in-person hearings and make virtual hearings more efficient. Emphasis on Valuing Employees and Accommodating Their Needs If law firms want to maintain or expand their client pool in 2022, they need to stand out to potential employees by putting them first. The candidate-driven job market affords candidates too many opportunities for firms to offer average job packages and expect them to come on board. Firms need to accommodate the new job ideal that most young professionals seek. It is characterized by improved employee experience via company culture and work flexibility. Job seekers will assess their employment options based on the company culture and whether the working environment benefits them emotionally, mentally, and physically. Create and Support a Strong Employer Value Proposition (EVP) Employer Value Proposition (EVP) is the promise you make to legal talent about what your firm and the job offers. A strong EVP includes more than pay, benefits, and training. An EVP that works as a recruitment tool also lists company culture distinctions, the job’s role in the company’s goals, and the differences between your firm and the competition. Writing a compelling EVP is one thing, but your firm has to support your EVP for top talent to sign on and stick with you. Consequently, firms invest more in recruitment packages and employee retention services like flexible working arrangements. Work Flexibility The recent shift to at-home work uncovered the potential for workplace flexibility, and workers want this to continue. 84% of workers want the option to work from home, so a firm without a remote work option is at a hiring disadvantage. The most attractive firms for current candidates invest in quality training that allows employees to work successfully in the office, remotely, or in a hybrid model where they work from home a few days a week. Firms with freelance opportunities also expand their candidate pool by attracting applicants who don’t want to be tied down to a single company or position. Technology’s Role in Hiring and Retention AI or automated computer systems are gaining prevalence in the legal industry because they make firms more efficient, are compatible with remote work, and improve the client transfer process. As lawyers find new jobs and bring clients with them, it is more important than ever to have efficient client transfers. AI client transfer systems remove manual steps, like document accumulation, so that a firm’s attorneys can focus on billable work rather than clerical work. The AI systems also afford new hires the flexibility to work at home because their client transfers no longer require effective communication and collaboration with the client and new firm. Connect with Candidates at Collier Legal Search 2022 has the potential to bring significant growth to law firms and provide workers with jobs offering lucrative benefits. The hiring trends are based on candidates having the upper hand in the labor market, so if firms want to capitalize on the growing demand for legal services, they need to offer significant perks to candidates. Firms can use the legal staffing recruitment services that Collier Legal Search provides to connect with the best legal talent for their open positions. Collier Legal Search has 17 years of legal placement experience and can quickly fill your firm’s temporary or permanent openings. Contact us today with any questions about our placement services.

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How 2021 Shaped the Legal Industry

Blogs / collierlegal

2021 brought its share of challenges and successes to the legal industry. The reopening of businesses and economic growth created a need for more legal consultations. The rise in legal cases created a higher demand for skilled legal staffers, which are currently in short supply. Here’s how 2021 shaped the legal industry. Increases in Litigation, M&A, ESG Law Many industries, including legal, slowed down in 2020 due to the emergence of the COVID-19 pandemic. As businesses started reopening, the legal industry has seen higher demand for services in litigation, mergers & acquisitions (M&A), and environmental, social, and governance (ESG) law. Many litigation cases were put on hold during the pandemic, creating a backlog of cases being dealt with now. There has also been a rise of corporate legal issues directly related to the COVID-19 crisis. These legal issues include: Commercial and contract disputes Data security Fraud, bribery, or corruption Bankruptcy Interruptions of businesses due to COVID-19 There is an increased need for legal services when the economy is doing well, especially for businesses going through M&As. Many companies stay competitive by acquiring new revenue streams or mergers with other companies. They may want to develop their supply chain further or scale their business efficiently after experiencing problems during the pandemic. Many businesses are incorporating ESG interests during their decision-making process. ESG covers environmental and social concerns and the ethical standards governing the rights and responsibilities of a company. Businesses are looking for ESG experts to ensure they comply with policies and prepare their ESG disclosures. Reporting ESG helps companies boost their reputation and build trust in their industry and consumers. Hiring Challenges The pandemic created new problems and shortages across many industries, and the legal field was no exception. Many law firms furloughed workers or downsized their firms during the start of the pandemic. Now, as restrictions ease, firms are beginning to grow again as business picks back up. Law firms need to hire more staff but are facing challenges because skilled legal workers are in short supply. Shortages of legal workers developed during the pandemic due to layoffs and workers choosing to stay at home. Other legal workers left the industry entirely, feeling overwhelmed or unprepared by the increasing responsibilities of their job. Currently, 58% of the legal industry is experiencing the strain of not having enough skilled workers. Increases in corporate litigation, M&A, and ESG cases have also contributed to the shortage. More lawyers with the skills or experience are needed to meet current demand. The hiring process has also changed as a result of the pandemic. Many interviews are conducted virtually instead of in person. Lawyers are applying for positions across many regions and may be more selective about where they choose to work since they are in high demand. Health and Safety Concerns The health and safety concerns of lawyers brought on by the pandemic have changed how lawyers and law firms conduct business. More firms and lawyers work remotely and even conduct meetings, court cases, and arbitration hearings virtually. Law firms were able to succeed through the pandemic while working virtually, and many firms have opted to remain virtual or use a hybrid work method. Law firms have had to adjust how their workplaces operate to comply with changing OSHA standards to protect the wellbeing of their staffers. Law firms are responsible for upholding policies on wearing masks, vaccine requirements, and guidance for in-person work to keep all employees safe. Incorporation of AI Technology With more staff working remotely, firms have incorporated newer technology to assist with their work. AI-based technology helps lawyers handle clients and their cases and directly handle administrative and processing tasks. AI technology helps lawyers with cases related to intellectual property, cybersecurity, and the misuse of AI. This technology also provides better communication with clients by translating dense legal terminology, answering client questions, and translating documents into other languages. Lawyers and other legal staff use AI technology to save time. AI can process thousands of documents quickly and search for specific content or organize files by type. It helps improve the speed and quality of a firm’s legal services. How Collier Legal Search Helps While 2021 has brought its share of challenges, there has also been steady growth in the industry. Higher caseloads mean greater demands on legal staff. Law firms can take advantage of current opportunities by using a legal staffing recruitment service to help find additional legal staff for their busy teams. Consider hiring through a legal recruiting company such as Collier Legal Search. Collier Legal Search team provides professional legal placements for our clients. Our experienced staff will do the legwork to find qualified legal recruits, whether you need staff attorneys, legal administrators, or general counsel. We can help you find a temporary or permanent placement to fit your needs. Visit our website to learn more about the services we offer.

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AI Legal Solutions Help Customers

Blogs / collierlegal

Cyber Security, Data Privacy and Beyond In the 1990s and early 2000s, advances in computer technology and the Internet have changed nearly every industry. Technology has become more integrated into everyday life, with humans adapting to changes like communicating with Siri or Alexa. Today, the new frontier is artificial intelligence (AI) and machine learning (ML), and the legal sector is just one of many fields that will benefit from these new developments. Discover how artificial intelligence (AI) can help connect customers with legal experts, what AI does for law today, what it could do in the future, and why law firms should consider investing in AI technology. How AI Legal Solutions Help Customers Most people seeking legal help have little to no understanding of the terminology used in legal documents. AI-based solutions can help clients decipher the more complex legal terms, simplifying the contents of their documents. In turn, the AI tool may determine how a lawyer can help, significantly streamlining the client onboarding process. Often, these solutions come with easy-to-use, recognizable interfaces, such as the popular AI chatbot system. These solutions leverage AI technologies, known as Natural Language Processing (NLP), Robotic Process Automation (RPA), and Machine Translation (MT). These technologies power a legal AI’s ability to perform the following tasks: Processing client questions and providing context-sensitive, personalized responses Reducing the time spent scanning legal documents for relevant words and sentences (known as the legal discovery process) Offering document translations in multiple languages, facilitating access to legal aid for traditionally underserved groups, and combating marginalization How the Legal Industry Engages with AI Today Currently, the legal industry engages with artificial intelligence in two ways. It works with AI indirectly (through cases and client concerns) and directly (uses of AI by law firms). Indirect Engagements Cases involving artificial intelligence today typically relate to cybersecurity, intellectual property, and the dangers of AI misuse. The increasing prevalence of AI-powered solutions has highlighted new challenges in IP litigation and cybersecurity cases. As more industries use and leverage AI, the more the legal framework surrounding their use will change. Law firms specializing in these cases are responding by building expertise in AI and preparing for future regulation. An example of what these regulations could look like can be found in the Federal Trade Commission’s guidance regarding AI usage or the European Union’s proposed Artificial Intelligence Act. Direct Engagements Besides cases and regulatory changes surrounding AI, law firms also engage with AI directly, leveraging AI-powered tools to facilitate specific administrative and data processing tasks. The primary strength of artificial intelligence is processing large amounts of information. In the legal industry, AI tools excel at reviewing thousands of documents per second, searching their contents, identifying keywords, and categorizing them by relevance. Examples of AI’s applications include: Improving the speed and quality of the due diligence process Assisting lawyers with contract review and helping them offer better counseling Leveraging Predictive Analysis (PA) for legal forecasting, analyzing past case law for patterns, and predicting legal outcomes Time tracking tools and Optical Character Recognition (OCR) expedite the billing process and help eliminate invoicing errors. Concerns and Issues with AI As with every new technology, there are concerns regarding its adoption in the legal industry. Although few experts believe that AI will replace lawyers or judges, there are growing worries about AI tools taking in-house jobs, such as paralegals or legal assistants. Others believe that AI will make the legal industry less empathetic and people-focused, especially since large corporations like Facebook implement many AI applications. Interacting with a chatbot or using an AI tool is not the same as a human-to-human relationship, leading many people to fear that lawyers relying on these tools will be less interested in communicating with their clients. AI is also fraught with overall concerns regarding data privacy, cybersecurity, and other issues typical of new technologies. Because AI is suitable for processing large amounts of potentially sensitive or privileged data, many data privacy concerns exist. For example, if a law firm relying on AI is targeted by a cyberattack, all the information the AI can see could be stolen or leaked. Why Legal Firms Should Invest in AI Although the 2020 ABA Legal Technology Survey Report reported that only 7% of law firms use AI-based tools, this percentage is expected to increase. If used correctly and in conjunction with the human element, early adoption of AI can introduce many significant benefits. AI is scalable; adopting AI tools today allows law firms to familiarize themselves with the technology progressively. Today, it is suitable for mundane tasks; tomorrow, it may assist lawyers with critical work. AI-powered task automation reduces human errors, saves time and money, and allows law firms to use their educated workforce more efficiently. Letting AI focus on traditionally time-consuming and repetitive tasks allows legal personnel to focus on human-to-human interactions. This improves the quality of legal counsel and connects you with more clients. AI technologies can add significant value to the highly educated members of the workforce at law firms, allowing them to serve their clients better. Collier Legal Search Connects You with Quality Professionals Whether or not your law firm plans to adopt AI, the legal industry will always need a human element to function. Collier Legal Search can connect you with the highly-skilled and talented individuals you need on your legal team. Call us today at (713) 863-8180 for assistance with finding qualified legal staff.

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Filling The Gap Between Experience & Availability

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The rise of corporate litigation, stemming from the COVID-19 pandemic, created a corporate law attorney shortage in the U.S. This shortage is more significant in Texas because several big corporations now call the state home. With many law offices and in-house corporate attorney positions available, businesses are looking for qualified candidates. Explore the corporate law attorney shortage issue and find out how Collier Legal Search can help fill the gap between experience and availability. The Rise in Corporate Litigation Post-Covid In the wake of COVID-19, a rise in corporate litigation has swept the legal industry. Issues put on hold during lockdowns are moving ahead quickly. Also, new concerns that arose directly from the COVID crisis are being brought into litigation. Issues include: Data privacy issues Commercial disputes Bribery and corruption Business interruptions brought on by COVID Fraud Bankruptcy Contract disputes The rise in corporate legal issues has caused a spike in in-house litigation hiring and spending to keep up with demand. In addition, there is a demand for outside legal representation in corporate matters by businesses involved in litigation. Big Business in Texas The corporate attorney shortage is hitting Texas business hard. Several big-name corporations have recently moved their headquarters to the Lone Star State to take advantage of our excellent quality of life. The steady climate, favorable income tax laws, low cost of living, and access to global markets with well-developed infrastructure are attractive. The list of companies that have made Texas their home include: Oracle Hewlett Packard Tesla Dropbox 8VC Firetrail Amazon Named the Best State for Business by the country’s top CEOs for the 17th year in a row, the emerging corporate landscape has shaken up the Fortune 500 lists in major Texas cities. Now, the big players include information technology companies along with oil and gas corporations. Rising Demand for Corporate Law Attorneys While corporate growth is positive for the Texas economy, it has created challenges in the legal sector. With the national increase in corporate litigation cases, Texas has a shortage of corporate law attorneys. The shortage, which began before COVID-19 in Texas, has grown with the pandemic. The corporate growth of the Houston and Dallas metro areas has led to many businesses searching for legal candidates to handle the increase in legal litigation. Lack of Experienced Corporate Law Attorneys It isn’t just the number of corporate law attorneys that is lacking; it is the experience required to handle the complex corporate litigation required by big-name players. Mergers and acquisitions within the oil and industry sector are creating the need for highly skilled corporate law attorneys in large numbers. Many corporations look to grow their in-house corporate law staff, while others look to outside law firms. Although the number of local attorney firms is growing, it has not yet caught up to the rate of its corporate counterpart. Reports estimate that the available number of lawyers has stayed relatively stable since the Great Recession in 2008. Many in the legal field feel that since 2018, the legal need in Texas has grown rapidly, almost overnight, leaving a gap between the availability of lawyers and their expertise, especially in high-stakes corporate law. Filling the Gap Between Experience and Availability To fill the gap between the shortage of corporate law attorneys for businesses in Texas and available, experienced candidates, companies can utilize the services of Collier Legal Search, a full-service legal recruiting agency that pairs you with experienced candidates. Our team of former legal assistants, paralegals, trial attorneys, and entrepreneurs understands the importance of meeting your company’s specific legal needs, as well as how to assess candidates for corporate law positions. If you cannot find a corporate law attorney to represent you, work with Collier Legal to find a placement to handle your cases with legal expertise. Find out how Collier Legal Search can help you find a candidate to meet your needs. Collier Legal Search Connects Attorneys and Businesses Collier Legal Search connects your business with qualified corporate law attorney candidates, so you are covered for all your legal needs. We have built a network of experienced legal candidates to find you the right person. Contact Collier Legal Search today to get started.

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Pursuing the Strategic Advantage Post Covid

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Despite the continuing pandemic, there are many economic opportunities available. Merger and acquisitions (M&As) are exploding at rates unseen in decades, and strong GDP and CPI data show an economy holding steady. The booming economy means an increased need for legal consulting, especially for companies dealing with M&As. Collier Legal Search can help you find qualified legal professionals if you want to further your firm’s growth. Future Opportunities for Value Creation While many companies are presently pausing to determine where the opportunities for value in their business lie, consider these three areas : Growth Companies must seek inorganic growth to stay competitive, particularly by developing their tech and innovation advantages. Companies recognize that this requires expanding revenue potential rather than cutting costs. For example, Panasonic identified its competitive advantage in the shared supply chain sector. They acquired Blue Yonder, Inc, a software developer specializing in supply chain management, in a $7.1 billion deal to develop this area. Scalability Companies seek to scale up in size and reach, influencing the types of deals they pursue, particularly for large corporations, which seem to be more efficient and have access to more capital. These deals involve strategic tie-ups, such as the $30 billion mega-deal between the Canadian National Railway and Kansas City Southern to create a shipping rail system directly connecting Canada, the US, and Mexico. Disruption Disruption refers to an increased commitment to technology as businesses strive to remain relevant in the involved industry. One-third of global deals were grounded in technology, media, and telecommunication industries in the first half of 2021 as companies sought to expand their competitive advantages in those areas. Private equity funds (PE), on the other hand, invested heavily in resilient markets such as healthcare and technology, which experienced the most market disruption during the pandemic. PE investors also pursued investments in new markets such as work-from-home (WFH) and distance learning that reflect long-term behavior changes created by the pandemic. PE investments also targeted Environmental, Social, and Governance (ESG) as the market becomes increasingly focused on net-zero, sustainability, wage inequality, diversity, public safety, and privacy issues. Increase in Available Funds and Affordable Financing Means More (and Bigger) Deals There have been more M&A deals in the last six months than in any other year. Globally, there were 28,175 deals between January 1st and June 30th, with US deals up 264% from last year. There are a few reasons for this growth, all involving an abundance of easy-to-access capital for investments. Interest rates remain low and steady, meaning investors have access to cheap capital they can use to pursue inorganic growth opportunities. Special Purpose Acquisition Companies (SPACs) exploded in early 2021, with over 274 formed. While the SEC announced new financial reporting guidelines in April, slowing down the rate of SPAC creation, about half a trillion dollars needs investment before 2023. A strong stock market means target acquisitions can get a high price, allowing them the luxury of shopping deals. PE companies with large portfolios have rebounded from the pandemic faster than smaller ones. They have benefitted from the strong stock market, allowing them to divest through IPOs earlier than expected and generate more funding. Possible increases to the capital gains tax in the future mean people with capital are seeking to invest it now. Many industries hard hit by the pandemic, such as airlines and cruise lines, face cash liquidity problems and may need to restructure through M&A to survive. Financial Deals Are Adapting The pandemic changed human behavior, which meant financial deals needed to change as well. Uniquely structured investments are becoming more common. Real Estate With the shift to WFH and flexible co-working spaces, tenants have gained power from the property owner. Tenants can now enact more protection into their lease through limited rent escalation and possible rent rate reduction if an economic shutdown impacts the tenant’s income. Shifting real estate deals are not unique to the commercial sector. The National Association of Realtors released a report asking for a “once in a generation” response to the underinvestment and underbuilding of the housing market, resulting in a more than five million unit shortfall since 2020. Rise of the Mega Deal While all M&A deals are up in the first half of 2021, billion-dollar deals have seen the most significant increase, with more than 500 individual billion-dollar deals so far. Many mega-deals, especially those involving large amounts of capital, involve multiple PE investment companies, such as the deal between Blackstone, The Carlyle Group, and Hellman & Friedman acquiring Medline Industries in a $30 billion deal. Collier Legal Search Can Help You Adapt Collier Legal Search is uniquely qualified to use its expansive network to help you find associates, partners, or legal professionals as you build your firm’s corporate law capacity through long-term solutions or contract help. Contact us to help you find the perfect qualified applicant today.

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