Which Assets Do Top Legal Firms Use?

To climb to the top of any field, it’s important to make the best use possible of all assets and resources available. If you’re in the legal field or currently working to earn a law degree, it’s a good idea to take an inventory of the types of assets you’ll need in order to achieve your goals. For a closer look at some of the resources that you’ll need to reach the top of the legal field, become a partner at your law firm, or make a change in the legal world, read on.

Role Models

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Many people might be surprised to learn that some of the top assets legal firms use aren’t things or products you can buy. Instead, savvy lawyers at the top of their field are well versed in research and understand that one of the biggest resources out there is the careers of those who have come before. That is, by studying the careers and challenges of the top attorneys that they admire, partners at many law firms have been able to build law firms they’re proud of.

Perhaps you’re studying administrative law and hope to one day begin a law firm dedicated to labour law, complex litigation on a governmental level, and making changes to benefit global human rights. Starting with studying the career of someone like Malliha Wilson would be a fantastic head start on ultimately building a firm passionate about fairness in the workforce. Malliha, who has dedicated her career to making changes in the Ontario government for workers, is a role model to not only those in Ontario but all over the world. Wilson currently serves as the Senior Counsel at the law firm Nava Wilson LLP in Toronto, Ontario. She was previously the Special Legal Advisor at the Investment Management Corporation of Ontario and has presented cases to the Supreme Court of Canada.

Whether you work in a law firm now or are beginning your law career, it’s a good idea to start considering role models to help determine business models, best practices, and overall law firm business plans.

Financial and Bookkeeping Experts

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While it’s important to be aware of successful careers and trends in the field of law, it’s also important that a law firm is able to stay focused on important work. Hiring a full service accounting firm will mean peace of mind during tax season instead of distracted lawyers working concurrently to navigate a complex legal system. In short, the most successful law firms hire a tax preparer and stay on top of tax planning and financials, including payroll, every day of the year. Whether you work as a senior legal advisor or spend time in court offering defenses by reason of insanity, it’s imperative you use a financial professional or full-service CPA firm to support your work.

When starting a new law firm, consider not only the CPA and bookkeeping services you’ll use on a regular basis, but software, data management programs, and call services that could be helpful, too. Used by the best law firms, these services help keep business flowing and client information organized and confidential.

Expert Psychologists and Doctors

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Another important asset top law firms use is their ongoing connections with experts in other fields. Critical when it comes to criminal trials, top criminal lawyers often rely on the expert testimony of a forensic psychiatrist or someone in a similar role to defend a client. Whether your firm works in criminal law or another field, connections with experts in other fields can be a huge benefit when it comes to securing favorable verdicts. Other firms rely on testimony from psychologists and other mental health experts when it comes to determining someone’s mental state before, during, or after a crime. For this reason, top firms understand the importance of networking. Another example of an expert often used by top firms is a forensic accountant for firms with a focus on civil litigation.

Case Law and History

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Many top firms rely heavily on historical case law and research archives or libraries when it comes to handling complex cases. Top-notch law firms even have their own legal libraries or access to online legal libraries to find information to help in cases. If you already have a solid understanding of the law, you can likely understand how important access to a case law library can be. Because laws are often upheld on the basis of legal precedents, attorneys put themselves at an advantage when they prepare cases with a working knowledge of prior decisions in similar cases. For this reason, it’s beneficial for law firms to have case law histories at their fingertips.

In the end, making the most of your professional network and other tools available to you while practicing law is the best way to begin your climb to success. Whether this means working closely with psychologists in the forensic field for criminal trials or hiring financial planning specialists to take care of your books, connecting with a civil litigation lawyer you admire, having a plan for how you’ll implement these resources going forward will help.