Cheryl Flink

The legal industry faces a changing landscape with swiftly changing market dynamics. Pressures include cost containment, client-focused investments in technology platforms and cybersecurity, the disruption of artificial intelligence, and relentless competition. It’s time to rethink the business of law by embracing new opportunities and addressing old challenges. Law firms need to jump the S-curve.

Over the past five years, views of appropriate ways to account for human capital have undergone a remarkable shift, moving from treating human capital as a cost to an asset. Emerging guidelines from the SEC point out that, in 1973, over 80% of the S&P 500’s market capitalization was held in tangible assets (like property, manufacturing plants, and equipment). However, by 2020, 90% of the S&P 500 was based on intangible assets like human capital.

Organizations have a keen focus on attracting, developing and retaining talent. Why? Because talent is their most precious resource for creating a competitive edge in dynamic and swiftly evolving markets. Designing an attractive and effective employee value proposition can be critical to winning the talent wars. Mark Mortensen and Amy C.