The Association of Corporate Counsel (ACC) is the world's largest organization of in-house counsel, with more than 45,000 members in 85 countries. Every year they hold their annual meeting to discuss the latest trends and issues facing the legal profession. This year, the ACC's annual meeting was held in Las Vegas, and we were lucky enough to be in attendance.
ACC features a variety of educational sessions on all things corporate law. This year was no different, with topics ranging from data privacy to mergers and acquisitions. Attendees could choose from over 100 sessions, ensuring something for everyone. Plus, with so many top-notch speakers in attendance, including our very own Tim Parilla, attendees gained insights and perspectives from some of the brightest minds in the field.
Here are some of the takeaways from the event.
The Future of Billable Hours
One of the big discussions at ACC 2022 was about changes to the billable hour. For years, corporate clients have been pressuring law firms to move away from billing by the hour, and that pressure is finally starting to yield results. Many firms have announced plans to start offering alternative fee arrangements, and many more are considering making the switch.
This is good news for in-house legal teams, who will now have more predictable legal expenses. But it's also good news for lawyers, who will now be able to work more efficiently without having to worry about hitting an arbitrary number of billable hours. It's a win-win for everyone involved.
The Importance of Being Proactive
One of the most common topics at the conference was the importance of being proactive regarding risk. If you're worried about getting sued, put together a risk management team and create policies and procedures to minimize the chances of it happening. Are you concerned about the new ransomware variant? Pull up your cybersecurity preparedness plan and ensure you are ready for anything.
The Power of Networking
Another big theme at the conference was the importance of networking. After all, your network is one of your most valuable assets. You never know when you might need a favor or some advice, so it's always good to have a strong network of contacts. One way to build your network is to get involved with ACC's committees and task forces. That way, you'll get to know other lawyers who practice in your area of law.
The Importance of Being Ethical
Of course, as lawyers, all ACC attendees are bound by the rules of professional conduct. But it shouldn’t stop there. Legal pros should always strive to be ethical in both their personal and professional lives. After all, clients and colleagues count on legal counsel to be honest and upfront with them. So, if you're ever in doubt about whether something is ethical, err on the side of caution and consult with someone who can help you make the right decision.
Those are just a few things we learned from ACC's Annual Meeting in Las Vegas. Did you attend the conference? What were your takeaways? Let us know!
