Managing Law Firms in Transition

Managing Law Firms in Transition

Category Archives: Law Firm Repositioning/Turnaround/Restructuring

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Relieving Pressure in the Law Firm Restructure/Turnaround

Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
Whenever you see a successful business, someone once made a courageous decision. – Peter Drucker We have previously written  about the unique nature of the law firm turnaround and how commitment from owners is one of the keys to turnaround success. In Part 2 we will look at resource management (or cost management) as a… Continue Reading

Denial and Law Firm Demise

Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
“Hope is the denial of reality. It is the carrot dangled before the draft horse to keep him plodding along in a vain attempt to reach it.”  – Margaret Weis Most business people are familiar with Built to Last and Good to Great, both terrific books by Jim Collins. He published a less known book, How The… Continue Reading

Adapt or Die – 4 Steps to Law Firm Sustainability

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
The measure of intelligence is the ability to change – Einstein     Adapting to change – At first blush the need to adapt is so obvious there would seem to be no need to discuss it. Then we see firm after firm, small to large, fail because of a reluctance, unwillingness or sheer inability to… Continue Reading

Is it Time to Restructure/Reposition Your Law Firm?

Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
One ought never to turn one’s back on a threatened danger and try to run away from it. If you do that, you will double the danger. But if you meet it promptly and without flinching, you will reduce the danger by half. Never run away from anything. Never!    Winston Churchill Law Firms, like all… Continue Reading

How to Thrive with Clients that Don’t Use Law Firms Like They Used To?

Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
Despite today’s times being better for many law firms, the positive trends do not signal a return to the gilded pre-2008 days; unfortunately, those days are gone for good.  Law firms are fighting for market share in 2017 in an arena vastly more competitive than the one that existed a short decade ago. Competition is… Continue Reading

To Merge or Not To Merge – What’s A Law Firm To Do?

Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring
Merger mania continues in the legal sector. According to Altman Weil’s MergerLine, there have been more than 50 law firm mergers in the US so far this year; 2017 could well be a record year for law firm combinations. The odds are high, whether your firm has been engaged in merger discussions in the past, it… Continue Reading

The Important First Step in Law Firm Client Succession

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
Succession planning of client relationships at law firms requires a thoughtful examination of a law firm’s past, present and future.  Managing the transition of a senior lawyer’s practice to younger counterparts is not easy.  Poorly understood and executed, it can result in a loss of both valuable business and a cherished colleague.  The stakes are… Continue Reading

The Makings of an Exceptional Law Firm Leader

Posted in Law Firm Crisis, Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring
A few weeks ago I shared some thoughts on the pivotal role leaders play in a post titled, “The Role of Leadership in Law Firm Success or Failure.” In today’s post, in an effort specifically designed to help identify the quality leader, I want to point to what we believe to be clear leadership characteristics.… Continue Reading

Five Leadership Steps for Confronting Law Firm Crisis

Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
Law firm crisis can surface at any time.  Its roots can be deep within the firm, or can be the outcome of unforeseen developments. However, or whenever it arises, the affected law firm must react promptly and strategically. A tardy reaction, or a misstep in action, can leave a firm in great danger and on… Continue Reading

Five Signs Your Law Firm Needs New Energy

Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs
Law firms that lack energy dim their prospects for the future.  Too often law firms pass over the issue of their own vibrancy (whether by a failure of recognition or simple indifference) and plod along without taking corrective action.  A becalmed law firm, especially in these times of legal industry disruption, is flirting with danger.… Continue Reading

5 Early Warning Signs of Law Firm Decline

Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
Most problems are more easily resolved when addressed early. Pressures driving law firm instability and decline are no exception. The likelihood of early detection is enhanced by incorporating a routine self-examination of the firm. This periodic checkup should focus on performance as well as the satisfaction of both personnel and clients. Here are five specific… Continue Reading

Scoping Out Future Law Firm Upheaval-Four Places to Look

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs, Uncategorized
Law firms perpetually are in transition. In our changing legal environment, transition can arise when business strategy requires adjustment, merger is considered, layoffs are implemented, lateral hiring is pursued, leadership succession is at hand (see Cultivating the Next Generation), crisis arises or firm wind-up is decided and implemented. In addressing any transitional event and the… Continue Reading

Does Your Law Firm Deserve a “Freshness” Review?

Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
There has been a recent flurry of articles regarding law firm “spin offs” some referencing actions such as the recent Ropes & Gray IP move which appears practice specific. Others target “spin offs” as a means of getting lean. Seth Godin (who you might consider following if you don’t already) had a great and short post that I… Continue Reading

The Challenge of Evaluating Law Firm Leaders

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring
Improvement — in any position in any organization — begins with and is dependent on periodic feedback and performance evaluation. Without the objective assessment that comes with these two elements, attention to areas in need of focus is limited. Improvement is left to the realizations that arise from self-reflection. It is a paradox that organizational… Continue Reading

No Law Firm Succession Plan? Five Options

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
A Forbes article entitled Law Firm Leadership Survey:  Top Strategic Initiatives of 2017 shared some interesting information about the burning and not so burning issues for today’s law firm leaders.  The information was assembled through the work of David J. Parnell (the author of the Forbes article) and noted legal consultant Patrick J. McKenna. The… Continue Reading

Law Firms in the Year Ahead-Is a Good 2017 That Much of a Good Thing?

Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
 Georgetown Law Center for the Study of the Legal Profession and Thompson Reuters released their annual report on the state of the legal market last week and it is, as always, informative. The 2017 Peer Monitor Report is chock full of data and analysis respecting the tendencies in the legal market. While one might conclude… Continue Reading

Small Law Firms and Rough Seas-Navigating the Years Ahead

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs
As December ends and January dawns, report cards on the legal profession are issued and crystal balls are studied. This year is no different with many articles offering assessments of the industry’s current state and its prospects. Two pieces recently written about the industry’s present and the future are worth review. Mark A. Cohen’s Something’s… Continue Reading

Will 2017 Bring You a Stronger Law Firm?

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring
As we enter the New Year, chances are good you’re dealing with a predictable slate of demands on your time: setting compensation and budgets; managing details associated with the latest departure; and interviewing this week’s lateral prospect. All important activities, and worthy of serious attention; but none of these is likely to make the firm… Continue Reading
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