Law firm innovation. The idea of innovation is lauded, discussed and encouraged. When it happens, either through technological advances, the launch of a start-up alternative service provider, or the unveiling of an approach never thought about before, the legal services industry takes note. In an industry searching for a new stability after 10 years of
Relieving Pressure in the Law Firm Restructure/Turnaround
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 second key to success.
Cost Management – Relieve the Pressure
Turning-around a troubled law firm, or any business for that matter, is difficult. To give the challenged firm the greatest chance of success it is critical to relieve the organization of as much financial pressure as possible.
Although there are other steps that we will discuss, managing a firm’s cash commitments to as low a level as practical is the first and most important step in minimizing financial stress. Typically, the two largest demands on the financial resources of law firms are:
• The cost associated with personnel
• The cost associated with lease space.
Managing People Cost
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Finding the Right Law Firm Merger Candidate-Five Fundamentals
Law firm mergers are a regular occurrence in today’s American legal landscape. Large or small, they happen because law firms and their leaders see merger has meeting a perceived need. Whether seeking greater market share, pursuing untapped lucrative markets, responding to a demographic challenge, or fixing inadequate succession preparations, a merger can represent the right
Denial and Law Firm Demise
“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