For firms that operate on a calendar fiscal year, 2020 is done. Over. Finished. The uniqueness of 2020 presented challenges not anticipated as last year started, but remarkably most firms adjusted and endured. As they now take a deep breath and prepare for the merry-go-round of 2021, firm leaders can apply some lessons from the
Planning for 2021-Turning to the Basics in a Transitional Law Firm Year
It is not an exaggeration to say that 2020 was different. As unanticipated as it was, it is notable that for many law firms this past year has been financially okay, if not good. But with the challenges still playing out and uncertainty looming as the year comes to a close, what kind of planning
Law Firm Investment and High Returns
Law firms seeking to thrive today must stand out from their competition. Of course, that is easier said than done, and identifying specific steps to achieve this goal takes careful thought, planning and execution. Thomson Reuters’ recently released 2020 Dynamic Law Firm Report presents a provocative and instructive glimpse of certain elements found in law
New Law Firm Ownership Rules Won’t Drive Success–Three Things That Will
As talk about more states allowing non-lawyer ownership of law firms is heard, concern over more deeply capitalized competition may be on the mind of some law firm leaders. No doubt, opening up law firm capital structures to investors is significant, but it won’t change the fundamentals for surviving in today’s legal services market. Since
With a Fundamental Change Taking Place, Will Your Law Firm be Ready?
For some time, law firms have felt heightened competition from not just other law firms, but also from clients moving needs in-house and alternative service providers picking off peripheral services. As reported by Bloomberg Law in Arizona First State to Allow Nonlawyer Co-Ownership of Law Firms, looming rule or legislative changes in a number
Planning for 2020 Year-end Planning–The Pandemic Addendum
Well run law firms annually set aside time to plan for year-end activities and decisions. In addition to using institutional processes, systems and experience to wrap up the successful (hopefully) year, most firms use that time to plan for the coming year. Like clockwork, important decisions for the firm’s present and future have often been
Adding Talent During Covid-Two Important Requirements
In the turmoil caused by Covid-19, many law firms have had to adjust to unforeseen circumstances. News stories tell the sad tale of law firms being adversely impacted. Some firms have closed, and unfortunately others will follow.
With one firm’s demise comes opportunity for others. Clearly, personnel leaving the firm in wind-down must find homes
Preparing for an Extended Covid-19 Delay to Law Firm Normalcy
Covid-19 has upended law firm normalcy. What might have been perceived last March as a couple of month hiatus from business as usual has been extended with no end in sight. With no known end date, it can be difficult to plan in ways previously thought routine.
The current Covid-19 world for law firms can
Two Proven Elements to Conquering Law Firm Crisis
Virtually all law firms have had to adjust business practices to address the pandemic’s impact. Whether working remotely, refocusing or changing firm economics, making personnel moves, or partnering with clients more, today’s challenges have fundamentally changed the way law firms operate. For the law firms grappling with too many upheavals in their world, crisis looms.
Pause After Responding to the Pandemic? Two Assessments All Law Firms Should Consider
The pandemic has caused an unprecedented change to the practice of law for many law firms. Since March, the delivery of superior client service has required a new way of thinking and a little bit of scrambling. Yet after a couple of months living in the Covid-19 world, some law firms feel a new normal