What successes or challenges can we expect for law firms in 2014? Writers like Dimitra Kessenides and Jennifer Smith recently have written that 2014 may be a challenging year for law firms. But as reported just this week, including by Jennifer Smith, the 2014 Outlook from Citi Private Bank and Hildebrandt Consulting projects law
At the Edge–Avoiding the Fall (Part Two)
Note: This is Part Two of a blog that was originally published as a guest blog on Kevin McKeown‘s Blog Leadership Close Up. We wrote At the Edge–Avoiding the Fall to revisit a success story of a law firm dealing with transition and emerging stronger from a near crisis and how the
At the Edge–Avoiding the Fall (Part One)
We originally posted this blog on Kevin McKeown‘s blog Leadership Close Up. Kevin has been a tremendous resource for us and has guided us greatly as we work at delivering meaningful content about the legal industry and the significant changes it faces.
Some words simply lose impact over time.
Change is such a
Law Firm Management: Avoiding the “Run on the Bank”
Nothing is scarier to a law firm than to find itself facing a “run on the bank.” It can begin with one or two “key” departures, is compounded by panic, and followed by more departures.
Few firms are immune. As Debra Weiss noted in her Is the Law Firm Pyramid Collapsing? Big Law is Aging
Law Firm Merger Diligence–Operational Compatibility
A smart merger of two law firms requires careful study about compatibility. Fits between two law firms seldom are perfect. But if the cultures, financial metrics, clients and compensation systems generally are in sync, the opportunity for a successful merger exists. While one of these merger variables actually may be strained, harmony among
Law Firm Merger Diligence-Client Compatibility
A law firm considering a merger has a lot to think about. Evaluating the differing cultures, financial metrics and compensation systems is a must. Merging two law firms without vetting the client fit is not only unwise, but it also is not likely to end well. Yet, finding an acceptable match in the
Law Firm Merger Diligence-Are the Compensation Systems Compatible?
Last week was noteworthy because two major anticipated mergers were called off; Orrick/Pillsbury due to reported conflicts and Dentons/McKenna for what may be best described as “cultural reasons.” But even if there were no conflict issues and cultures meshed well between two firms, most proposed mergers won’t get to a closing if their respective compensation
Law Firm Merger Diligence–Are the Financial Metrics Compatible?
Mergers of law firms garner a great deal of press and comment. As noted by Debra Cassens Weiss, law firm mergers during 2013 have been numerous. Robert Denney’s Primer on Law Firm Mergers provides a useful guide about approaching law firm mergers. Just last week, yet another merger was reported, this one involving
Law Firm Merger Diligence–Are the Cultures Compatible?
Law firm mergers are being announced all the time. As we saw in Jennifer Smith’s Big Law Mergers Questioned, their unveiling tends to stimulate extensive discussion. The pace of mergers is ahead of last year and as Catherine Ho wrote in Law Firms Experience Big Jump in Mergers, the number of combinations in 2013 is noteworthy. Mergers of regional firms, mergers of firms with international reach, mergers borne of strategic vision and potential mergers possibly encouraged by necessity—reasons aplenty seem to be fueling the current merger activity.
A successful merger depends on a lot of things, not the least of which is the ease and thoroughness with which
Continue Reading Law Firm Merger Diligence–Are the Cultures Compatible?
Resolving Law Firm Transition By Merger–Important Compatibility Issues for Management’s Consideration
To merge, or not to merge? That is the question. More and more law firms face that issue these days. We often advise law firms facing that watershed possibility and take them from considering merger in the abstract to addressing its reality. But as Larry Bodine and Robert Denney recently reported, roughly 50% of mergers fail. Consequently, properly evaluating a potential merger is extremely important. A flawed analysis, a few undeserved assumptions or allowing momentum to overtake critical examination can doom a merger to failure. Conversely, a lack of confidence in a proposed merger because a systematic and thorough analysis was not performed can be a lost opportunity for both firms.
Continue Reading Resolving Law Firm Transition By Merger–Important Compatibility Issues for Management’s Consideration