“Adaptability is the simple secret of survival.” – Jessica Hagedorn
The above quote from the writer and poet Jessica Hagedorn speaks to the incredible circumstances that most law firms have faced in the last year or so. In our practice we see clients responding to the environment in many ways, some are
For the last decade plus, merger has been a strategic choice for many law firms. The 2020 pandemic had a negative impact on the quantity of mergers but, many including our firm expect there to be a major uptick in 2021.
Given the probability that firms will at least be considering merger as part of
Most firms are in the final stretch of 2020, wrestling with collections, budgets, PPP loan forgiveness, 
promotions and compensation decisions. All of these are important activities. But, while focused on wrapping up 2020 let me suggest one more subject that deserves attention — something that stands a chance of making a real long-term difference.
I
“What gets measured gets managed” – Peter Drucker
I had the pleasure of serving as a guest panelist last week at a Managing Partner Forum webinar on “Which KPIs Are Best For Your Law Firm?” The program was a lot of fun and, I hope, beneficial to the participants.
The program was chocked full
Managing the delicate balance of law firm economics has always been a challenge. In serving any particular market (practice type and geography), firms struggle to find that sweet spot — the perfect formula of rates/pricing, productivity, cost, and resulting profits. Should any one of the particulars get far out of equilibrium, the consequences can be
The impact of COVID-19 on law firms has barely begun. When it comes to the flow of work, some firms are experiencing a measurable or even significant bump thanks to having the right practice focus at the right time: but for the most part, law firms have experienced some degree of decline in both work
In response to the pandemic many law firms reduced the pay of owners, associates and staff. Many of these moves were made specifically to avoid layoffs while managing the uncertainty associated with future cash flow.
During the last six months firms have adapted to a new way of operating and the feared decline in revenues
Virtually every day, the news includes reports of additional law firm closures, layoffs, and compensation reductions.
What is driving these decisions, and what does it mean for your firm?
Without question, catching any developing problem early makes it easier and less traumatic to take appropriate action, increases confidence in management, and enhances the likelihood of
The headlines are beginning to paint a pretty clear picture: many law firms worldwide are taking more aggressive action in response to their COVID related economic challenges.
As part of an effort to create a cash buffer to weather current or anticipated pressure brought about by the virus, firms are focusing on containing revenue loss
I have previously referenced the excellent McKinsey report COVID-19: Implications for law firms. In a re-read of it this morning, a universal truth regarding client relationships struck me: the stronger firm communication with its clients, the less likely there will be a surprise in decreased work.
During normal times a routine communication between the
