Ask the Managing Partner of any 100 law firms to list their top 5 objectives for their firm, and 99 or more will say something that relates to growth in the number of lawyers, locations or practice disciplines.
Ask the same Managing Partners what is driving the need for this expansion and the response will
“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.” – Charles Darwin
These days, scarcely a week passes without news of another law firm in decline. From high-profile names to less-known partnerships, the leaders of each face
Other than when a firm is being formed, there is no better or more organic time to test a law firm’s continued commitment to one another than when nearing the expiration of an office lease.
Typically, when a firm is formed, two or three or a handful of individuals gravitate to one another, become increasingly
It has been estimated that lawyer turnover costs US law firms in excess of $13 billion per year — a staggering sum. At a more micro level the total cost of losing a lawyer is equal to more than two times the lawyer’s annual salary.
Although most industries face challenges associated with retaining
The reality of today’s law firm marketplace is that debt is a tool used to fund and manage:
The challenge is to use the debt tool wisely.
To this end, we often hear some variation of two
As we continue to see law firms fail, and dramatic efforts at restructuring continue at a heady pace, market analysts can’t help but look for a common denominator. Is there a quantifiable predictor of tomorrow’s troubled law firm?
While a number of things can push a firm into a transition mode, there seems to be
As we conclude the first quarter of 2015 it occurs to me that now is a great time for law firms to conduct a quick self-assessment. Here are 5 areas that, if carefully analyzed, provide a preview of what the future may hold for your firm.
The number one factor in determining the day-to-day joy in one’s work life is the culture of the organization of which you are a part.
Savvy law firm leaders know this; and they apply serious standards to increase the probability that everyone that becomes part of the organization makes a positive contribution
As an interested observer of the legal landscape, there are three baseline realities that are especially interesting to explore:
• The rapid rate of law firm growth through mergers and lateral additions;
• The rate of law firm failures; and,
• A continuing level of unhappiness in the profession.
Given these three somewhat extreme
The century plus old quote “success begets success” couldn’t be further from the truth. Today success only buys you the opportunity to survive to compete tomorrow.
Lest you think otherwise, the legal profession is no exception. The intensity of competition in our industry increases daily. The marketplace is littered with once highly successful law
