If you practice law, there is one eventuality that should be added to that familiar duo of Death and Taxes. No one talks much about it, but it warrants the same attention to detail. The subject? The end of your practice.
As is the case with its two more familiar rivals for attention, ignoring it
As we enter the New Year, chances are good you’re dealing with a predictable slate of demands on your time: setting compensation and budgets; managing details associated with the latest departure; and interviewing this week’s lateral prospect. All important activities, and worthy of serious attention; but none of these is likely to make the
At times, numbers will mislead. Bigger doesn’t always mean more. More doesn’t always translate to better.
A recent new client engagement reminded me of how tricky numbers can be; and why it is important for law firm leaders to rely on basic financial modeling at critical junctures.
A firm’s revenue can be one of
Law firms around the globe are busy wrapping up 2014, and planning for what they hope to be a stronger 2015. (There is an issue with the way we tend to approach year end, but that is is a conversation for another day.) Amid the flurry of collection activities, compensation and budget debates and
Reports vary on the degree to which the business of law is recovering or improving; but few question the fact that competitive pressures are growing, thanks to:
Recent reports on the legal profession reinforce what most realists already knew; market forces continue to apply significant pressure on law firms.
Two forces at work in the marketplace show no signs of easing any time soon: the demand for legal services on one hand, and on the other, the (over) supply of
The November edition of The American Lawyer includes an interesting article by Aric Press titled “Big Law’s Reality Check”. The article has implications for law firms of all sizes.
Press provides much fodder for thought; but these points, in particular, struck me as telling:
There are hundreds of potential strategies for law firm leaders to consider as they evaluate how to compete in an increasingly crowded marketplace. In the process of wrestling with all the complexity and analyzing options, it is easy to lose sight of a few basic principals that go a long way when it comes
I am interested in the interaction of a group of people who have a common goal, or a common obsession, each contributing something unique to make something greater than the sum of its parts. I don’t know why, but from day one, that has interested me. – Steven Van Zandt, Bruce Springsteen’s E Street
