Most firms are in the final stretch for this year, wrestling with collections, budgets, promotions and compensation decisions. All of these are important activities. But, while focused on wrapping up 2018 let me suggest one more subject that deserves attention — something that stands a chance of making a real long-term difference.
Continue Reading Preparing Your Firm For 2019 and Beyond
Is Succession Planning On Your Firm’s 2019 To-Do List?
Succession and succession planning are hot topics in the legal profession. One statistic explains the focus on the topic – only about 30% of law firms make it beyond the first generation.
Why Do So Many Law Firms Fail?
Why do so few law firms make it to the second generation? Consider this progression
Thankful for Accountable Law Firm Leaders
As we approach the the long Thanksgiving holiday I’m reflecting on my appreciation for law firm leaders who are accountable and drive a culture around that standard.
Somewhere along the line the idea of being held accountable began to be viewed as punitive. Paying the price.
Certainly this is part of the equation; but accountability
Is Your Law Firm At Risk?
Don’t waste your time trying to control the uncontrollable, or trying to solve the unsolvable, or think about what could have been. Instead, think about what you can control and solve the problem you can solve with the wisdom you have gained from both your victories and your defeats in the past. – David Mahoney
Succession Planning – Before It Is Too Late
A few law firms have had the benefit of organic preparation for succession. Their natural tendencies led to grooming the next generation for the transition of client relationships and management responsibilities. A small percentage of firms have actually executed carefully prepared formal succession plans.
But, the overwhelming majority of law firms are not prepared for
Focusing on Long Term Stability
“Focusing is about saying No!” Steve Jobs
I was reviewing an article regarding the 13th Annual America’s Best Corporate Law Firms study and was struck with how consistent the same names appear on this list — year in and year out. Even if you haven’t seen it, chances are you can name many of
Managing Law Firm Strategic Initiatives
This post is inspired by a recent interaction with a former colleague that has done very well with her career. 15 years ago, she was an entry level law firm HR professional that was smart, had lots of energy and a passion for excellent work. She has advanced through a variety of positions in the
What is Your Law Firm Worth?
What is your law firm worth?
This question is paramount when the owners of a firm consider the possibilities related to a merger, a succession plan involving existing firm members, or the outright sale of an established practice.
There are variations by state as to what can and cannot be sold as part of transitioning
Law Firm Sale and Outside Perspective
The best way a mentor can prepare another leader is to expose him or her to other great people. John Maxwell
Quality decision-making has a great deal to do with shaping the ultimate fate of all law firms. Today’s post focuses on the value of today’s law firm leader engaging the insight and decision-making acumen
Part 2- Succession and Selling Your Law Practice
This is the second in a two part series addressing the idea of selling your law practice as part of a succession plan. Part one addressed
issues related to defining personal objectives, compliance with local bar rules, and practice valuation.
In this post we will look at three remaining considerations:
- Finding a buyer,
- Negotiating the