I think the acquisition of consumers might be on the verge of being mapped. The battlefield is going to be retention and lifetime value.
Growth through acquisition — individuals, groups or full-blown mergers — has become a norm within the legal profession.
Doesn’t the record suggest it is time we ask whether the
Strength and growth come only through continuous effort and struggle. – Napoleon Hill
As the economy begins to show signs of volatility, it may foreshadow risk for many law firms. Additional market disruption may lead to challenges for firms of all sizes and in most practice disciplines.
In a Forbes article, Basha Rubin suggested that
Time and time again the news includes another report of a law firm (most often small to medium in size) having been ripped off. The dollar amount involved in a majority of the reported thefts is a few hundred thousand, but in some cases millions of dollars have been misappropriated. In what I consider the
I recently finished a review of the 2018 version of the Georgetown University Law Center’s Report on the State of the Legal Market. Although the report contains numerous quantitative facts reflecting continued struggles for the law firm services market (falling productivity, realization and profit margins), I was intrigued by the commentary regarding strategy.
Merger has continued to be a strategic choice for many law firms. Since 2009 the volume of transactions has continued to grow, with approximately 100 announced mergers last year.
Our expectation is that the number of law firms that choose merger as their go forward strategy will increase, dwarfed only by the number of firms
For years, we’ve known two things about personal health: ‘We are what we eat’ and ‘We need to move more.’
Specific admonitions and instructions change, but the theme is consistent. The human body needs a balance of nutrient rich foods with a compliment of vitamins and minerals. And there are the things to avoid
The measure of success is not whether you have a tough problem to deal with, but whether it is the same problem you had last year.
— John Foster Dulles
Former Secretary of State
We’ve Got Trouble…With A Capital “T”
Most law firms go through a similar cycle. Initially partners share an
Greatness is not a function of circumstance. Greatness, it turns out, is largely a matter of conscious choice, and discipline.― Jim Collins
During a re-read of the Jim Collins classic “Good To Great”, I was struck by the profound difference discipline in decision making could have on law firms.
One of the glaring
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 2017 let me suggest one more subject that deserves attention — something that stands a chance of making a real long-term difference.
I suggest that
If people like you, they’ll listen to you, but if they trust you, they’ll do business with you. – Zig Ziegler
A number of things can cause one to land in a law firm leadership position; such as success in building a legal practice, ability to build consensus and advance initiatives or even political
