To become more effective , to improve — in any position in any organization — begins with and is dependent on periodic feedback and performance evaluation. Without the objective assessment that comes with these two elements, attention to areas in need of focus is limited. Improvement is left to the realizations that arise
Relieving Pressure in the Law Firm Restructure/Turnaround
Whenever you see a successful business, someone once made a courageous decision. – Peter Drucker
We have previously written about the unique nature of the law firm turnaround and how commitment from owners is one of the keys to turnaround success. In Part 2 we will look at resource management (or cost management) as a second key to success.
Cost Management – Relieve the Pressure
Turning-around a troubled law firm, or any business for that matter, is difficult. To give the challenged firm the greatest chance of success it is critical to relieve the organization of as much financial pressure as possible.
Although there are other steps that we will discuss, managing a firm’s cash commitments to as low a level as practical is the first and most important step in minimizing financial stress. Typically, the two largest demands on the financial resources of law firms are:
• The cost associated with personnel
• The cost associated with lease space.
Managing People Cost
Continue Reading Relieving Pressure in the Law Firm Restructure/Turnaround
Denial and Law Firm Demise
“Hope is the denial of reality. It is the carrot dangled before the draft horse to keep him plodding along in a vain attempt to reach it.” – Margaret Weis
Most business people are familiar with Built to Last and Good to Great, both terrific books by Jim Collins. He published a less known
Adapt or Die – 4 Steps to Law Firm Sustainability
The measure of intelligence is the ability to change – Einstein
Adapting to change – At first blush the need to adapt is so obvious there would seem to be no need to discuss it. Then we see firm after firm, small to large, fail because of a reluctance, unwillingness or sheer inability
Is it Time to Restructure/Reposition Your Law Firm?
One ought never to turn one’s back on a threatened danger and try to run away from it. If you do that, you will double the danger. But if you meet it promptly and without flinching, you will reduce the danger by half. Never run away from anything. Never! Winston Churchill
Law Firms, like all
To Merge or Not To Merge – What’s A Law Firm To Do?
Merger mania continues in the legal sector. According to Altman Weil’s MergerLine, there have been more than 50 law firm mergers in the US so far this year; 2017 could well be a record year for law firm combinations.
The odds are high, whether your firm has been engaged in merger discussions in the
The Makings of an Exceptional Law Firm Leader
A few weeks ago I shared some thoughts on the pivotal role leaders play in a post titled, “The Role of Leadership in Law Firm Success or Failure.” In today’s post, in an effort specifically designed to help identify the quality leader, I want to point to what we believe to be clear
The Role of Leadership in Law Firm Success or Failure
Leaders aren’t born, they are made. And they are made just like anything else, through hard work. And that’s the price we’ll have to pay to achieve that goal, or any goal. —Vince Lombardi
As law firms, big and small, continue to struggle, it begs the question, what is going on? And (more to
Law Firm Survival and Succession Planning – 3 Steps
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
5 Keys to Resolving Law Firm Crisis
Realizing that your law firm is in crisis can be unsettling, to put it mildly. Take heart, though crisis is a concerning condition, it need not be fatal.
Crisis can arrive in many different ways. At times it is the product of an extended period of underperforming. For other firms it can be brought on