The Coronavirus is causing broad-based law firm disruption. Reports of law firms reducing draws, decreasing salaries, furloughing or laying off of lawyers and staff, and modifying summer associate programs appear daily. Besides creating concern for health and well-being, the pandemic presents real and substantial challenges for law firms. All firms will feel it, and some
Conversations Law Firm Leaders Should Be Having with Vendors During the Covid-19 Crisis
The phrase “extraordinary times” is an understatement when it comes to describing these days as each of us is forced to focus on new ways to achieve personal and business survival. As law firms attempt to envision a path through this crisis, a new working relationship with vendors should be considered as part of the
Leading a Law Firm in (Coronavirus) Crisis-Two Essential Fundamentals
A law firm in crisis is in a different world—a world in which leadership must learn to adapt. It is a place that requires thinking differently, acting decisively, and making choices count. In battling crisis mistakes inevitably happen, but successful crisis leaders keep the number and magnitude small. A law firm leader flexes brain muscles
Law Firm Liquidity in the Midst of Covid 19
The vast majority of law firms are already or in the throes of or are about to experience a marked decrease in revenue, whether to closed courts, stalled transactions, or simply because clients are pulling back and paying more slowly.
For a very small minority of law firms declining cash balances aren’t a problem thanks
Law Firms in (Coronavirus) Crisis–Communicating Effectively
Thoughts on Navigating a Law Firm (Coronavirus) Crisis – continued.
Experience tells us that crisis in law firms can happen fast. Once presented, its consequences can race past leadership’s ability to effectively respond and leave a firm reeling. Whereas crisis traditionally caused by lawyer departure, client loss or revenue decline has often been predictable
Navigating a Law Firm (Coronavirus) Crisis
These are exceptional times for all of law firms. Staying safe and assuring good health is of paramount concern. But for all but a few firms, these times also will test leadership as it seeks firm stability in uncharted waters.
In crisis, leadership must be seen and heard, manage cash flow/liquidity prudently, and confront tough
Disaster or Opportunity in the Next Law Firm Downturn?-Five Things That Matter
Recent years have been good for law firms of all kinds and sizes. But good days can’t last forever. Whether the next downturn hurting law firms gets traced to a world-wide virus, political disruption, or just a plain old recession, it doesn’t really matter. What matters for law firms having to ride the looming bumpy
Tackling the Drop in Law Firm Demand Through Change–Five Essential Questions
Although many law firms are enjoying increased demand, revenues and profitability, not all firms are so fortunate. For the firms seeing a sustained slackening of demand, there is no shortage of ideas on how to combat the problem. “Work harder,” “get out and hustle,” and “reconnect with your relationships,” are but a few of the
Law Partner Retirement in Place–Solving Won’t Work/Won’t Leave (Part One)
Let’s face it, the hugely important issue of law firm succession has a lot to do with senior attorney retirement. Recognizing that, more law firms have prepared for coming retirements by infusing new leadership, transferring existing client relationship responsibility, and coaching the next generations to be business developers. When succession is done right, a firm
Law Firm Differentiation — Five Essential Attributes
The concentration of law firm financial strength narrows as fewer AmLaw 200 law firms can be counted among the fortunate. As Mark A. Cohen argues in his The AmLaw 200 Is Down to 50 – Maybe 20. What does It Mean? a fiscal separation among bigger firms has occurred and continues. Cohen concludes that the