For many law firms, succession to the next generation presents a formidable and daunting challenge. Leadership may have been too busy to plan ahead for succession. Turnover at the firm may have dealt a blow to the goal of grooming someone to step in as the next leader. Sometimes the next generation’s business development abilities
Merger and the Underperforming Law Firm
As firms consider their strategic position , a number of law firms are finding themselves underperforming relative to peer firms. For some, it is deja vu…for the second, third or fourth consecutive year.
You don’t need anyone to tell you that this is not a great way to navigate in this increasingly volatile environment. A
Underperforming Law Firms Risk Failure
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
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
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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
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
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
Five Leadership Steps for Confronting Law Firm Crisis
Law firm crisis can surface at any time. Its roots can be deep within the firm, or can be the outcome of unforeseen developments. However, or whenever it arises, the affected law firm must react promptly and strategically. A tardy reaction, or a misstep in action, can leave a firm in great danger and on
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
Five Signs Your Law Firm Needs New Energy
Law firms that lack energy dim their prospects for the future. Too often law firms pass over the issue of their own vibrancy (whether by a failure of recognition or simple indifference) and plod along without taking corrective action. A becalmed law firm, especially in these times of legal industry disruption, is flirting with danger.