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
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
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
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
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
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
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
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
“Preparation is very important.”
“Albert Pujols, one of the best hitters in baseball’s modern era, used this four-word phrase to describe one of his keys for success. It is not overly complicated and it is easily understood. The fundamental quality of being prepared—of keeping his eye on the ball figuratively in addition to, in the
“Every little thing counts in crisis” -Jawaharlal Nehru, Indian statesman
“For law firm leader, there is little room for error when crisis ensues. A mistake here, a misstep there, and lawyers at the firm begin to lose confidence in the firm and its leadership”
