Law firm crisis can pop up at anytime during the year, but if it had a “season” it would be early on in the calendar. As I wrote in Like Divorce, Law Firm Crisis is More Likely as the New Year Starts
, the beginning of each year is when key lawyers cut and run,
Like Divorce, Law Firm Crisis is More Likely as the New Year Starts
In his January Divorce Rush Dates Back to the Middle Ages, Frederik Pederson examines the annual spike in English divorces every January and traces the phenomenon back to the Middle Ages. His research into the records of medieval church courts is interesting and supports his thesis. Mr. Pederson’s article backs the view that whatever
Year End At the Law Firm-When the Best Laid Plans Can Go Astray
As law firms work their year-end activities, there is much to do. Collecting bills, awarding bonuses, budgeting for the coming year, promotions, evaluations, and in some cases, compensation setting, are among the things on law firm agendas. Focused firms also begin, continue or complete identifying their strategic imperatives for 2015 so that the New Year
Distressed Law Firm Acquisitions-The Times May Be Perfect (Part Two)
As reviewed in Part One last week, the example of the Morgan Lewis/Bingham McCutchen mass lateral transaction may serve to stimulate the pursuit of distressed firms by healthy firms. Although distressed law firm transactions are nothing new, the model of that deal plus two new legal developments may foster greater distressed law firm activity.
The
Office Space and Law Firm Stability
Reports vary on the degree to which the business of law is recovering or improving; but few question the fact that competitive pressures are growing, thanks to:
- Decreased demand due to more matters being kept in-house,
- Increased pricing pressure,
- Outsourcing of routine tasks to low-cost providers half-way around the world; and,
- Increased competition from non-law
Distressed Law Firm Acquisitions-The Times May Be Perfect (Part One)
This is the first of two installments that examine the changing landscape of distressed law firm acquisitions and how recent developments may encourage healthy firms to pursue struggling firms like never before.
Last week, the long-anticipated Morgan Lewis acquisition of a core component of Bingham McCutchen’s practice was announced. Described as a mass lateral
Strong Leadership and Sound Strategy: Law Firm Success in Transitional Times
Some recent news and commentary drives home the idea that the legal industry and its law firm participants are facing transition. Jennifer Smith of The Wall Street Journal reported that more law firm clients are insourcing-taking in work heretofore performed by outside counsel. That development, by some accounts impacting large law firms in particular, occurs
Unwanted Law Firm Departures While Negotiating a Merger-A Test of Leadership
Law firm mergers seemingly are announced weekly and continue a trend as to which most observers are accustomed. Just last week Locke Lord and Edwards Wildman Palmer jointly announced the signing of a letter of intent to combine their two firms. Not all law firm mergers are marriages of equals, or instances when the strategic
Law Firm Transition-Timing is Critical
Legal industry veteran Eric Fletcher takes the view that law firms perpetually are in transition. Certainly, in the changing legal environment that has existed since 2008, transition among law firms is common. Law firms in transition can face any number of business altering decisions, whether they be fundamental adjustments to its business strategy, considering merger,
3 Keys To Law Firm Stability In A Changing Marketplace
I don’t know where we should take this company, but I do know that if I start with the right people, ask them the right questions, and engage them in vigorous debate, we will find a way to make this company great. Jim Collins
So many law firms — big and small — are