Law firms seeking to thrive today must stand out from their competition. Of course, that is easier said than done, and identifying specific steps to achieve this goal takes careful thought, planning and execution. Thomson Reuters’ recently released 2020 Dynamic Law Firm Report presents a provocative and instructive glimpse of certain elements found in law
New Law Firm Ownership Rules Won’t Drive Success–Three Things That Will
As talk about more states allowing non-lawyer ownership of law firms is heard, concern over more deeply capitalized competition may be on the mind of some law firm leaders. No doubt, opening up law firm capital structures to investors is significant, but it won’t change the fundamentals for surviving in today’s legal services market. Since
Is Your Law Firm Adapting?
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
The Secret To Wachtell’s Dominance
Law Firm Sustainability–Its All About Focusing on the Future
“[L]eaders must have a sharp eye on the future, always considering how the law firm will evolve and succeed in the years ahead.”
from Decisions That Matter: Tales of Law Firm Leadership in Moments of Consequence
Sustaining a law firm’s success is a nice challenge to have. For one, it means that the founders already
3 Keys to Realizing A Law Firm’s Potential
Let’s start by defining terms. There are a number of characteristics that might be used to bring definition to “potential” – size, profitability, locations, and so on. But, for purposes of this discussion, I define it as achieving the professional goals of the firm’s professionals. If, over the span of a career, the
Law Firm Growth — Avoiding the Most Common Mistake
“When a law firm embarks on a plan to grow, ultimate success … [directly relates to] leadership’s ability to make the right decisions while navigating the high seas of growth.”
from Decisions That Matter: Tales of Law Firm Leadership in Moments of Consequence
It is not unusual to hear “Growth” as the response when law
Two KPIs That Measure Your Law Firm’s Long-Term Health
I have been preparing for a managing partner leadership conference. One of the topics I am discussing is law firm Key Performance Indicators “KPI.” In reviewing recent articles and posts on the issue I was struck by two things:
- the disproportionate representation of relatively short-term performance snapshots; versus,
- the almost total absence of the two
Approaching Law Firm Merger with Discipline-Five Key Elements
As more law firm mergers are announced, the idea of pursuing a merger crosses many a law firm leader’s mind. The idea of grabbing greater market share, entering distant markets, bolstering capabilities, or addressing succession can spur thoughts of combination. Those potential results or outcomes can seem compelling and cause a firm to jump into
A Quality Law Firm Strategy
I was very encouraged by a Bloomberg article regarding Katten Muchin Rosenman. The piece describes the strategic priorities of Roger Furey, the chair of the firm. The three top priorities are:
- Getting the word out regarding the firm’s reputation. Reportedly, the firm has an excellent reputation with existing clients and the goal is to make the broader market more aware of this.
- Determine what the firm’s clients view as their needs. As is the case with all firms (or for that matter, any service related business), understanding the needs of clients — learning directly from them about what they are thinking and what they need — will allow the firm to better serve them (and when done properly, almost always result in organic growth).
- Attorney development. The firm intends to better use its more senior lawyers to enhance the capabilities of its more junior lawyers.