I am very pleased that Eric Fletcher has agreed to provide this insightful guest post. Eric is an extraordinary law firm marketing professional who leads marketing and BD at Liskow & Lewis, is the author of the Marketing Brain Fodder blog, and is the co-author of 8 Mandates for Social Media Marketing Success
Why Do You Want To Grow Your Law Firm?
Ask the Managing Partner of any 100 law firms to list their top 5 objectives for their firm, and 99 or more will say something that relates to growth in the number of lawyers, locations or practice disciplines.
Ask the same Managing Partners what is driving the need for this expansion and the response will
Law Firm Succession Planning 2015: Leadership’s Hidden Challenge (Part One)
Altman Weil’s 2015 Law Firms in Transition report recently came out and as usual it offers interesting and valuable information about the law firm industry as well as the perceptions and attitudes of law firm leaders. One fact noted by AW in its report is that in 2015 much of the industry is enjoying
Is Turnover Putting Your Law Firm At Risk?
It has been estimated that lawyer turnover costs US law firms in excess of $13 billion per year — a staggering sum. At a more micro level the total cost of losing a lawyer is equal to more than two times the lawyer’s annual salary.
Although most industries face challenges associated with retaining
Five Important Objectives For Law Firms Dealing with the Generational Challenge in Succession Planning
Passing on leadership to the next generation at small to medium law firms can be a challenge. These firms give themselves the greatest chance of success for eventual transition if they identify future leadership early and take the time to nurture the best prospects before succession presents itself. Taking on this blocking and tackling is
Debt and the Prudent Law Firm
The reality of today’s law firm marketplace is that debt is a tool used to fund and manage:
- Fluctuations in collections;
- Purchase of fixed assets (furniture, equipment and leaseholder improvements);
- Growth and
- Partner compensation.
The challenge is to use the debt tool wisely.
To this end, we often hear some variation of two
Law Firms that Focus on Growth-Where is the Focus?
Dentons and McKenna Long recently announced the intent to merge. Media reporting of the merger was substantial, including an April 8, 2015 article written by Sara Randazzo in The Wall Street Journal. In her Dentons, McKenna Long to Merge, Ms. Randazzo quoted Denton’s global chairman Joseph Andrew as stating, “[O]ur goal was not
Law Firm Merger-What Makes Merger Success Likely?
A headline from last week announced the law firm merger of Dykema with Texas’ Cox Smith. Although Michigan based Dykema already had a foothold in Texas, its merger with well-regarded Cox Smith represents a significant commitment by Dykema to its Texas strategy. The Dykema/Cox Smith combination also is further evidence that law firm mergers
There is a Lot More to Law Firm Succession Planning Than Just Planning
A recent ABA Journal article reported on the demise of a successful law firm that had been in business for 60 years. The story about Harding & Shultz of Lincoln, Nebraska noted comments from one of the senior partners whose departure from the firm allegedly contributed to its demise. Seems that the senior partner, still
Establishing Standards For Growth – A Key to Building a Better Law Firm
The number one factor in determining the day-to-day joy in one’s work life is the culture of the organization of which you are a part.
Savvy law firm leaders know this; and they apply serious standards to increase the probability that everyone that becomes part of the organization makes a positive contribution