By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Succession,Law Firm TransitionAt a growing number of law firms, the Boomer generation is reaching the age when retirement among the ranks has partners leaving in increasing numbers. Numerous industry focused writings have noted an array issues faced by law firms experiencing retirements. As partners retire, financial ramifications can be felt. The monetary payout associated with the retirement… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Merger,Law Firm Succession,Law Firm TransitionEvery year law firms of all sizes merge. For some of the smaller law firms merging, the decision to combine may have been driven by the need for an effective succession plan. In these cases in which long-time management is unenthused about the prospect of turning the keys over the next generation, merger can be… Continue Reading
By Roger Hayse on Posted in Law Firm Leadership,Law Firm Succession,Law Firm Transition,UncategorizedThe best way a mentor can prepare another leader is to expose him or her to other great people. John Maxwell Quality decision-making has a great deal to do with shaping the ultimate fate of all law firms. Today’s post focuses on the value of today’s law firm leader engaging the insight and decision-making acumen… Continue Reading
By Roger Hayse on Posted in Law Firm Repositioning/Turnaround/Restructuring,Law Firm Succession,Law Firm TransitionThis is the second in a two part series addressing the idea of selling your law practice as part of a succession plan. Part one addressed issues related to defining personal objectives, compliance with local bar rules, and practice valuation. In this post we will look at three remaining considerations: Finding a buyer, Negotiating the… Continue Reading
By Roger Hayse on Posted in Law Firm Merger,Law Firm Succession,Law Firm TransitionFirst generation law firm leaders find themselves confronted by a classic “good news-bad-news reality.” The good news is that they are nearing the end of what for most has been a rewarding career. The bad? Most have no clear path of succession— for client relationships or leadership responsibilities. There are a host of reasons; but the… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Succession,Law Firm TransitionSuccession planning is an important issue for many law firms, especially as the Boomers and Generation Xers age and the human resource pyramid becomes an irregular shaped box. When you add in the assault on the industry from client competition, alternative service providers, and artificial intelligence, the necessity of doing succession right is more critical… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Growth,Law Firm Leadership,Law Firm Succession,Law Firm TransitionAlmost daily, lawyers come together and open new law firms. High expectations accompany such births. With owners committing to work hard, promising to exercise given and acquired skills, and counting on a little (but not too much) luck, the newly created institution teases with the prospect of success. The positive vibes at inception may be… Continue Reading
By Roger Hayse on Posted in Law Firm Succession,Law Firm TransitionWhat is your law firm worth? This question is paramount when the owners of a firm consider the possibilities related to a merger, a succession plan involving existing members, or the outright sale of an established practice. There are variations by state as to what can and cannot be sold as part of transitioning of… Continue Reading
By Roger Hayse on Posted in Law Firm Repositioning/Turnaround/Restructuring,Law Firm SuccessionSuccession and succession planning are hot topics in the legal profession. One statistic explains the focus on the topic – only about 30% of law firms make it beyond the first generation. Why Do So Many Law Firms Fail? Why do so few law firms make it to the second generation? Consider this progression of… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Succession,Law Firm Transition,UncategorizedIs the grass greener on the other side? Some small firm leaders envy perceived advantages enjoyed by bigger firms. Leadership at big firms likewise can be found yearning for simpler times when their firms were smaller and the issues seemed simpler. Regardless of size, all law firms must work hard to succeed, especially in a… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Succession,Law Firm Transition The legal services industry is awash with profitability challenges, calls for innovation, and non-traditional entrants. Long-time law firm clients are expecting more from their law firms at the same time they weigh the option of moving work in-house or assigning it to alternative providers. Since 2008 flat demand and financial stress have fueled reactive… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Succession,Law Firm Transition,Law Firm Warning SignsAt many law firms that recognize the need for succession planning, preparation for leadership succession receives too little attention. Succession planning can languish for various reasons. In some instances, the press of regular law firm business distracts existing leadership from the issue. In other cases, the topic is an uncomfortable one so discussions are avoided.… Continue Reading
