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
By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Succession,Law Firm TransitionThe topic of law firm succession is a hot one-discussed daily by commentators and law firm leaders alike. Of course, succession comes in two primary forms; client relationship succession and leadership succession. For many firm leaders, client relationship succession seems to have a heightened priority. But given the changing nature of the legal industry, a… Continue Reading
By Roger Hayse on Posted in Law Firm Leadership,Law Firm Succession Succession planning isn’t for everyone. If your law firm doesn’t have interest in long-term, multi-generational, viability (never mind the whole idea of legacy, which seems increasingly out of vogue) then this post isn’t really for you. It should be acknowledged that a firm doesn’t have to transition from one generation to the next if… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Repositioning/Turnaround/Restructuring,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. Recent writings, including Debra Cassens Weiss‘ As Baby Boomer partners retire, law firms face increasing costs and client issues, have noted the numerous and significant financial issues for law firms… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Succession,Law Firm TransitionLast week saw Vault.com release its 2017 survey of the best law firms to work for and O’Melveny and Myers is the new reigning champion. Among quality of life factors that matter to many of today’s associates, the firm scored first in satisfaction and honors, and placed second in firm culture, leadership transparency and substantive… Continue Reading
