For many law firms, succession to the next generation presents a formidable and daunting challenge. Leadership may have been too busy to plan ahead for succession. Turnover at the firm may have dealt a blow to the goal of grooming someone to step in as the next leader. Sometimes the next generation’s business development abilities
Achieving Stability and Longevity for Your Law Firm-Five Fundamentals
Almost 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
Four Important Elements to Getting Law Firm Merger Right
Already 2018 has proven to be a time for law firm merger. Since the beginning of the year we have been treated to a constant series of announcements about law firms combining. And although law firm mergers have been part of the landscape for years, the increase in law firm mergers shows its growing popularity
How Do You Define the Value of a Law Firm? Thoughts for the firm considering an ownership transition.
What 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
Law Firm Succession: Addressing the Most Important Issue
After years of success (by any number of measures), more than a few firm founders (or later generation leaders) confront succession. Some of them are simply ready to step back and enjoy life-turning their worries over to the next generation has great appeal. Others are driven by unanticipated developments-illness or family circumstances compel them to
Its Merger Season-Five Reasons for Your Law Firm to Think About Merger
Tis the season, but holidays are not involved. Rather, market forces, activity and trends confirm that law firm merger is on the minds of law firms. While mergers once seemed to happen mostly around the start of the year, the complexity of the merger exercise means mergers can happen at any time. And even for
Five Steps for Preparing Your Law Firm for a Great Future
Predicting the future of the legal services industry is no easy task. The complexity of its landscape makes divining next year, let alone the coming years, difficult. Prophesying about the future, however, is not simply an academic exercise. It has practical importance because firms must develop sound strategies that can help assure future success. For
Five Reasons for Law Firms to Think About a Merger in 2018
There is much to do when a law firm closes out its year. Getting bills out, collecting receivables, paying bonuses, and distributing profits are but a few of the things that get the attention of leadership. As long as the firm’s year has moved along normally, finishing up strong often is the main focus of
The Important First Step in Law Firm Client Succession
Succession planning of client relationships at law firms requires a thoughtful examination of a law firm’s past, present and future. Managing the transition of a senior lawyer’s practice to younger counterparts is not easy. Poorly understood and executed, it can result in a loss of both valuable business and a cherished colleague. The stakes are
Law Firm Survival and Succession Planning – 3 Steps
Succession 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