Managing Law Firms in Transition

Managing Law Firms in Transition

Category Archives: Law Firm Transition

Subscribe to Law Firm Transition RSS Feed

Part 2- Succession and Selling Your Law Practice

Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
This 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

Merging Your Small Law Firm into a Bigger One-Five Additional Things Smart Firms Think About

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
Law firm mergers happen-a lot.  While the mega mergers get the publicity, many mergers stay under the radar because they involve smaller firms being absorbed by larger firms. Whether for reasons of market dynamics, succession, or battling for growth, some smaller firms simply conclude that life will be better as part of a bigger shop. A… Continue Reading

Succession and Selling Your Law Practice

Posted in Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition, Uncategorized
If you practice law, there is one eventuality that should be added to that familiar duo of Death and Taxes. No one talks much about it, but it warrants the same attention to detail. The subject? The end of your practice.  As is the case with its two more familiar rivals for attention, ignoring it will… Continue Reading

Avoiding Post Law Firm Merger Culture Wars-Six Things to Consider Before Getting Married

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Transition
Law firm mergers have been in the news with combinations being announced seemingly every week.  So far in 2018, the many mergers closed have drawn the attention of the media and law firm leaders alike.  The rationale for any of the announced mergers depends on the specific transaction and the firms involved.  Whatever the reason,… Continue Reading

What Does Partner Mean in Your Law Firm?

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
If you change partners every time it gets tough or you get a little dissatisfied, then I don’t think you get the richness that’s available in a long-term relationship.                   Jeff Bridges Another year and more turmoil in the legal profession! Although for some law firms the… Continue Reading

Getting a Bigger Piece of the Client Pie-Positioning Your Firm for More than a Sliver

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Transition
To control costs and improve legal service, more client legal work has been brought in-house in recent years.  As clients have achieved those twin goals, the proximity of readily available legal services to business decision makers has spawned greater institutional reliance on the captive legal departments.  The increased access to legal services for company business… Continue Reading

Succession and Law Firm Merger – 5 Key Considerations

Posted in Law Firm Merger, Law Firm Succession, Law Firm Transition
First 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

Succession Planning as Financial Planning: Five Critical Components

Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition
Succession 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

Is it Time? Five Developments That Demand Action from Law Firm Leaders

Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs
Running a law firm successfully is no easy task.  It is a multi-dimensional effort that requires leadership, discipline, vision, and some luck.  Getting all firm lawyers to row a boat in unison can be tough.  Even if some of the oars irregularly go into the water, progress is still possible. When attentive leaders work hard… Continue Reading

Rethinking Law Firm Succession-Five Reasons to Focus Differently

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
Law firm succession is a top of mind issue for today’s law firms.  Making sure one generation of leadership can hand the reins off to the next generation is a key concern.  Of course, it is not just having the right people in place to develop and execute sound strategies, but it also requires transitioning… Continue Reading

Law Firm Merger-A Way to Solve the Succession Dilemma

Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Merger, Law Firm Succession, Law Firm Transition
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… Continue Reading

Merger and the Underperforming Law Firm

Posted in Law Firm Crisis, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
As firms consider their strategic position , a number of law firms are finding themselves underperforming relative to peer firms. For some, it is deja vu…for the second, third or fourth consecutive year. You don’t need anyone to tell you that this is not a great way to navigate in this increasingly volatile environment. A… Continue Reading

Achieving Stability and Longevity for Your Law Firm-Five Fundamentals

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Succession, Law Firm Transition
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… Continue Reading

Merger and Operating Cost

Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
If your law firm is considering a merger, it is a perfect time to evaluate the operating cost associated with the combined organizations. Mergers are risky transactions. Having operating costs in line will decrease pressure on the new entity. Although all costs should be evaluated, we will focus on three areas in this post. Two… Continue Reading

Law Firm Merger Checklist Item-Culture

Posted in Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
The spring of 2018 has produced a spate of large law firm mergers.  Despite this noticeable activity, the interest in mergers is not something new-over 600 mergers and acquisitions have closed since 2007.  Based on the tactic’s popularity among firm leaders seeking a competitive edge, we can expect more mergers in the future. For law… Continue Reading

Four Important Elements to Getting Law Firm Merger Right

Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
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… Continue Reading

How Do You Define the Value of a Law Firm? Thoughts for the firm considering an ownership transition.

Posted in Law Firm Succession, Law Firm 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… Continue Reading

Law Firm Succession: Addressing the Most Important Issue

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
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… Continue Reading

Five Key Metrics for Grading Your Law Firm’s Annual Performance

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs
A law firm report card is a good thing.  Much like a child’s school report card telling a parent how school is going, a law firm report card can inform firm leadership about its progress, shortfalls, and areas that need improvement.  In these days of industry disruption and heightened competition, periodic assessments can give a… Continue Reading

Slowing the Churn – Rethinking the Acquisition Side of Law Firm Growth

Posted in Law Firm Growth, Law Firm Transition
I think the acquisition of consumers might be on the verge of being mapped. The battlefield is going to be retention and lifetime value. Gary Vaynerchuk  Growth through acquisition — individuals, groups or full-blown mergers — has become a norm within the legal profession. Doesn’t the record suggest it is time we ask whether the… Continue Reading

When a Law Firm Grows Up-Five Steps to Maturing Well

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
Sometimes it is as simple as two lawyers acting on obvious synergies and a law firm is born.  Once the firm is birthed, the days are heady ones as basic startup chores are mixed with the never-ending pursuit of clients, doing good work and building an enduring reputation.  Coming up for air can almost seem… Continue Reading

Law Firm Health in Turbulent Times

Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs
Strength and growth come only through continuous effort and struggle. – Napoleon Hill As the economy begins to show signs of volatility, it may foreshadow risk for many law firms.   Additional market disruption may lead to challenges for firms of all sizes and in most practice disciplines. In a Forbes article, Basha Rubin suggested… Continue Reading
.