Managing Law Firms in Transition

Managing Law Firms in Transition

Category Archives: Law Firm Transition

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Law Firm Succession Planning-Five Mistakes to Avoid

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
The issue of succession planning at law firms is a topic of great importance.  The need to address succession won’t always wait until a convenient time and makes planning as important than ever. Succession planning among firms, whether leadership succession or client relationship transition, is a mixed bag. Some firms have thought about it deeply… Continue Reading

Minimizing the Risk of an Unexpected Law Firm Closure-Five Steps Every Law Firm Should Take

Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Liquidation, Law Firm Succession, Law Firm Transition
As the calendar year comes to a close, there is a lot to do at most law firms. Activities like collecting bills, distributing profits and casting next year’s budget can occupy many a leadership team. The tasks at hand can be time consuming and all engrossing. Given the importance of these short-term issues, thinking about… Continue Reading

Is Your Law Firm At Risk?

Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs, Uncategorized
Don’t waste your time trying to control the uncontrollable, or trying to solve the unsolvable, or think about what could have been. Instead, think about what you can control and solve the problem you can solve with the wisdom you have gained from both your victories and your defeats in the past.  – David Mahoney… Continue Reading

Five Law Firm Client Succession Strategies-Finding the Best Approach for Your Firm

Posted in Law Firm Leadership, Law Firm Merger, Law Firm Succession, Law Firm Transition
There are two primary succession challenges law firms face.  Leadership succession is one and is a vitally important step to assure a firm’s longevity.  A second kind of law firm succession involves the succession of client relationships as senior-lawyers wind-down or retire. As hard as leadership succession can be, managing client relationship succession can be… Continue Reading

Succession Planning – Before It Is Too Late

Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition
A few law firms have had the benefit of organic preparation for succession. Their natural tendencies led to grooming the next generation for the transition of client relationships and management responsibilities. A small percentage of firms have actually executed carefully prepared formal succession plans. But, the overwhelming majority of law firms are not prepared for… Continue Reading

Law Firm Retirement Plan Tweaking – Four Additional Things to Think About

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

Focusing on Long Term Stability

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
“Focusing is about saying No!”   Steve Jobs   I was reviewing an article regarding the 13th Annual America’s Best Corporate Law Firms study and was struck with how consistent the same names appear on this list — year in and year out. Even if you haven’t seen it, chances are you can name many… Continue Reading

Four Important Phases in Achieving Law Firm Merger Success

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Transition
Law firm growth gets a lot of attention. Among the various approaches to law firm growth is the tactic of merger. Almost weekly we are treated to another announcement about two law firms fulfilling their desire to grow by combining. And although law firm mergers have been part of the landscape for years, the incidence… Continue Reading

Managing Law Firm Strategic Initiatives

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
This post is inspired by a recent interaction with a former colleague that has done very well with her career. 15 years ago, she was an entry level law firm HR professional that was smart, had lots of energy and a passion for excellent work. She has advanced through a variety of positions in the… Continue Reading

Merger Madness-Five Reasons Your Merger Can Go Wrong

Posted in Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
It almost seems like a broken record to hear about the popularity of law firm mergers.  Legal industry publications report on the latest mergers and hot market trends.  Indeed, just recently The American Lawyerreviewed the merger opportunities that abound for mid-size firms in its Mid-size Firm Leaders Awash in Big Law Merger Offers. Despite the… Continue Reading

What is Your Law Firm Worth?

Posted in Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, 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 firm 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… Continue Reading

Merger as a Law Firm Succession Plan-Five Steps to Getting it Done Correctly

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

Law Firm Sale and Outside Perspective

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

Five Warning Signs That Your Law Firm is Headed for Uncertain Times

Posted in Law Firm Crisis, Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition, Law Firm Warning Signs
As business organizations go, law firms are different because they can face greater stability challenges.  Sure, law firms with iconic names seem to rock along year after year.  But for every bedrock firm there are others that struggle to survive.  And even some of the firms regarded for their steady state are like the proverbial… Continue Reading

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
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