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
Law Firm Merger-A Way to Solve the Succession Dilemma
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
Merger and the Underperforming Law Firm
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
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
Merger and Operating Cost
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
Law Firm Merger Checklist Item-Culture
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
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
HERE TODAY. GONE TOMORROW. WHAT CAN BE DONE TO SLOW THE LAW FIRM CHURN?
This is the second in a two-part series addressing one of the most costly and destabilizing realities of a law firm – the seemingly perpetual movement of lawyers from one firm to the next.
The first post on the subject took a look at why and how to improve the lateral hiring process. Today we