A Forbes article entitled Law Firm Leadership Survey: Top Strategic Initiatives of 2017 shared some interesting information about the burning and not so burning issues for today’s law firm leaders. The information was assembled through the work of David J. Parnell (the author of the Forbes article) and noted legal consultant Patrick J. McKenna.
Four Signs Your Law Firm is Not Ready for Leadership Succession
At 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.
Is Your Law Firm At Risk?
One ought never turn one’s back on a threatened danger and try to run away from it. If you do that, you will double the danger. But if you meet it promptly and without flinching, you will reduce the danger by half. Never run away from anything. Never!
Winston Churchill
The first key to
Law Firm Succession-A Future Leader’s Job Description
The 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
4 Ways Law Firms Grow Revenue
I had a recent discussion with Eric Fletcher, a talented marketing executive author of Marketing Brain Fodder about law firm growth and specifically revenue growth. The somewhat obvious conclusion was that law firms grow revenue in four ways, each with its own challenges and issues by.
- Raising rates
- Hiring “laterals” who
Law Firms in the Year Ahead-Is a Good 2017 That Much of a Good Thing?
Georgetown Law Center for the Study of the Legal Profession and Thompson Reuters released their annual report on the state of the legal market last week and it is, as always, informative. The 2017 Peer Monitor Report is chock full of data and analysis respecting the tendencies in the legal market. While one might conclude
Small Law Firms and Rough Seas-Navigating the Years Ahead
As December ends and January dawns, report cards on the legal profession are issued and crystal balls are studied. This year is no different with many articles offering assessments of the industry’s current state and its prospects.
Two pieces recently written about the industry’s present and the future are worth review. Mark A. Cohen’s Something’s
Law Firm Departures 2016/2017: A Likely Source of Disputes
(As many law firms see their fiscal year close simultaneously with the calendar year-end, the risk of partner departures rise. The lessons identified in the March 2015 blog Law Firm Departures: A Likely Source of Disputes have not lost their relevance as 2016 closes and 2017 begins. That blog is reprinted here in its entirely)
Improving Your Law Firm’s Growth Prospects-The Importance of Discipline
For many law firms client expectations, increased competition (from traditional and non-traditional sources) and unreliable demand present formidable challenges. These challenges can be compounded as a firm’s senior lawyers age and succession gets added to a firm’s “to do” list.
Some firms have responded to these issues by growing through lateral hiring or merger
Avoiding the Unplanned Law Firm Closure-Five Steps Every Law Firm Should Take
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