We have discussed the substantial challenges associated with law firm mergers and their woeful success rate in previous posts. But a frequently overlooked piece of a successful merger — an element that warrants serious attention — is a comprehensive integration plan.
Combining two groups of people, their clients, processes and systems is a daunting
As staid and conservative lawyers and their profession may seem, it is undeniable that change is a part of their world. The change that has confronted the legal profession since the collapse of 2008 has garnered a lot of press, but lawyers and their firms have had to adjust to an altering world for a
Merger is a frequent law firm activity, especially in recent years. Based on a recent review of Altman Weil’s MergerLine, over 600 mergers and acquisitions have closed since 2007. While not all the deals identified by MergerLine have been true mergers, many of the “non-mergers” nonetheless have been significant because they represent the near full
Over the last two weeks some attention has been given to the topic of law firms raising rates. Bill Josten recently wrote about information coming from Thomson Reuters’ Legal Executive Institute and Peer Monitor that suggests that raising rates may undermine firms’ goals of greater profitability. A similar report followed, also drawing on Thomson
There continue to be reports addressing the challenges facing the legal profession related to a falling demand for legal services and the increasing number of alternatives to traditional law firms.
At a macro level the demand for legal services has been flat to negative for the last decade. While larger firms have faired slightly
Forbes’ article Cab Companies and Law Firms Are Taking the Same Route presents the provocative view that law firms face disruptive innovation similar to the kind experienced over the last eight years by cab companies. Ride sharing innovation through the likes of Uber, Lyft and others has undermined the once financially formidable cab business.
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. Recent writings, including Debra Cassens Weiss‘ As Baby Boomer partners retire, law firms face increasing costs and client issues, have noted the numerous and significant financial issues for
Is culture something entirely different?
Here’a a working hypothesis for today’s conversation: you can’t help it – every firm has a culture. However, for law firm leadership the concern should be less about good versus bad, and more about ensuring a culture that is aligned with the aspirations of those wth whom you wish to
Superficial solutions to the long-term challenges law firms face are seldom lasting. The right answers only come through disciplined strategic thinking that projects beyond a looming horizon. Unfortunately, some thinking in the guise of being strategic is anything but. And for the law firms trying to position themselves past that horizon, misinterpreting motion for progress
As law firms prepare for the last half of 2016, the ingredients for the lateral hiring stew are being added. Firm and individual lawyer performance on the year, bonus expectations and realization, internal law firm management and politics-all will be factors in determining individual lawyer contentment. The same factors, viewed from management’s perspective, will drive
