As we enter the New Year, chances are good you’re dealing with a predictable slate of demands on your time: setting compensation and budgets; managing details associated with the latest departure; and interviewing this week’s lateral prospect. All important activities, and worthy of serious attention; but none of these is likely to make the
Year End At the Law Firm-When the Best Laid Plans Can Go Astray
As law firms work their year-end activities, there is much to do. Collecting bills, awarding bonuses, budgeting for the coming year, promotions, evaluations, and in some cases, compensation setting, are among the things on law firm agendas. Focused firms also begin, continue or complete identifying their strategic imperatives for 2015 so that the New Year
Law Firm Growth and Basic Financial Modeling (Don’t Let Numbers Mislead)
At times, numbers will mislead. Bigger doesn’t always mean more. More doesn’t always translate to better.
A recent new client engagement reminded me of how tricky numbers can be; and why it is important for law firm leaders to rely on basic financial modeling at critical junctures.
A firm’s revenue can be one of
Big Bonuses and Robots-Today and the Future
As 2014 draws to a close, there have been more than a few reports of generous associate bonuses at some well-known firms. In an industry that has had its share of challenging economic news since the Great Recession, news of these bonuses is a welcome change. While the increased bonuses are positive, especially for
An Open Question About The Way We Choose Law Firm Leadership
Law firms around the globe are busy wrapping up 2014, and planning for what they hope to be a stronger 2015. (There is an issue with the way we tend to approach year end, but that is is a conversation for another day.) Amid the flurry of collection activities, compensation and budget debates and
Strategy of Merger: Four Steps for Success for Law Firm Leaders
Distressed Law Firm Acquisitions-The Times May Be Perfect (Part Two)
As reviewed in Part One last week, the example of the Morgan Lewis/Bingham McCutchen mass lateral transaction may serve to stimulate the pursuit of distressed firms by healthy firms. Although distressed law firm transactions are nothing new, the model of that deal plus two new legal developments may foster greater distressed law firm activity.
The
Office Space and Law Firm Stability
Reports vary on the degree to which the business of law is recovering or improving; but few question the fact that competitive pressures are growing, thanks to:
- Decreased demand due to more matters being kept in-house,
- Increased pricing pressure,
- Outsourcing of routine tasks to low-cost providers half-way around the world; and,
- Increased competition from non-law
Distressed Law Firm Acquisitions-The Times May Be Perfect (Part One)
This is the first of two installments that examine the changing landscape of distressed law firm acquisitions and how recent developments may encourage healthy firms to pursue struggling firms like never before.
Last week, the long-anticipated Morgan Lewis acquisition of a core component of Bingham McCutchen’s practice was announced. Described as a mass lateral
A Strategy For Law Firm Survival (Even When The Market Pushes Back)
Recent reports on the legal profession reinforce what most realists already knew; market forces continue to apply significant pressure on law firms.
Two forces at work in the marketplace show no signs of easing any time soon: the demand for legal services on one hand, and on the other, the (over) supply of