For years, a premise behind law firm growth was the recognition (or belief) that many clients required a broad range of services. Sensing a need, and wanting to meet it, law firm leaders sought to build not only bigger law firms, but also ones that offered many substantive specialties. As the thinking went, once a
Time for a Law Firm Tune-Up??
The November edition of The American Lawyer includes an interesting article by Aric Press titled “Big Law’s Reality Check”. The article has implications for law firms of all sizes.
Press provides much fodder for thought; but these points, in particular, struck me as telling:
- Since 2007, revenue per lawyer has been dropping for
Lateral Hiring In 2015-Preparing for the Upcoming Movement
As the last quarter of 2014 nears its end, 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 an
The Basic Blocking and Tackling of Successful Law Firm Management
There are hundreds of potential strategies for law firm leaders to consider as they evaluate how to compete in an increasingly crowded marketplace. In the process of wrestling with all the complexity and analyzing options, it is easy to lose sight of a few basic principals that go a long way when it comes
Insourcing By Corporate Legal Departments-Some Lessons to Be Learned
The concept of insourcing by corporate legal departments has generated some press recently. Jennifer Smith’s Companies Curb the Use of Outside Law Firms highlighted the issue for law firms and judging by the reaction, it explained for some law firm leaders what has been happening to them. Other writers and commentators (here, here
Investing More Capital at the Law Firm-Five Thoughts for Leadership
Invested capital at law firms varies widely and reflects the differing philosophies between firms. The amount invested says something about a law firm’s values, speaks to its fiscal approach and provides commentary about a law firm’s culture. Traditionally, the more capital in a given firm indicated a strong institution with the shared value of fiscal
Want To Project The Stability of Your Law Firm? Test Shared Aspirations
I am interested in the interaction of a group of people who have a common goal, or a common obsession, each contributing something unique to make something greater than the sum of its parts. I don’t know why, but from day one, that has interested me. – Steven Van Zandt, Bruce Springsteen’s E Street
In a Time of Law Firm Transition, Executing on the Fundamentals is Key
Interesting news about the legal industry in transition was reported over the last couple of weeks. Jacob Gershman of The Wall Street Journal wrote one of a number of articles that reported a drop in legal jobs. Jennifer Smith recently wrote that clients are gaining traction in tamping down the cost of legal services. Robert
Law Firm Risk, Debt and Shared Aspirations
I’ve seen more people fail because of liquor and leverage – leverage being borrowed money. You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing. – Warren Buffett
It is typical of all businesses, including law firms, to utilize some form(s) of
Strong Leadership and Sound Strategy: Law Firm Success in Transitional Times
Some recent news and commentary drives home the idea that the legal industry and its law firm participants are facing transition. Jennifer Smith of The Wall Street Journal reported that more law firm clients are insourcing-taking in work heretofore performed by outside counsel. That development, by some accounts impacting large law firms in particular, occurs