Last week The Wall Street Journal’s Jennifer Smith wrote about the new reality for law firms as they try to adjust to change in the legal profession. In her Law Firms, Market Pressure and Change: How Soon is Now?, Ms. Smith quotes from an Altman Weil Inc. survey from law firm leaders:
“Firm
Diligence is the mother of good fortune. – Benjamin Disraeli
Major, Lindsay & Africa recently released its 2014 Lateral Partner Satisfaction Survey. The results offer numerous insights into the state of lateral law firm recruiting. With so much at stake — for the lateral and the firm — three statistics seem worthy of
Don’t mistake activity with achievement. – John Wooden
This is the 4th post in our discussion of Profits Per Partner. As the three previous posts reflect, I believe that PPP is a poor measure of an organization’s performance, and its use often drives destructive behavior. (See Profits Per Partner – A False
Recently, in Staring Down the Catastrophic Claim, Part One and Part Two, I wrote about the difficult issues presented to a firm when a claim of catastrophic dimensions is asserted or threatened. Those posts identified the characteristics that factor into the ability of a firm to survive such a claim. With strong leadership,
When a law firm is challenged by departures, loss of clients, a reduction in business, litigation or other adverse developments, it is troubled. The challenges may not place the firm in dire circumstances, but its situation requires a thoughtful examination of where it finds itself. If justified by the self-assessment, the firm may be
This is Part 3 of 4 focusing on the downside (lunacy?) of the power we have seeded to a single metric — Profits Per Partner. Check here for Parts 1 and 2.
No businessperson will argue the value of metrics when it comes to monitoring development, progress and accountability. Effective measures provide
Spectacular law firm failures like Dewey, Brobeck and Howrey (to name a few) provide many lessons. They also evidence leadership’s failure to timely recognize or act on problems so as to avoid disaster. Due to the fragile nature of law firms, it is imperative that prompt action be taken lest a troubled firm’s problems
Profit is sweet, even if it comes from deception. — Sophocles
This is the second in a three part series on the topic of Profits Per Partner, see Part 1 here.
The evolution of the US legal profession was measured and steady for more than 200 years — from 1776 to 1985. Firms
Disruption in the legal services market presents challenges to many law firms. Most firms are able to adjust when unplanned developments or market pressures adversely upset operations or performance. Recent news reports about a couple of law firm management initiatives reaffirm the ability of most firms to react to market changes on a timely basis.
When something becomes so important to you that it drives your behavior and commands your emotions, you are worshipping it.― J.D. Greear
Introduction
Performance measurement and the use of related metrics is pivotal to managing the successful development of any business enterprise. However, for the metric to be of value it must provide insight
