Covid-19 and its implications for law firm stability is being experienced industry-wide. The fallout has many firms in full-on crisis. Reduced draws, layoffs or furloughs, expense reduction, stimulus loans have become an all too common part of the survival mix. Resorting to these tools can help little if strong leadership fails to rise to the
Law Firm Transition
Law Firm Cash Planning During (Coronavirus) Crisis
During periods of crisis and economic uncertainty, the old saying “cash is king” is the appropriate mantra for most businesses. Maintaining the liquidity necessary to stay in business is now job #1 for law firm leaders.
To say that the economic fallout associated with Covid-19 is causing a decrease in cash inflow is an enormous…
Managing Through Law Firm Crisis–Broaden the Team
The Coronavirus is causing broad-based law firm disruption. Reports of law firms reducing draws, decreasing salaries, furloughing or laying off of lawyers and staff, and modifying summer associate programs appear daily. Besides creating concern for health and well-being, the pandemic presents real and substantial challenges for law firms. All firms will feel it, and some…
Conversations Law Firm Leaders Should Be Having with Vendors During the Covid-19 Crisis
The phrase “extraordinary times” is an understatement when it comes to describing these days as each of us is forced to focus on new ways to achieve personal and business survival. As law firms attempt to envision a path through this crisis, a new working relationship with vendors should be considered as part of the …
Leading a Law Firm in (Coronavirus) Crisis-Two Essential Fundamentals
A law firm in crisis is in a different world—a world in which leadership must learn to adapt. It is a place that requires thinking differently, acting decisively, and making choices count. In battling crisis mistakes inevitably happen, but successful crisis leaders keep the number and magnitude small. A law firm leader flexes brain muscles…
Disaster or Opportunity in the Next Law Firm Downturn?-Five Things That Matter
Recent years have been good for law firms of all kinds and sizes. But good days can’t last forever. Whether the next downturn hurting law firms gets traced to a world-wide virus, political disruption, or just a plain old recession, it doesn’t really matter. What matters for law firms having to ride the looming bumpy…
Performing a Law Firm Culture Audit-A Great Way to Start 2020
According to many law firm leaders, having a good law firm culture is a key to sustainability. Not infrequently leaders attribute their firm’s culture for the success enjoyed. When new mergers are announced or reviewed, the importance of compatible cultures gets top recognition. And when law firms fail, the impact of a dysfunctional culture reaps…
Positioning For Tougher Times
Many or even most law firms are coming off their best year ever. It may be a time to celebrate, but I continue to think about the inevitable bursting of the bubble. Yesterday I was catching up on some long-overdue reading and came across this Forbes article by Mark Cohen…
Transforming Your Law Firm–Five Fundamental Steps for Getting Started Now
While law firm change is scary, in today’s evolving legal services market the absence of change may be scarier. Law firm leaders don’t need to read expert’s opinions about the quickly moving marketplace, they see it close-up as competitors proliferate and competition intensifies. Simply standing still by relying on tried and true practices is not…
Law Firm Reset in 2020-Transforming Your Firm
For a lot of law firms, “business as usual” is like a favorite pair of shoes-they seem to fit and sure feel comfortable. When that is the case, falling back on usual practices continues as long as there is no pressure to change. But once a watershed event occurs that shakes the foundations of management…