A few law firms have had the benefit of organic preparation for succession. Their natural tendencies led to grooming the next generation for the transition of client relationships and management responsibilities. A small percentage of firms have actually executed carefully prepared formal succession plans.
But, the overwhelming majority of law firms are not prepared for
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. Numerous industry focused writings have noted an array issues faced by law firms experiencing retirements.
As partners retire, financial ramifications can be felt. The monetary payout associated with the retirement
“Focusing is about saying No!” Steve Jobs
I was reviewing an article regarding the 13th Annual America’s Best Corporate Law Firms study and was struck with how consistent the same names appear on this list — year in and year out. Even if you haven’t seen it, chances are you can name many of
Law firm growth gets a lot of attention. Among the various approaches to law firm growth is the tactic of merger. Almost weekly we are treated to another announcement about two law firms fulfilling their desire to grow by combining. And although law firm mergers have been part of the landscape for years, the incidence
This post is inspired by a recent interaction with a former colleague that has done very well with her career. 15 years ago, she was an entry level law firm HR professional that was smart, had lots of energy and a passion for excellent work. She has advanced through a variety of positions in the
It almost seems like a broken record to hear about the popularity of law firm mergers. Legal industry publications report on the latest mergers and hot market trends. Indeed, just recently The American Lawyerreviewed the merger opportunities that abound for mid-size firms in its Mid-size Firm Leaders Awash in Big Law Merger Offers.
What is your law firm worth?
This question is paramount when the owners of a firm consider the possibilities related to a merger, a succession plan involving existing firm members, or the outright sale of an established practice.
There are variations by state as to what can and cannot be sold as part of transitioning
Every year law firms of all sizes merge. For some of the smaller law firms merging, the decision to combine may have been driven by the need for an effective succession plan. In these cases in which long-time management is unenthused about the prospect of turning the keys over the next generation, merger can be
The best way a mentor can prepare another leader is to expose him or her to other great people. John Maxwell
Quality decision-making has a great deal to do with shaping the ultimate fate of all law firms. Today’s post focuses on the value of today’s law firm leader engaging the insight and decision-making acumen
As business organizations go, law firms are different because they can face greater stability challenges. Sure, law firms with iconic names seem to rock along year after year. But for every bedrock firm there are others that struggle to survive. And even some of the firms regarded for their steady state are like the proverbial
