Managing Law Firms in Transition

Managing Law Firms in Transition

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Sustaining Success in the Changing Law Firm World: Four Fundamentals

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition

It can’t be overstated. The legal services business is experiencing dramatic change.  For law firms as institutions, it is obvious because more work than ever before is brought in-house by clients, and alternative service providers are rushing into the competitive landscape.  Besides the increase in competition, there are technical and practice advances that have changed the… Continue Reading

Four Ways a Strategically Designed Merger Can Strengthen Your Law Firm and Make it More Competitive

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition

Despite the seemingly “good” year that 2018 was for many law firms, experience tells us that ”good” can be  a relative thing.  While 2018 performance data compares favorably to the data from the prior years following the Great Recession, all is not completely rosy.  Today’s law firms face more competition than ever as market share… Continue Reading

Focusing on a Great 2019-Five Areas for Law Firms to Consider

Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition

No sooner than closing out 2018 than do law firm leaders confront the next challenge-2019.  Even firms not facing upheaval caused by attorney departures or declining client relationships will encounter other transitional events.  The contest never ends. Whether 2019 preparations are just getting started or already developed, some areas deserve a firm’s attention.  Focusing on… Continue Reading

Is Your Firm Prepared For Major Disruption in 2019?

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition

Strength and growth come only through continuous effort and struggle. – Napoleon Hill The market volatility during the last year and the increasing concerns about a coming recession foreshadow risk for many law firms.   Additional market disruption may lead to challenges for firms of all sizes and in most practice disciplines. In a Forbes… Continue Reading

Law Firms Enjoy Positive 2018-What If Your Firm Didn’t?

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs

Although the final numbers are not in yet, 2018 has been touted as a good year for law firms.  Based on various reports including the 2019 Citi-Hildebrandt Client Advisory, revenues were up, billing rate increases held, and client demand increased.  These improvements are not shocking as law firm performance has been ascending in recent years.… Continue Reading

Law Firm Profitability and Client Satisfaction: Using a Pricing Pro to Achieve Both

Posted in Law Firm Growth, Law Firm Leadership

Law firm leaders understandably see lucrative client work as an important key to overall firm profitability.  Left to their own devices, those leaders would eagerly raise rates or otherwise take steps to ratchet up the yield on work.  In contrast, their clients often consider the containment of legal costs as a key component to valuable… Continue Reading

Law Firm Succession Planning-Five Mistakes to Avoid

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

The issue of succession planning at law firms is a topic of great importance.  The need to address succession won’t always wait until a convenient time and makes planning as important than ever. Succession planning among firms, whether leadership succession or client relationship transition, is a mixed bag. Some firms have thought about it deeply… Continue Reading

Minimizing the Risk of an Unexpected Law Firm Closure-Five Steps Every Law Firm Should Take

Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Liquidation, Law Firm Succession, Law Firm Transition

As the calendar year comes to a close, there is a lot to do at most law firms. Activities like collecting bills, distributing profits and casting next year’s budget can occupy many a leadership team. The tasks at hand can be time consuming and all engrossing. Given the importance of these short-term issues, thinking about… Continue Reading

Five Law Firm Client Succession Strategies-Finding the Best Approach for Your Firm

Posted in Law Firm Leadership, Law Firm Merger, Law Firm Succession, Law Firm Transition

There are two primary succession challenges law firms face.  Leadership succession is one and is a vitally important step to assure a firm’s longevity.  A second kind of law firm succession involves the succession of client relationships as senior-lawyers wind-down or retire. As hard as leadership succession can be, managing client relationship succession can be… Continue Reading

Succession Planning – Before It Is Too Late

Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition

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… Continue Reading

Law Firm Retirement Plan Tweaking – Four Additional Things to Think About

Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition

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… Continue Reading

Focusing on Long Term Stability

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized

“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… Continue Reading

Four Important Phases in Achieving Law Firm Merger Success

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Transition

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… Continue Reading

Managing Law Firm Strategic Initiatives

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition

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… Continue Reading

Merger as a Law Firm Succession Plan-Five Steps to Getting it Done Correctly

Posted in Law Firm Leadership, Law Firm Merger, Law Firm Succession, Law Firm Transition

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… Continue Reading

Law Firm Sale and Outside Perspective

Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition, Uncategorized

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… Continue Reading

Five Warning Signs That Your Law Firm is Headed for Uncertain Times

Posted in Law Firm Crisis, Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition, Law Firm Warning Signs

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… Continue Reading

Merging Your Small Law Firm into a Bigger One-Five Additional Things Smart Firms Think About

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition

Law firm mergers happen-a lot.  While the mega mergers get the publicity, many mergers stay under the radar because they involve smaller firms being absorbed by larger firms. Whether for reasons of market dynamics, succession, or battling for growth, some smaller firms simply conclude that life will be better as part of a bigger shop. A… Continue Reading

Avoiding Post Law Firm Merger Culture Wars-Six Things to Consider Before Getting Married

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Transition

Law firm mergers have been in the news with combinations being announced seemingly every week.  So far in 2018, the many mergers closed have drawn the attention of the media and law firm leaders alike.  The rationale for any of the announced mergers depends on the specific transaction and the firms involved.  Whatever the reason,… Continue Reading

What Does Partner Mean in Your Law Firm?

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition

If you change partners every time it gets tough or you get a little dissatisfied, then I don’t think you get the richness that’s available in a long-term relationship.                   Jeff Bridges Another year and more turmoil in the legal profession! Although for some law firms the… Continue Reading

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