The topic of law firm succession is a hot one-discussed daily by commentators and law firm leaders alike. Of course, succession comes in two primary forms; client relationship succession and leadership succession. For many firm leaders, client relationship succession seems to have a heightened priority. But given the changing nature of the legal industry, a
Law Firm Succession – Does Your Firm Care Enough
Succession planning isn’t for everyone. If your law firm doesn’t have interest in long-term, multi-generational, viability (never mind the whole idea of legacy, which seems increasingly out of vogue) then this post isn’t really for you.
It should be acknowledged that a firm doesn’t have to transition from one generation to the next if
Small Law Firms and Rough Seas-Navigating the Years Ahead
As December ends and January dawns, report cards on the legal profession are issued and crystal balls are studied. This year is no different with many articles offering assessments of the industry’s current state and its prospects.
Two pieces recently written about the industry’s present and the future are worth review. Mark A. Cohen’s Something’s
Will 2017 Bring You a Stronger Law Firm?
As we enter the New Year, chances are good you’re dealing with a predictable slate of demands on your time: setting compensation and budgets; managing details associated with the latest departure; and interviewing this week’s lateral prospect. All important activities, and worthy of serious attention; but none of these is likely to make the firm
How Do You Measure Successful Law Firm Growth?
I have shared numerous posts focusing on the dismal performance associated with non-organic law firm growth — that is, growth achieved through merger or lateral hiring. An excellent recent post by Eric Dewey, has prompted me to focus on a critical aspect of the lateral/merger conversation.
Peter Drucker, (credited as the founder
Improving Your Law Firm’s Growth Prospects-The Importance of Discipline
For many law firms client expectations, increased competition (from traditional and non-traditional sources) and unreliable demand present formidable challenges. These challenges can be compounded as a firm’s senior lawyers age and succession gets added to a firm’s “to do” list.
Some firms have responded to these issues by growing through lateral hiring or merger
Avoiding the Unplanned Law Firm Closure-Five Steps Every Law Firm Should Take
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
Six Keys To Integration Planning and the Successful Law Firm Merger
We have discussed the substantial challenges associated with law firm mergers and their woeful success rate in previous posts. But a frequently overlooked piece of a successful merger — an element that warrants serious attention — is a comprehensive integration plan.
Combining two groups of people, their clients, processes and systems is a daunting
Preparing Your Law Firm to Compete in a Changing World
As staid and conservative lawyers and their profession may seem, it is undeniable that change is a part of their world. The change that has confronted the legal profession since the collapse of 2008 has garnered a lot of press, but lawyers and their firms have had to adjust to an altering world for a
Culture and Law Firm Stability
When you see the word “Culture” used in a discussion about today’s law firm environment, what comes to mind? A metric defying intangible that, though referenced in reverent tones in firm literature, bears little relevance to the bottom-line? Or, as a palpable reality that impacts human resources?
Or as something in-between?
Here’a a working