Two. That’s the number of essential conditions that any law firm merger participant should never eschew. No doubt there are other vital elements to achieving merger success, but two are so vital that their absence can doom the law firm merger of your dreams. These decisive factors, the ones merger parties must insist upon for
Law Firm Leadership
Are You and Your Firm Adapting?
“Adaptability is the simple secret of survival.” – Jessica Hagedorn
The above quote from the writer and poet Jessica Hagedorn speaks to the incredible circumstances that most law firms have faced in the last year or so. In our practice we see clients responding to the environment in many ways, some are…
Is a Law Firm Merger on the Horizon? – Four Phases Every Law Firm Experiences
As every new year begins, the idea of law firm merger grabs the attention of more than a few law firm leaders. Although the pandemic impacted the number of law firm mergers closed in 2020, all indications for 2021 suggests a strong merger season. It is no wonder as a well-constructed merger is an effective…
Assessing 2020 as You Plan for 2021
For firms that operate on a calendar fiscal year, 2020 is done. Over. Finished. The uniqueness of 2020 presented challenges not anticipated as last year started, but remarkably most firms adjusted and endured. As they now take a deep breath and prepare for the merry-go-round of 2021, firm leaders can apply some lessons from the…
Creating a Stronger Law Firm in 2021
Most firms are in the final stretch of 2020, wrestling with collections, budgets, PPP loan forgiveness, promotions and compensation decisions. All of these are important activities. But, while focused on wrapping up 2020 let me suggest one more subject that deserves attention — something that stands a chance of making a real long-term difference.
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Planning for 2021-Turning to the Basics in a Transitional Law Firm Year
Why KPIs Are Essential To Law Firm Management
Law Firm Investment and High Returns
Law firms seeking to thrive today must stand out from their competition. Of course, that is easier said than done, and identifying specific steps to achieve this goal takes careful thought, planning and execution. Thomson Reuters’ recently released 2020 Dynamic Law Firm Report presents a provocative and instructive glimpse of certain elements found in law…
Law Office Space – Lessons Being Learned
Managing the delicate balance of law firm economics has always been a challenge. In serving any particular market (practice type and geography), firms struggle to find that sweet spot — the perfect formula of rates/pricing, productivity, cost, and resulting profits. Should any one of the particulars get far out of equilibrium, the consequences can be …
New Law Firm Ownership Rules Won’t Drive Success–Three Things That Will
As talk about more states allowing non-lawyer ownership of law firms is heard, concern over more deeply capitalized competition may be on the mind of some law firm leaders. No doubt, opening up law firm capital structures to investors is significant, but it won’t change the fundamentals for surviving in today’s legal services market. Since…