Spectacular law firm failures like Dewey, Brobeck and Howrey (to name a few) provide many lessons. They also evidence leadership’s failure to timely recognize or act on problems so as to avoid disaster. Due to the fragile nature of law firms, it is imperative that prompt action be taken lest a troubled firm’s problems
The Troubled Law Firm–Five Fundamentals to Managing Through Crisis
Disruption in the legal services market presents challenges to many law firms. Most firms are able to adjust when unplanned developments or market pressures adversely upset operations or performance. Recent news reports about a couple of law firm management initiatives reaffirm the ability of most firms to react to market changes on a timely basis.
Profits Per Partner – A False God for Law Firms – Introduction
When something becomes so important to you that it drives your behavior and commands your emotions, you are worshipping it.― J.D. Greear
Introduction
Performance measurement and the use of related metrics is pivotal to managing the successful development of any business enterprise. However, for the metric to be of value it must provide insight
Law Firm in Crisis: Staring Down the Catastrophic Claim (Part Two)
In last week’s blog, we reviewed the dire circumstances faced by Kaye Scholer and Jenkens and Gilchrist that rendered the short-term survival of each questionable. Against significant odds, each resolved apparently unmanageable claims. But how? For both firms, the ability to face daunting claims yet live to another day is attributable to five key
Law Firm in Crisis: Staring Down the Catastrophic Claim (Part One)
From time to time, a law firm stares down a claim or series of claims that threaten the law firm’s very existence. These claims can arise from any number of circumstances but are potentially so large that an adverse outcome will exceed the firm’s resources and likely lead to its demise. Due to the fragility
Closing the Troubled Law Firm-Picking the Right Team
Closing a law firm is a formidable task. The existing management team, prepared for running a going concern, is often unprepared for the various challenges that arise as the firm is wound down. Even though it is advisable for a closing firm to obtain outside assistance, a small but dedicated group from the firm must
Five Indicators of Law Firm Trouble
Don’t waste your time trying to control the uncontrollable, or trying to solve the unsolvable, or think about what could have been. Instead, think about what you can control and solve the problem you can solve with the wisdom you have gained from both your victories and your defeats in the past. – David Mahoney
Video Interview: Discussing What Law Firms Can Learn from Dewey with LXBN TV
Following up on my recent post on the matter, I had the opportunity to discuss the lessons other law firms can learn from the Dewey LeBoeuf collapse and indictments with Colin O’Keefe of LXBN. In the video interview (click here), I explain what law firms can take away from the situation and
Dewey Indictments: A Tale of Leadership Collapse
A lot has been written about the indictments handed down against the former Dewey leadership. To review, they are accused of manipulating the Dewey books and falsely representing Dewey’s financial condition, presumably for the purpose of keeping the Dewey ship afloat when it started taking on water in 2008. Unfortunately for these former leaders and
Are Rotten Fish Spoiling Your Law Firm?
One bad apple spoils the whole bunch. Various
Seth Godin (who you might consider following if you don’t already) had a great and very short post recently.
The essence of the post, translated to law firm business, is:
You must routinely and relentlessly monitor the quality of the individuals that comprise your law