The global consulting firm, McKinsey and Company, recently released a number of articles related to research they have done on transforming businesses. One in particular, Why your next transformation should be ‘all in’, resonated with me.
In summary, the article presents a persuasive argument suggesting“all in” transformations— initiatives that address both services (or products)
For a lot of law firms, “business as usual” is like a favorite pair of shoes-they seem to fit and sure feel comfortable. When that is the case, falling back on usual practices continues as long as there is no pressure to change. But once a watershed event occurs that shakes the foundations of management
In an earlier blog, Law Partner Retirement in Place—Solving Won’t Work/Won’t Leave (Part One), we presented the vexing problem of having a partner that slows down workwise but still draws a full partnership share. Unfortunately, this upsetting situation exists at more firms than are willing to admit. While eliminating the awkwardness the abuse represents
Although many law firms are enjoying increased demand, revenues and profitability, not all firms are so fortunate. For the firms seeing a sustained slackening of demand, there is no shortage of ideas on how to combat the problem. “Work harder,” “get out and hustle,” and “reconnect with your relationships,” are but a few of the
Let’s face it, the hugely important issue of law firm succession has a lot to do with senior attorney retirement. Recognizing that, more law firms have prepared for coming retirements by infusing new leadership, transferring existing client relationship responsibility, and coaching the next generations to be business developers. When succession is done right, a firm
Let’s get real for a moment.
Most law firms are woefully unprepared for any significant economic downturn — let alone a prolonged, decrease in demand.
This is a startling reality; but here are a few undeniable facts:
“[L]eaders must have a sharp eye on the future, always considering how the law firm will evolve and succeed in the years ahead.”
from Decisions That Matter: Tales of Law Firm Leadership in Moments of Consequence
Sustaining a law firm’s success is a nice challenge to have. For one, it means that the founders already
The concentration of law firm financial strength narrows as fewer AmLaw 200 law firms can be counted among the fortunate. As Mark A. Cohen argues in his The AmLaw 200 Is Down to 50 – Maybe 20. What does It Mean? a fiscal separation among bigger firms has occurred and continues. Cohen concludes that the
“When a law firm embarks on a plan to grow, ultimate success … [directly relates to] leadership’s ability to make the right decisions while navigating the high seas of growth.”
from Decisions That Matter: Tales of Law Firm Leadership in Moments of Consequence
It is not unusual to hear “Growth” as the response when law
