While law firm change is scary, in today’s evolving legal services market the absence of change may be scarier. Law firm leaders don’t need to read expert’s opinions about the quickly moving marketplace, they see it close-up as competitors proliferate and competition intensifies. Simply standing still by relying on tried and true practices is not
Law Firm Repositioning/Turnaround/Restructuring
Transforming Your Law Firm
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)…
Law Firm Reset in 2020-Transforming Your Firm
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…
Law Partner Retirement in Place — Solving Won’t Work/Won’t Leave (Part Two)
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…
Is Your Law Firm Adapting?
Tackling the Drop in Law Firm Demand Through Change–Five Essential Questions
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…
Law Firm Sustainability–Its All About Focusing on the Future
“[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…
3 Keys to Realizing A Law Firm’s Potential
Let’s start by defining terms. There are a number of characteristics that might be used to bring definition to “potential” – size, profitability, locations, and so on. But, for purposes of this discussion, I define it as achieving the professional goals of the firm’s professionals. If, over the span of a career, the…
Law Firm Differentiation — Five Essential Attributes
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…
Law Firm Growth — Avoiding the Most Common Mistake
“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…