Despite the seemingly “good” year that 2018 was for many law firms, experience tells us that ”good” can be a relative thing. While 2018 performance data compares favorably to the data from the prior years following the Great Recession, all is not completely rosy. Today’s law firms face more competition than ever as market share… Continue Reading
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Is Your Firm Prepared For Major Disruption in 2019?
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionStrength and growth come only through continuous effort and struggle. – Napoleon Hill The market volatility during the last year and the increasing concerns about a coming recession foreshadow risk for many law firms. Additional market disruption may lead to challenges for firms of all sizes and in most practice disciplines. In a Forbes… Continue Reading
Law Firms Enjoy Positive 2018-What If Your Firm Didn’t?
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning SignsAlthough the final numbers are not in yet, 2018 has been touted as a good year for law firms. Based on various reports including the 2019 Citi-Hildebrandt Client Advisory, revenues were up, billing rate increases held, and client demand increased. These improvements are not shocking as law firm performance has been ascending in recent years.… Continue Reading
Law Firm Succession Planning-Five Mistakes to Avoid
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionThe issue of succession planning at law firms is a topic of great importance. The need to address succession won’t always wait until a convenient time and makes planning as important than ever. Succession planning among firms, whether leadership succession or client relationship transition, is a mixed bag. Some firms have thought about it deeply… Continue Reading
Is Your Law Firm At Risk?
Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs, UncategorizedDon’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… Continue Reading
Focusing on Long Term Stability
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized“Focusing is about saying No!” Steve Jobs I was reviewing an article regarding the 13th Annual America’s Best Corporate Law Firms study and was struck with how consistent the same names appear on this list — year in and year out. Even if you haven’t seen it, chances are you can name many… Continue Reading
Managing Law Firm Strategic Initiatives
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionThis post is inspired by a recent interaction with a former colleague that has done very well with her career. 15 years ago, she was an entry level law firm HR professional that was smart, had lots of energy and a passion for excellent work. She has advanced through a variety of positions in the… Continue Reading
Merger Madness-Five Reasons Your Merger Can Go Wrong
Posted in Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionIt almost seems like a broken record to hear about the popularity of law firm mergers. Legal industry publications report on the latest mergers and hot market trends. Indeed, just recently The American Lawyerreviewed the merger opportunities that abound for mid-size firms in its Mid-size Firm Leaders Awash in Big Law Merger Offers. Despite the… Continue Reading
What is Your Law Firm Worth?
Posted in Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionWhat is your law firm worth? This question is paramount when the owners of a firm consider the possibilities related to a merger, a succession plan involving existing firm members, or the outright sale of an established practice. There are variations by state as to what can and cannot be sold as part of transitioning… Continue Reading
Five Warning Signs That Your Law Firm is Headed for Uncertain Times
Posted in Law Firm Crisis, Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition, Law Firm Warning SignsAs business organizations go, law firms are different because they can face greater stability challenges. Sure, law firms with iconic names seem to rock along year after year. But for every bedrock firm there are others that struggle to survive. And even some of the firms regarded for their steady state are like the proverbial… Continue Reading
Part 2- Succession and Selling Your Law Practice
Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionThis is the second in a two part series addressing the idea of selling your law practice as part of a succession plan. Part one addressed issues related to defining personal objectives, compliance with local bar rules, and practice valuation. In this post we will look at three remaining considerations: Finding a buyer, Negotiating the… Continue Reading
Merging Your Small Law Firm into a Bigger One-Five Additional Things Smart Firms Think About
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionLaw firm mergers happen-a lot. While the mega mergers get the publicity, many mergers stay under the radar because they involve smaller firms being absorbed by larger firms. Whether for reasons of market dynamics, succession, or battling for growth, some smaller firms simply conclude that life will be better as part of a bigger shop. A… Continue Reading
Succession and Selling Your Law Practice
Posted in Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition, UncategorizedIf you practice law, there is one eventuality that should be added to that familiar duo of Death and Taxes. No one talks much about it, but it warrants the same attention to detail. The subject? The end of your practice. As is the case with its two more familiar rivals for attention, ignoring it will… Continue Reading
What Does Partner Mean in Your Law Firm?
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionIf you change partners every time it gets tough or you get a little dissatisfied, then I don’t think you get the richness that’s available in a long-term relationship. Jeff Bridges Another year and more turmoil in the legal profession! Although for some law firms the… Continue Reading
Will Your Law Firm Survive?
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionI have been thinking a lot about the state of change within the legal profession, and wondering what the ultimate consequence will be for firms as the pace of change continues to accelerate. A few weeks ago, Altman Weil released their 2018 survey of law firms; the survey, its results and commentary are excellent. In… Continue Reading
Is it Time? Five Developments That Demand Action from Law Firm Leaders
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning SignsRunning a law firm successfully is no easy task. It is a multi-dimensional effort that requires leadership, discipline, vision, and some luck. Getting all firm lawyers to row a boat in unison can be tough. Even if some of the oars irregularly go into the water, progress is still possible. When attentive leaders work hard… Continue Reading
Rethinking Law Firm Succession-Five Reasons to Focus Differently
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionLaw firm succession is a top of mind issue for today’s law firms. Making sure one generation of leadership can hand the reins off to the next generation is a key concern. Of course, it is not just having the right people in place to develop and execute sound strategies, but it also requires transitioning… Continue Reading
Merger and the Underperforming Law Firm
Posted in Law Firm Crisis, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, UncategorizedAs firms consider their strategic position , a number of law firms are finding themselves underperforming relative to peer firms. For some, it is deja vu…for the second, third or fourth consecutive year. You don’t need anyone to tell you that this is not a great way to navigate in this increasingly volatile environment. A… Continue Reading
Merger and Operating Cost
Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionIf your law firm is considering a merger, it is a perfect time to evaluate the operating cost associated with the combined organizations. Mergers are risky transactions. Having operating costs in line will decrease pressure on the new entity. Although all costs should be evaluated, we will focus on three areas in this post. Two… Continue Reading
Law Firm Merger Checklist Item-Culture
Posted in Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionThe spring of 2018 has produced a spate of large law firm mergers. Despite this noticeable activity, the interest in mergers is not something new-over 600 mergers and acquisitions have closed since 2007. Based on the tactic’s popularity among firm leaders seeking a competitive edge, we can expect more mergers in the future. For law… Continue Reading
Do More Than 83% of Law Firm Mergers Fail?
Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/RestructuringThis Forbes article references a KPMG study which indicated that 83% of mergers fail to yield a favorable return to stockholders while a separate A. T. Kearney study determined that mergers overall yield a negative return to owners. The KPMG study indicated that nearly 70% of business combinations are negative to neutral in terms of… Continue Reading
Four Important Elements to Getting Law Firm Merger Right
Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionAlready 2018 has proven to be a time for law firm merger. Since the beginning of the year we have been treated to a constant series of announcements about law firms combining. And although law firm mergers have been part of the landscape for years, the increase in law firm mergers shows its growing popularity… Continue Reading
Law Firm Succession: Addressing the Most Important Issue
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionAfter years of success (by any number of measures), more than a few firm founders (or later generation leaders) confront succession. Some of them are simply ready to step back and enjoy life-turning their worries over to the next generation has great appeal. Others are driven by unanticipated developments-illness or family circumstances compel them to… Continue Reading
Five Key Metrics for Grading Your Law Firm’s Annual Performance
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning SignsA law firm report card is a good thing. Much like a child’s school report card telling a parent how school is going, a law firm report card can inform firm leadership about its progress, shortfalls, and areas that need improvement. In these days of industry disruption and heightened competition, periodic assessments can give a… Continue Reading
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