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
Law Firm Layoffs – Compassion, Culture and Survival
The impact of COVID-19 on law firms has barely begun. When it comes to the flow of work, some firms are experiencing a measurable or even significant bump thanks to having the right practice focus at the right time: but for the most part, law firms have experienced some degree of decline in both work
With a Fundamental Change Taking Place, Will Your Law Firm be Ready?
For some time, law firms have felt heightened competition from not just other law firms, but also from clients moving needs in-house and alternative service providers picking off peripheral services. As reported by Bloomberg Law in Arizona First State to Allow Nonlawyer Co-Ownership of Law Firms, looming rule or legislative changes in a number
Planning for 2020 Year-end Planning–The Pandemic Addendum
Well run law firms annually set aside time to plan for year-end activities and decisions. In addition to using institutional processes, systems and experience to wrap up the successful (hopefully) year, most firms use that time to plan for the coming year. Like clockwork, important decisions for the firm’s present and future have often been
Preventative Action and Law Firm Decline
Virtually every day, the news includes reports of additional law firm closures, layoffs, and compensation reductions.
What is driving these decisions, and what does it mean for your firm?
Without question, catching any developing problem early makes it easier and less traumatic to take appropriate action, increases confidence in management, and enhances the likelihood of
Addressing Economic Issues Related to COVID
The headlines are beginning to paint a pretty clear picture: many law firms worldwide are taking more aggressive action in response to their COVID related economic challenges.
As part of an effort to create a cash buffer to weather current or anticipated pressure brought about by the virus, firms are focusing on containing revenue loss
Two Proven Elements to Conquering Law Firm Crisis
Virtually all law firms have had to adjust business practices to address the pandemic’s impact. Whether working remotely, refocusing or changing firm economics, making personnel moves, or partnering with clients more, today’s challenges have fundamentally changed the way law firms operate. For the law firms grappling with too many upheavals in their world, crisis looms.
Planning for the Loss of a Law firm Leader
In last week’s post, we explored the surprise loss of a law firm leader. Today I want to suggest an orderly approach to this inevitable event.
The Zeughauser Group conducted a survey that included several interesting issues. Three observations related to planning for the long-term health of the firm struck me.
· When describing
Pause After Responding to the Pandemic? Two Assessments All Law Firms Should Consider
The pandemic has caused an unprecedented change to the practice of law for many law firms. Since March, the delivery of superior client service has required a new way of thinking and a little bit of scrambling. Yet after a couple of months living in the Covid-19 world, some law firms feel a new normal