Law Firm Repositioning/Turnaround/Restructuring

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

“[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

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

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

“Preparation is very important.”

“Albert Pujols, one of the best hitters in baseball’s modern era, used this four-word phrase to describe one of his keys for success. It is not overly complicated and it is easily understood. The fundamental quality of being prepared—of keeping his eye on the ball figuratively in addition to, in the