There is much to do when a law firm closes out its year. Getting bills out, collecting receivables, paying bonuses, and distributing profits are but a few of the things that get the attention of leadership. As long as the firm’s year has moved along normally, finishing up strong often is the main focus of
What Makes A Great Law Firm
Greatness is not a function of circumstance. Greatness, it turns out, is largely a matter of conscious choice, and discipline.― Jim Collins
During a re-read of the Jim Collins classic “Good To Great”, I was struck by the profound difference discipline in decision making could have on law firms.
One of the glaring
Five Steps to Making Your Law Firm More Dynamic
The legal services market is as competitive as ever-ask any law firm leader. More clients are bringing work in-house or turning to alternative providers. Law firms know that and fight fiercely over what is left. Lawyers thinking about starting their own firm see the robust competition as well. Whether established or just getting started, law
It’s November – Create A Stronger Law Firm in 2018
Most firms are in the final stretch for this year, wrestling with collections, budgets, promotions and compensation decisions. All of these are important activities. But, while focused on wrapping up 2017 let me suggest one more subject that deserves attention — something that stands a chance of making a real long-term difference.
I suggest that
Five Exercises for Toning Up a Law Firm’s Large Middle Section
Law firms look around and see that the attorney pyramid structure is crumbling or gone. In its place is an indistinct shape that often includes an oversized group of experienced lawyers not worthy, at least yet, of ownership. Depending on the firm, the contribution of these lawyers can vary. Some firms enjoy great financial
Four Key Components to Law Firm Financial Health-Meeting the Universal Objective
Law firms come in all shapes and sizes. Some consciously specialize in distinct areas of the law while others are more reactionary-willing to do anything they feel generally competent to do. Firms can be local in scope, only serving a home town populace from its home town address. Geographically expansive law firms can have a
Is Your Managing Partner Becoming More Effective?
To become more effective , to improve — in any position in any organization — begins with and is dependent on periodic feedback and performance evaluation. Without the objective assessment that comes with these two elements, attention to areas in need of focus is limited. Improvement is left to the realizations that arise
Law Firm Innovation: A Concept Within Every Law Firm’s Grasp
Law firm innovation. The idea of innovation is lauded, discussed and encouraged. When it happens, either through technological advances, the launch of a start-up alternative service provider, or the unveiling of an approach never thought about before, the legal services industry takes note. In an industry searching for a new stability after 10 years of
Relieving Pressure in the Law Firm Restructure/Turnaround
Whenever you see a successful business, someone once made a courageous decision. – Peter Drucker
We have previously written about the unique nature of the law firm turnaround and how commitment from owners is one of the keys to turnaround success. In Part 2 we will look at resource management (or cost management) as a second key to success.
Cost Management – Relieve the Pressure
Turning-around a troubled law firm, or any business for that matter, is difficult. To give the challenged firm the greatest chance of success it is critical to relieve the organization of as much financial pressure as possible.
Although there are other steps that we will discuss, managing a firm’s cash commitments to as low a level as practical is the first and most important step in minimizing financial stress. Typically, the two largest demands on the financial resources of law firms are:
• The cost associated with personnel
• The cost associated with lease space.
Managing People Cost
Continue Reading Relieving Pressure in the Law Firm Restructure/Turnaround
Denial and Law Firm Demise
“Hope is the denial of reality. It is the carrot dangled before the draft horse to keep him plodding along in a vain attempt to reach it.” – Margaret Weis
Most business people are familiar with Built to Last and Good to Great, both terrific books by Jim Collins. He published a less known