The measure of intelligence is the ability to change – Einstein
Adapting to change – At first blush the need to adapt is so obvious there would seem to be no need to discuss it. Then we see firm after firm, small to large, fail because of a reluctance, unwillingness or sheer inability
One ought never to turn one’s back on a threatened danger and try to run away from it. If you do that, you will double the danger. But if you meet it promptly and without flinching, you will reduce the danger by half. Never run away from anything. Never! Winston Churchill
Law Firms, like all
Despite today’s times being better for many law firms, the positive trends do not signal a return to the gilded pre-2008 days; unfortunately, those days are gone for good. Law firms are fighting for market share in 2017 in an arena vastly more competitive than the one that existed a short decade ago.
Competition is
Merger mania continues in the legal sector. According to Altman Weil’s MergerLine, there have been more than 50 law firm mergers in the US so far this year; 2017 could well be a record year for law firm combinations.
The odds are high, whether your firm has been engaged in merger discussions in the
Succession planning of client relationships at law firms requires a thoughtful examination of a law firm’s past, present and future. Managing the transition of a senior lawyer’s practice to younger counterparts is not easy. Poorly understood and executed, it can result in a loss of both valuable business and a cherished colleague. The stakes are
A few weeks ago I shared some thoughts on the pivotal role leaders play in a post titled, “The Role of Leadership in Law Firm Success or Failure.” In today’s post, in an effort specifically designed to help identify the quality leader, I want to point to what we believe to be clear
Law firm crisis can surface at any time. Its roots can be deep within the firm, or can be the outcome of unforeseen developments. However, or whenever it arises, the affected law firm must react promptly and strategically. A tardy reaction, or a misstep in action, can leave a firm in great danger and on
Leaders aren’t born, they are made. And they are made just like anything else, through hard work. And that’s the price we’ll have to pay to achieve that goal, or any goal. —Vince Lombardi
As law firms, big and small, continue to struggle, it begs the question, what is going on? And (more to
Succession and succession planning are hot topics in the legal profession. One statistic explains the focus on the topic – only about 30% of law firms make it beyond the first generation.
Why Do So Many Law Firms Fail?
Why do so few law firms make it to the second generation? Consider this
Realizing that your law firm is in crisis can be unsettling, to put it mildly. Take heart, though crisis is a concerning condition, it need not be fatal.
Crisis can arrive in many different ways. At times it is the product of an extended period of underperforming. For other firms it can be brought on
