Managing Law Firms in Transition

Managing Law Firms in Transition

Category Archives: Law Firm Repositioning/Turnaround/Restructuring

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Do More Than 83% of Law Firm Mergers Fail?

By Roger Hayse on Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring
This 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

By Andrew E. Jillson on Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
Already 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

By Andrew E. Jillson on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
After 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

By Andrew E. Jillson on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs
A 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

When a Law Firm Grows Up-Five Steps to Maturing Well

By Andrew E. Jillson on Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
Sometimes it is as simple as two lawyers acting on obvious synergies and a law firm is born.  Once the firm is birthed, the days are heady ones as basic startup chores are mixed with the never-ending pursuit of clients, doing good work and building an enduring reputation.  Coming up for air can almost seem… Continue Reading

Law Firm Health in Turbulent Times

By Roger Hayse on Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs
Strength and growth come only through continuous effort and struggle. – Napoleon Hill As the economy begins to show signs of volatility, it may 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 article, Basha Rubin suggested… Continue Reading

Its Merger Season-Five Reasons for Your Law Firm to Think About Merger

By Andrew E. Jillson on Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
Tis the season, but holidays are not involved.  Rather, market forces, activity and trends confirm that law firm merger is on the minds of law firms.  While mergers once seemed to happen mostly around the start of the year, the complexity of the merger exercise means mergers can happen at any time.  And even for… Continue Reading

Getting Ahead of the Game-Four Thoughts About Operating Successfully in Today’s Market

By Andrew E. Jillson on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
  Every year about this time some of the major research and analytic minds focused on the legal services industry publish their annual reports or studies.  Citi Private Bank/Hildebrandt Consulting LLC’s Client Advisory was released on December 14, 2017 and contains a wealth of information and perspectives about what happened in 2017 and what might… Continue Reading

Failing Strategies and Law Firm Success

By Roger Hayse on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
I recently finished a review of the 2018 version of the Georgetown University Law Center’s Report on the State of the Legal Market. Although the report contains numerous quantitative facts reflecting continued struggles for the law firm services market (falling productivity, realization and profit margins), I was intrigued by the commentary regarding strategy. The report… Continue Reading

Five Steps for Preparing Your Law Firm for a Great Future

By Andrew E. Jillson on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
Predicting the future of the legal services industry is no easy task.  The complexity of its landscape makes divining next year, let alone the coming years, difficult.  Prophesying about the future, however, is not simply an academic exercise.  It has practical importance because firms must develop sound strategies that can help assure future success.  For… Continue Reading

Four Steps for Driving Non-Equity Partner Performance Towards Equity Partner Expectations

By Andrew E. Jillson on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
Firms often find themselves with too many non-equity partners whose performance could and should be better.  But because of a long string of promotion decisions and/or lax management, the non-equity partner pool is bigger than desired and its overall contribution to the firm is, in a word, disappointing.  Indeed, many equity partners see this middle… Continue Reading

6 Keys To A Healthy Law Firm – Food For Thought

By Roger Hayse on Posted in Law Firm Growth, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
For years, we’ve known two things about personal health: ‘We are what we eat’ and ‘We need to move more.’ Specific admonitions and instructions change, but the theme is consistent. The human body needs a balance of nutrient rich foods with a compliment of vitamins and minerals. And there are the things to avoid —… Continue Reading

Five Steps for Law Firms Wanting a Good 2018

By Andrew E. Jillson on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
For law firm leaders closing in on the end of 2017, there is no rest for the weary.  They are working hard to finish the year off well.  Collecting bills, distributing profits, retaining talent are just a few of the things on their to-do lists. Even if 2017 turns out positively, it is no guaranty… Continue Reading

Underperforming Law Firms Risk Failure

By Roger Hayse on Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs
The measure of success is not whether you have a tough problem to deal with, but whether it is the same problem you had last year. — John Foster Dulles Former Secretary of State    We’ve Got Trouble…With A Capital “T” Most law firms go through a similar cycle. Initially partners share an almost blind… Continue Reading

Five Reasons for Law Firms to Think About a Merger in 2018

By Andrew E. Jillson on Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition, Law Firm Warning Signs
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… Continue Reading

What Makes A Great Law Firm

By Roger Hayse on Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
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 areas where… Continue Reading

Five Steps to Making Your Law Firm More Dynamic

By Andrew E. Jillson on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
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… Continue Reading

It’s November – Create A Stronger Law Firm in 2018

By Roger Hayse on Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
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… Continue Reading

Five Exercises for Toning Up a Law Firm’s Large Middle Section

By Andrew E. Jillson on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
  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… Continue Reading

Four Key Components to Law Firm Financial Health-Meeting the Universal Objective

By Andrew E. Jillson on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
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… Continue Reading

Is Your Managing Partner Becoming More Effective?

By Roger Hayse on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring
  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 from self-reflection. It is… Continue Reading

Law Firm Innovation: A Concept Within Every Law Firm’s Grasp

By Andrew E. Jillson on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
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… Continue Reading

Relieving Pressure in the Law Firm Restructure/Turnaround

By Roger Hayse on Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
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… Continue Reading

Denial and Law Firm Demise

By Roger Hayse on Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
“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 book, How The… Continue Reading
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