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
Law Firm Crisis and the Lender Relationship–3 Fundamentals
Law firm crisis typically brings financial pressure. Reduced demand, slow-paying clients, and now due obligations incurred in better times are but a few of the hallmarks of crisis. As bad as these things can be, the strain can intensify quickly when the
Law Firm Crisis – 3 Warning Signs
“If you throw a frog in a pot of boiling water, it will hop right out. But if you put that frog in a pot of tepid water and slowly warm it, the frog doesn’t figure out what is going on until it’s too late…” Stephenie Meyer
Much like the boiling frog, if a
Covid-19: Two Things That May Help Law Firms Weather the Pandemic Storm
Covid-19 has impacted virtually all law firms. A few firms have benefitted, some have suffered catastrophe, while the bulk of firms fall somewhere in the middle and forge ahead as best they can.
Whether leadership for this third group is plugging a leaky dike or simply boosting morale, the focus on short-term survival is a
Shared Aspirations and Law Firm Crisis
Three points in a law firm’s development will demonstrate the degree to which law firm owners share common values and aspirations:
- when the compensation system is under scrutiny,
- when it is time to commit to a new lease, and
- in an hour of crisis.
Typically, when a firm is formed, two, three or maybe a