Succession planning among law firms is uneven-some law firms do it well, some not so well and some not at all. Even the law firms that go about planning for succession won’t always do a good job when it comes to executing on the plan. But because succession of leadership can have serious ramifications, a
Law Firms and Leaders-The Next Generation (Part One)
Last week The Wall Street Journal’s Jennifer Smith wrote about the new reality for law firms as they try to adjust to change in the legal profession. In her Law Firms, Market Pressure and Change: How Soon is Now?, Ms. Smith quotes from an Altman Weil Inc. survey from law firm leaders:
“Firm
If Not Profits Per Partner, What Is The Measure Of A High Performing Law Firm?
Don’t mistake activity with achievement. – John Wooden
This is the 4th post in our discussion of Profits Per Partner. As the three previous posts reflect, I believe that PPP is a poor measure of an organization’s performance, and its use often drives destructive behavior. (See Profits Per Partner – A False
The Troubled Law Firm-A Bold Move and the Five Truths
Recently, in Staring Down the Catastrophic Claim, Part One and Part Two, I wrote about the difficult issues presented to a firm when a claim of catastrophic dimensions is asserted or threatened. Those posts identified the characteristics that factor into the ability of a firm to survive such a claim. With strong leadership,
The Troubled Law Firm-Five Truths
When a law firm is challenged by departures, loss of clients, a reduction in business, litigation or other adverse developments, it is troubled. The challenges may not place the firm in dire circumstances, but its situation requires a thoughtful examination of where it finds itself. If justified by the self-assessment, the firm may be
The Troubled Law Firm-How Much Time to Turn it Around?
Spectacular law firm failures like Dewey, Brobeck and Howrey (to name a few) provide many lessons. They also evidence leadership’s failure to timely recognize or act on problems so as to avoid disaster. Due to the fragile nature of law firms, it is imperative that prompt action be taken lest a troubled firm’s problems
The Troubled Law Firm–Five Fundamentals to Managing Through Crisis
Disruption in the legal services market presents challenges to many law firms. Most firms are able to adjust when unplanned developments or market pressures adversely upset operations or performance. Recent news reports about a couple of law firm management initiatives reaffirm the ability of most firms to react to market changes on a timely basis.
Law Firm in Crisis: Staring Down the Catastrophic Claim (Part Two)
In last week’s blog, we reviewed the dire circumstances faced by Kaye Scholer and Jenkens and Gilchrist that rendered the short-term survival of each questionable. Against significant odds, each resolved apparently unmanageable claims. But how? For both firms, the ability to face daunting claims yet live to another day is attributable to five key
Working Smarter-Law Firm Professionals
Technology is nothing. What’s important is that you have a faith in people, that they’re basically good and smart, and if you give them tools, they’ll do wonderful things with them.
Steve Jobs- Rolling Stone Magazine June 94
Allen Fuqua is a long-time friend, former colleague and an extraordinary law firm Chief Marketing Officer.
Law Firm in Crisis: Staring Down the Catastrophic Claim (Part One)
From time to time, a law firm stares down a claim or series of claims that threaten the law firm’s very existence. These claims can arise from any number of circumstances but are potentially so large that an adverse outcome will exceed the firm’s resources and likely lead to its demise. Due to the fragility