Don’t waste your time trying to control the uncontrollable, or trying to solve the unsolvable, or think about what could have been. Instead, think about what you can control and solve the problem you can solve with the wisdom you have gained from both your victories and your defeats in the past. – David Mahoney
“Focusing is about saying No!” Steve Jobs
I was reviewing an article regarding the 13th Annual America’s Best Corporate Law Firms study and was struck with how consistent the same names appear on this list — year in and year out. Even if you haven’t seen it, chances are you can name many of
This post is inspired by a recent interaction with a former colleague that has done very well with her career. 15 years ago, she was an entry level law firm HR professional that was smart, had lots of energy and a passion for excellent work. She has advanced through a variety of positions in the
It almost seems like a broken record to hear about the popularity of law firm mergers. Legal industry publications report on the latest mergers and hot market trends. Indeed, just recently The American Lawyerreviewed the merger opportunities that abound for mid-size firms in its Mid-size Firm Leaders Awash in Big Law Merger Offers.
What is your law firm worth?
This question is paramount when the owners of a firm consider the possibilities related to a merger, a succession plan involving existing firm members, or the outright sale of an established practice.
There are variations by state as to what can and cannot be sold as part of transitioning
As business organizations go, law firms are different because they can face greater stability challenges. Sure, law firms with iconic names seem to rock along year after year. But for every bedrock firm there are others that struggle to survive. And even some of the firms regarded for their steady state are like the proverbial
This is the second in a two part series addressing the idea of selling your law practice as part of a succession plan. Part one addressed
issues related to defining personal objectives, compliance with local bar rules, and practice valuation.
In this post we will look at three remaining considerations:
Law firm mergers happen-a lot. While the mega mergers get the publicity, many mergers stay under the radar because they involve smaller firms being absorbed by larger firms. Whether for reasons of market dynamics, succession, or battling for growth, some smaller firms simply conclude that life will be better as part of a bigger shop.
If you practice law, there is one eventuality that should be added to that familiar duo of Death and Taxes. No one talks much about it, but it warrants the same attention to detail. The subject? The end of your practice.
As is the case with its two more familiar rivals for attention, ignoring it
If you change partners every time it gets tough or you get a little dissatisfied, then I don’t think you get the richness that’s available in a long-term relationship. Jeff Bridges
Another year and more turmoil in the legal profession!
Although for some law firms the economy has led to marginally improved performance, for many
