I have been thinking a lot about the state of change within the legal profession, and wondering what the ultimate consequence will be for firms as the pace of change continues to accelerate. A few weeks ago, Altman Weil released their 2018 survey of law firms; the survey, its results and commentary are excellent.
Is it Time? Five Developments That Demand Action from Law Firm Leaders
Running a law firm successfully is no easy task. It is a multi-dimensional effort that requires leadership, discipline, vision, and some luck. Getting all firm lawyers to row a boat in unison can be tough. Even if some of the oars irregularly go into the water, progress is still possible.
When attentive leaders work hard
Rethinking Law Firm Succession-Five Reasons to Focus Differently
Law firm succession is a top of mind issue for today’s law firms. Making sure one generation of leadership can hand the reins off to the next generation is a key concern. Of course, it is not just having the right people in place to develop and execute sound strategies, but it also requires transitioning
Merger and the Underperforming Law Firm
As firms consider their strategic position , a number of law firms are finding themselves underperforming relative to peer firms. For some, it is deja vu…for the second, third or fourth consecutive year.
You don’t need anyone to tell you that this is not a great way to navigate in this increasingly volatile environment. A
Merger and Operating Cost
If your law firm is considering a merger, it is a perfect time to evaluate the operating cost associated with the combined organizations.
Mergers are risky transactions. Having operating costs in line will decrease pressure on the new entity.
Although all costs should be evaluated, we will focus on three areas in this post. Two
Law Firm Merger Checklist Item-Culture
The spring of 2018 has produced a spate of large law firm mergers. Despite this noticeable activity, the interest in mergers is not something new-over 600 mergers and acquisitions have closed since 2007. Based on the tactic’s popularity among firm leaders seeking a competitive edge, we can expect more mergers in the future.
For law
Do More Than 83% of Law Firm Mergers Fail?
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
Four Important Elements to Getting Law Firm Merger Right
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
Law Firm Succession: Addressing the Most Important Issue
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
Five Key Metrics for Grading Your Law Firm’s Annual Performance
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