Recent reports on the legal profession reinforce what most realists already knew; market forces continue to apply significant pressure on law firms.
Two forces at work in the marketplace show no signs of easing any time soon: the demand for legal services on one hand, and on the other, the (over) supply of
The November edition of The American Lawyer includes an interesting article by Aric Press titled “Big Law’s Reality Check”. The article has implications for law firms of all sizes.
Press provides much fodder for thought; but these points, in particular, struck me as telling:
I’ve seen more people fail because of liquor and leverage – leverage being borrowed money. You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing. – Warren Buffett
It is typical of all businesses, including law firms, to utilize some form(s) of
News about the search for a merger partner by Bingham McCutcheon has been in the media the past few weeks. If the search leads Bingham to the altar, its transaction likely will be among parties equally sophisticated and aware of the intricacies of law firm merger. After all, Bingham owes its current size to a
We cannot accomplish all that we need to do without working together. – Bill Richardson
A number of attributes define a great business. Being a great place to work is high on just about any list you’ll find.
Every year Fortune magazine publishes a report on the 100 greatest places to work in America.
I don’t know where we should take this company, but I do know that if I start with the right people, ask them the right questions, and engage them in vigorous debate, we will find a way to make this company great. Jim Collins
So many law firms — big and small — are
Some of us think holding on makes us strong, but sometimes it is letting go. – Herman Hesse
This is the final post in a series examining law firm decline, inspired by the Jim Collins book, How the Mighty Fall. See the previous four post:
Don’t confuse cause with coincidence. – W. Edwards Deming
This is the second in a series examining law firm decline. Part 1 — Overconfidence and Law Firm Decline can be seen here.
In Jim Collins’ book How the Mighty Fall, he describes phase two of business decline as “Undisciplined Pursuit of
Nations, like stars, are entitled to eclipse. All is well, provided the light returns and the eclipse does not become endless night. Dawn and resurrection are synonymous. The reappearance of the light is the same as the survival of the soul.
This is the fourth part in this series on Turning Around the
Last week was noteworthy because two major anticipated mergers were called off; Orrick/Pillsbury due to reported conflicts and Dentons/McKenna for what may be best described as “cultural reasons.” But even if there were no conflict issues and cultures meshed well between two firms, most proposed mergers won’t get to a closing if their respective compensation
