At a growing number of law firms, the Boomer generation is reaching the age when retirement among the ranks has partners leaving in increasing numbers. Recent writings, including Debra Cassens Weiss‘ As Baby Boomer partners retire, law firms face increasing costs and client issues, have noted the numerous and significant financial issues for
Law Firm Lateral Hiring: Preparing for the Upcoming Free Agent Season
As law firms prepare for the last half of 2016, the ingredients for the lateral hiring stew are being added. Firm and individual lawyer performance on the year, bonus expectations and realization, internal law firm management and politics-all will be factors in determining individual lawyer contentment. The same factors, viewed from management’s perspective, will drive
Lexit: How to Respond to Lawyer Exodus from Your Law Firm
Modest attrition at law firms is to be expected-it happens continually and few firms are exempt. But when the lawyer departures spike, or the particular resignations are from your most important lawyers, management must respond quickly.
Lawyer departures don’t just happen for any reason. Unexpected and damaging departures often can be traced to problems a
Slowing the Law Firm Churn
Recently, I was asked if I was going to fire an employee who made a mistake that cost the company $600,000. No, I replied, I just spent $600,000 training him. Why would I want somebody to hire his experience? THOMAS J. WATSON SR.
How many lawyers have you watched move from one firm to
Boomer Law Firms: Some Demographic Challenges
Ward Bower’s Existential Threats to Law Firms provides an excellent review about a few of the economic and demographic issues that threaten today’s law firms. As Mr. Bower notes, some of the law firms previously fixtures in league tables and in the AmLaw 200 have either failed, been acquired or otherwise have disappeared from
Kirkland’s Attrition is a Case Study for All Law Firms, Big and Small
The American Lawyer article about recent attrition at Kirkland & Ellis gained attention in no small part because Kirkland’s reputation for success runs counter to the idea that people want to leave. While departures from even the most successful firms is inevitable, the depth of attrition at Kirkland reported by The American Lawyer was surprising.
Like Divorce, Law Firm Crisis is More Likely as the New Year Starts-Reprised
(This post previously appeared on January 15, 2015 and noted some of the similarities between marital divorce and one of the more extreme forms of law firm transition-breakup. As we reach the end of 2015, for some firms the joy of another year completed may be supplanted by the tension and stress that often
Lawyer Exodus From the Law Firm: Don’t Get Mad, or Even, Get Focused
Unexpected lawyer departures from a law firm are a far too common occurrence as noted by Above the Law’s recent reporting on K&L Gates. It can happen at any time during the year but many times peaks around the end of a fiscal year. Whether it be disappointing financial results, political infighting, loss
No Muss No Fuss Law Firm Closure
Growth among law firms generates headlines. Legal publications report on a merger here, a planting of a law firm flag there and the lateral moves of significant practice groups. The thing about growth is that it is a planned exercise-an initiative that is a matter of choice based on strategy. The opposite of growth, a
There is a Lot More to Law Firm Succession Planning Than Just Planning
A recent ABA Journal article reported on the demise of a successful law firm that had been in business for 60 years. The story about Harding & Shultz of Lincoln, Nebraska noted comments from one of the senior partners whose departure from the firm allegedly contributed to its demise. Seems that the senior partner, still