As the calendar year comes to a close, there is a lot to do at most law firms. Activities like collecting bills, distributing profits and casting next year’s budget can occupy many a leadership team. The tasks at hand can be time consuming and all engrossing. Given the importance of these short-term issues, thinking about… Continue Reading
Search Results for:
Five Warning Signs That Your Law Firm is Headed for Uncertain Times
Posted in Law Firm Crisis, Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition, Law Firm Warning SignsAs 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… Continue Reading
Is it Time? Five Developments That Demand Action from Law Firm Leaders
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning SignsRunning 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… Continue Reading
Law Firm Merger-A Way to Solve the Succession Dilemma
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Merger, Law Firm Succession, Law Firm TransitionFor many law firms, succession to the next generation presents a formidable and daunting challenge. Leadership may have been too busy to plan ahead for succession. Turnover at the firm may have dealt a blow to the goal of grooming someone to step in as the next leader. Sometimes the next generation’s business development abilities… Continue Reading
Its Merger Season-Five Reasons for Your Law Firm to Think About Merger
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionTis the season, but holidays are not involved. Rather, market forces, activity and trends confirm that law firm merger is on the minds of law firms. While mergers once seemed to happen mostly around the start of the year, the complexity of the merger exercise means mergers can happen at any time. And even for… Continue Reading
Five Keys to an Effective Law Firm Divorce-Being Smart When the Thrill is Gone
Posted in Law Firm Leadership, Law Firm Liquidation, Law Firm Transition“A discord of personalities” sometimes describes the genesis for marital divorce. It also can be an apt way to explain law firm break-ups when partners decide to go their separate ways. Although law firm break-ups happen regularly, the low level of publicity surrounding most can be due to partners acting rationally even though they can’t… Continue Reading
Five Leadership Steps for Confronting Law Firm Crisis
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionLaw firm crisis can surface at any time. Its roots can be deep within the firm, or can be the outcome of unforeseen developments. However, or whenever it arises, the affected law firm must react promptly and strategically. A tardy reaction, or a misstep in action, can leave a firm in great danger and on… Continue Reading
Five Signs Your Law Firm Needs New Energy
Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning SignsLaw firms that lack energy dim their prospects for the future. Too often law firms pass over the issue of their own vibrancy (whether by a failure of recognition or simple indifference) and plod along without taking corrective action. A becalmed law firm, especially in these times of legal industry disruption, is flirting with danger.… Continue Reading
No Law Firm Succession Plan? Five Options
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionA Forbes article entitled Law Firm Leadership Survey: Top Strategic Initiatives of 2017 shared some interesting information about the burning and not so burning issues for today’s law firm leaders. The information was assembled through the work of David J. Parnell (the author of the Forbes article) and noted legal consultant Patrick J. McKenna. The… Continue Reading
Small Law Firms and Rough Seas-Navigating the Years Ahead
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning SignsAs December ends and January dawns, report cards on the legal profession are issued and crystal balls are studied. This year is no different with many articles offering assessments of the industry’s current state and its prospects. Two pieces recently written about the industry’s present and the future are worth review. Mark A. Cohen’s Something’s… Continue Reading
Law Firm Departures 2016/2017: A Likely Source of Disputes
Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition(As many law firms see their fiscal year close simultaneously with the calendar year-end, the risk of partner departures rise. The lessons identified in the March 2015 blog Law Firm Departures: A Likely Source of Disputes have not lost their relevance as 2016 closes and 2017 begins. That blog is reprinted here in its entirely) Most law firms… Continue Reading
Avoiding the Unplanned Law Firm Closure-Five Steps Every Law Firm Should Take
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Liquidation, Law Firm Succession, Law Firm Transition, Law Firm Warning SignsAs the calendar year comes to a close, there is a lot to do at most law firms. Activities like collecting bills, distributing profits and casting next year’s budget can occupy many a leadership team. The tasks at hand can be time consuming and all engrossing. Given the importance of these short-term issues, thinking about… Continue Reading
Managing Excess Law Firm Growth-Spinning Off the Struggling Office
Posted in Law Firm Crisis, Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionLaw firm growth is a popular strategy or tactic among law firms seeking to compete in today’s ultra competitive legal services market. Growth often is achieved through mergers, practice group acquisitions and lateral hiring. And in some cases, the growth initiatives result in new offices being opened in markets previously not served. New offices create… Continue Reading
Lexit: How to Respond to Lawyer Exodus from Your Law Firm
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionModest 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… Continue Reading
Addressing Your Law Firm’s Declining Demand Through Change-Five Considerations
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionAlthough pockets of law firms are enjoying increased demand, revenues and profitability, the general news about the industry as a whole is tepid. A recent article by Chris Mondics about law firm financial performance cites a common problem these days of law firms lacking enough work to keep their lawyers busy. The article (drawing on… Continue Reading
A Five Step Process For Turning Around the Small to Medium Sized Law Firm
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/RestructuringBold headlines tend to focus on the spectacular failures. But consequential transition — even crisis — are equally traumatic for the small to medium sized law firm. Given the fact that fewer partners must carry the load, the impact across the smaller firm may be even more intensely felt. If you are part of the… Continue Reading
Like Divorce, Law Firm Crisis is More Likely as the New Year Starts-Reprised
Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition(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 accompanies a… Continue Reading
Debt and the Law Firm Leader
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm TransitionOne of, if not the key responsibility of a law firm leader is ensuring that the viability of the firm is not threatened. No doubt, one of the primary threats to law firms today is excessive debt. Clearly it is a rare business that functions without incorporating some form(s) of debt as part of an… Continue Reading
Lawyer Exodus From the Law Firm: Don’t Get Mad, or Even, Get Focused
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionUnexpected 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 of confidence… Continue Reading
Law Firm Departures: A Likely Source of Disputes
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm TransitionMost law firms approach their practices optimistically-with a kind of “glass is half-full” outlook. Getting business, building client relationships and creating a brand typically are a firm’s focus rather than thinking about failure or disaster. That is especially so when law firms form. Future developments like mass departures or dissolution usually do not enter into… Continue Reading
Unwanted Law Firm Departures While Negotiating a Merger-A Test of Leadership
Posted in Law Firm Crisis, Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionLaw firm mergers seemingly are announced weekly and continue a trend as to which most observers are accustomed. Just last week Locke Lord and Edwards Wildman Palmer jointly announced the signing of a letter of intent to combine their two firms. Not all law firm mergers are marriages of equals, or instances when the strategic… Continue Reading
Law Firm Succession Planning: Facing a Contracting Market
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionIn a recent post about law firm succession planning, I observed “Succession planning and execution in 2014 is far more difficult than it was a decade or more ago. It is not that it is harder today to identify credible candidates to succeed existing leadership; searching for the best talent is a task that has not… Continue Reading
Law Firm Succession Planning-The Aging Partner Ranks
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Succession, Law Firm TransitionLaw firms planning for succession cannot rest easy even when the “next-in-line” process is settled or the next leader selected. No doubt thinking about these things is vitally important for a law firm hoping to weather transition. But it is just part of the task of succession planning. One area of succession planning given short… Continue Reading
Succession Planning – A Law Firm Must
Posted in Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionWhile in Seattle with my partner Roger Hayse we stopped by the LexBlog World Headquarters. We enjoyed meeting the whole team and while there, Colin O’Keefe conducted the following interview of me on succession planning. … Continue Reading
.