For a lot of law firms, “business as usual” is like a favorite pair of shoes-they seem to fit and sure feel comfortable. When that is the case, falling back on usual practices continues as long as there is no pressure to change. But once a watershed event occurs that shakes the foundations of management
In an earlier blog, Law Partner Retirement in Place—Solving Won’t Work/Won’t Leave (Part One), we presented the vexing problem of having a partner that slows down workwise but still draws a full partnership share. Unfortunately, this upsetting situation exists at more firms than are willing to admit. While eliminating the awkwardness the abuse represents
Although many law firms are enjoying increased demand, revenues and profitability, not all firms are so fortunate. For the firms seeing a sustained slackening of demand, there is no shortage of ideas on how to combat the problem. “Work harder,” “get out and hustle,” and “reconnect with your relationships,” are but a few of the
Let’s face it, the hugely important issue of law firm succession has a lot to do with senior attorney retirement. Recognizing that, more law firms have prepared for coming retirements by infusing new leadership, transferring existing client relationship responsibility, and coaching the next generations to be business developers. When succession is done right, a firm
The concentration of law firm financial strength narrows as fewer AmLaw 200 law firms can be counted among the fortunate. As Mark A. Cohen argues in his The AmLaw 200 Is Down to 50 – Maybe 20. What does It Mean? a fiscal separation among bigger firms has occurred and continues. Cohen concludes that the
“Law firm disasters are almost always of the man-made variety…. Once a storm is brewing, add the fact that as business organizations go, a law firm is among the most fragile, and you have the climate for a series of catastrophic events.”
from Decisions That Matter: Tales of Law Firm Leadership in Moments of Consequence
The typical press release announcing a law firm merger extolls the excitement, the opportunity to have one plus one equal three, and the great fit of culture, practices and people. It’s perfect until it is not. In fact, by some measures more than half of all law firm mergers fail. When the realization sets in that your law firm merger is a bad one and not the combination of your dreams, what can you do?
Besides whistling past the graveyard, you’ve got to do something. And while a solution stimulated by panic is not recommended, prompt action is advisable. As action plan options go, the following three options generally are presented and often are considered:
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
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
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
