Law firm succession planning as an imperative is a popular topic. Discussing and planning for succession makes great sense on many levels. Without a good succession plan, the theory goes, a firm may drive off the cliff with catastrophic results.
But what if your firm is not a good candidate for succession? What if its
Merger is a tactic that never ceases to be popular with law firms. Among other things, a merger can create excitement, offer greater financial opportunity, provide a rescue, or promise a firm and its people a more promising future. As merger activity unfolds, a law firm leader may soon feel initial enthusiasm damped by unwanted
Well run law firms annually set aside time to plan for year-end activities and decisions. In addition to using institutional processes, systems and experience to wrap up the successful (hopefully) year, most firms use that time to plan for the coming year. Like clockwork, important decisions for the firm’s present and future have often been
In the turmoil caused by Covid-19, many law firms have had to adjust to unforeseen circumstances. News stories tell the sad tale of law firms being adversely impacted. Some firms have closed, and unfortunately others will follow.
With one firm’s demise comes opportunity for others. Clearly, personnel leaving the firm in wind-down must find homes
Covid-19 has upended law firm normalcy. What might have been perceived last March as a couple of month hiatus from business as usual has been extended with no end in sight. With no known end date, it can be difficult to plan in ways previously thought routine.
The current Covid-19 world for law firms can
Virtually all law firms have had to adjust business practices to address the pandemic’s impact. Whether working remotely, refocusing or changing firm economics, making personnel moves, or partnering with clients more, today’s challenges have fundamentally changed the way law firms operate. For the law firms grappling with too many upheavals in their world, crisis looms.
The pandemic has caused an unprecedented change to the practice of law for many law firms. Since March, the delivery of superior client service has required a new way of thinking and a little bit of scrambling. Yet after a couple of months living in the Covid-19 world, some law firms feel a new normal
Law firm crisis typically brings financial pressure. Reduced demand, slow-paying clients, and now due obligations incurred in better times are but a few of the hallmarks of crisis. As bad as these things can be, the strain can intensify quickly when the
Covid-19 has impacted virtually all law firms. A few firms have benefitted, some have suffered catastrophe, while the bulk of firms fall somewhere in the middle and forge ahead as best they can.
Whether leadership for this third group is plugging a leaky dike or simply boosting morale, the focus on short-term survival is a
Regardless of degree, Covid-19’s impact on law firms is near universal. Some firms have been impacted so severely that crisis is their reality. Confronted with a do or die situation, strong leadership fights to bring back normalcy. Failure can mean disaster.
Leaders used to positive law firm performance can find themselves uncertain about their new
