Crisis Management Plan on an office desk and papers.

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

The Coronavirus is causing broad-based law firm disruption.  Reports of law firms reducing draws, decreasing salaries, furloughing or laying off of lawyers and staff, and modifying summer associate programs appear daily.  Besides creating concern for health and well-being, the pandemic presents real and substantial challenges for law firms.  All firms will feel it, and some

A law firm in crisis is in a different world—a world in which leadership must learn to adapt.  It is a place that requires thinking differently, acting decisively, and making choices count.  In battling crisis mistakes inevitably happen, but successful crisis leaders keep the number and magnitude small.  A law firm leader flexes brain muscles

Recent years have been good for law firms of all kinds and sizes.  But good days can’t last forever.  Whether the next downturn hurting law firms gets traced to a world-wide virus, political disruption, or just a plain old recession, it doesn’t really matter. What matters for law firms having to ride the looming bumpy

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

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

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

BigLaw leaders have many things to think about when guiding their firms to Top 100 finishes. One major item is the need to respond to client expectations of value.  The idea that clients expect value in the legal services they buy is not a radical idea.  As long as law firms have had clients, there

Fingerprints are unique.  No two snowflakes are alike.  And the more one looks at law firms, the more it is apparent that each law firm has its own personality.  Whether small or large, local, national, or international in scope, general service or specialized boutique, driven by profit or public service, each law firm has its own DNA.

Though distinctive, many law firms share common characteristics.  One shared by all law firms is the need to be financially healthy.  Law firm financial health is the universal need of every law firm—without financial health a law firm’s future is seriously suspect.


Continue Reading Optimizing Your Law Firm’s Financial Health in 2019-Four Areas to Focus Your Spring Cleaning