Law firm succession is a top of mind issue for today’s law firms. Making sure one generation of leadership can hand the reins off to the next generation is a key concern. Of course, it is not just having the right people in place to develop and execute sound strategies, but it also requires transitioning
Its Merger Season-Five Reasons for Your Law Firm to Think About Merger
Tis 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
Getting Ahead of the Game-Four Thoughts About Operating Successfully in Today’s Market
Every year about this time some of the major research and analytic minds focused on the legal services industry publish their annual reports or studies. Citi Private Bank/Hildebrandt Consulting LLC’s Client Advisory was released on December 14, 2017 and contains a wealth of information and perspectives about what happened in 2017 and what might
Five Steps for Preparing Your Law Firm for a Great Future
Predicting the future of the legal services industry is no easy task. The complexity of its landscape makes divining next year, let alone the coming years, difficult. Prophesying about the future, however, is not simply an academic exercise. It has practical importance because firms must develop sound strategies that can help assure future success. For
Five Steps to Making Your Law Firm More Dynamic
The legal services market is as competitive as ever-ask any law firm leader. More clients are bringing work in-house or turning to alternative providers. Law firms know that and fight fiercely over what is left. Lawyers thinking about starting their own firm see the robust competition as well. Whether established or just getting started, law
Law Firm Innovation: A Concept Within Every Law Firm’s Grasp
Law firm innovation. The idea of innovation is lauded, discussed and encouraged. When it happens, either through technological advances, the launch of a start-up alternative service provider, or the unveiling of an approach never thought about before, the legal services industry takes note. In an industry searching for a new stability after 10 years of
How to Thrive with Clients that Don’t Use Law Firms Like They Used To?
Despite today’s times being better for many law firms, the positive trends do not signal a return to the gilded pre-2008 days; unfortunately, those days are gone for good. Law firms are fighting for market share in 2017 in an arena vastly more competitive than the one that existed a short decade ago.
Competition is
Scoping Out Future Law Firm Upheaval-Four Places to Look
Law firms perpetually are in transition. In our changing legal environment, transition can arise when business strategy requires adjustment, merger is considered, layoffs are implemented, lateral hiring is pursued, leadership succession is at hand (see Cultivating the Next Generation), crisis arises or firm wind-up is decided and implemented.
In addressing any transitional event
Finding Your Next Law Firm Leader-What to Look for?
The legal services industry is awash with profitability challenges, calls for innovation, and non-traditional entrants. Long-time law firm clients are expecting more from their law firms at the same time they weigh the option of moving work in-house or assigning it to alternative providers. Since 2008 flat demand and financial stress have fueled reactive
Law Firms in the Year Ahead-Is a Good 2017 That Much of a Good Thing?
Georgetown Law Center for the Study of the Legal Profession and Thompson Reuters released their annual report on the state of the legal market last week and it is, as always, informative. The 2017 Peer Monitor Report is chock full of data and analysis respecting the tendencies in the legal market. While one might conclude