Managing Law Firms in Transition

Managing Law Firms in Transition

Tag Archives: law firm management

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 Signs
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… Continue Reading

Rethinking Law Firm Succession-Five Reasons to Focus Differently

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
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… 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 Transition
For 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

Achieving Stability and Longevity for Your Law Firm-Five Fundamentals

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Succession, Law Firm Transition
Almost daily, lawyers come together and open new law firms.  High expectations accompany such births.  With owners committing to work hard, promising to exercise given and acquired skills, and counting on a little (but not too much) luck, the newly created institution teases with the prospect of success. The positive vibes at inception may be… Continue Reading

Law Firm Merger Checklist Item-Culture

Posted in Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
The spring of 2018 has produced a spate of large law firm mergers.  Despite this noticeable activity, the interest in mergers is not something new-over 600 mergers and acquisitions have closed since 2007.  Based on the tactic’s popularity among firm leaders seeking a competitive edge, we can expect more mergers in the future. For law… Continue Reading

Law Firm Succession: Addressing the Most Important Issue

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
After years of success (by any number of measures), more than a few firm founders (or later generation leaders) confront succession.  Some of them are simply ready to step back and enjoy life-turning their worries over to the next generation has great appeal.  Others are driven by unanticipated developments-illness or family circumstances compel them to… Continue Reading

Five Key Metrics for Grading Your Law Firm’s Annual Performance

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs
A law firm report card is a good thing.  Much like a child’s school report card telling a parent how school is going, a law firm report card can inform firm leadership about its progress, shortfalls, and areas that need improvement.  In these days of industry disruption and heightened competition, periodic assessments can give a… Continue Reading

When a Law Firm Grows Up-Five Steps to Maturing Well

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
Sometimes it is as simple as two lawyers acting on obvious synergies and a law firm is born.  Once the firm is birthed, the days are heady ones as basic startup chores are mixed with the never-ending pursuit of clients, doing good work and building an enduring reputation.  Coming up for air can almost seem… 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 Transition
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… Continue Reading

Getting Ahead of the Game-Four Thoughts About Operating Successfully in Today’s Market

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
  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… Continue Reading

Five Steps for Preparing Your Law Firm for a Great Future

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
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… Continue Reading

Four Steps for Driving Non-Equity Partner Performance Towards Equity Partner Expectations

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
Firms often find themselves with too many non-equity partners whose performance could and should be better.  But because of a long string of promotion decisions and/or lax management, the non-equity partner pool is bigger than desired and its overall contribution to the firm is, in a word, disappointing.  Indeed, many equity partners see this middle… Continue Reading

Five Steps for Law Firms Wanting a Good 2018

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
For law firm leaders closing in on the end of 2017, there is no rest for the weary.  They are working hard to finish the year off well.  Collecting bills, distributing profits, retaining talent are just a few of the things on their to-do lists. Even if 2017 turns out positively, it is no guaranty… Continue Reading

Five Reasons for Law Firms to Think About a Merger in 2018

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition, Law Firm Warning Signs
There is much to do when a law firm closes out its year.  Getting bills out, collecting receivables, paying bonuses, and distributing profits are but a few of the things that get the attention of leadership.  As long as the firm’s year has moved along normally, finishing up strong often is the main focus of… Continue Reading

Five Steps to Making Your Law Firm More Dynamic

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
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… Continue Reading

Five Exercises for Toning Up a Law Firm’s Large Middle Section

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
  Law firms look around and see that the attorney pyramid structure is crumbling or gone.  In its place is an indistinct shape that often includes an oversized group of experienced lawyers not worthy, at least yet, of ownership.  Depending on the firm, the contribution of these lawyers can vary.  Some firms enjoy great financial… Continue Reading

Four Key Components to Law Firm Financial Health-Meeting the Universal Objective

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
Law firms come in all shapes and sizes.  Some consciously specialize in distinct areas of the law while others are more reactionary-willing to do anything they feel generally competent to do.  Firms can be local in scope, only serving a home town populace from its home town address.  Geographically expansive law firms can have a… Continue Reading

Law Firm Innovation: A Concept Within Every Law Firm’s Grasp

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition
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… Continue Reading

Finding the Right Law Firm Merger Candidate-Five Fundamentals

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Transition
Law firm mergers are a regular occurrence in today’s American legal landscape.  Large or small, they happen because law firms and their leaders see merger has meeting a perceived need.  Whether seeking greater market share, pursuing untapped lucrative markets, responding to a demographic challenge, or fixing inadequate succession preparations, a merger can represent the right… Continue Reading

Considering Law Firm Merger? Four Disciplined Steps to Getting It Right

Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Transition
In the case of many law firms competing in today’s legal environment, growth is important.  Some growth is done quietly while other expansion is discussed widely.  Growth in the form of law firm merger gets everyone’s attention-indeed announcements about law firms joining together in merger seem to be made weekly. For every merger announced there… 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

How to Thrive with Clients that Don’t Use Law Firms Like They Used To?

Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Uncategorized
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… Continue Reading

The Important First Step in Law Firm Client Succession

Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
Succession planning of client relationships at law firms requires a thoughtful examination of a law firm’s past, present and future.  Managing the transition of a senior lawyer’s practice to younger counterparts is not easy.  Poorly understood and executed, it can result in a loss of both valuable business and a cherished colleague.  The stakes are… 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 Transition
Law 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
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