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
Law Firm Merger-A Way to Solve the Succession Dilemma
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
Achieving Stability and Longevity for Your Law Firm-Five Fundamentals
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
Law Firm Merger Checklist Item-Culture
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
Law Firm Succession: Addressing the Most Important Issue
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
Five Key Metrics for Grading Your Law Firm’s Annual Performance
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
When a Law Firm Grows Up-Five Steps to Maturing Well
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
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