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
Five Steps for Law Firms Wanting a Good 2018
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
Five Reasons for Law Firms to Think About a Merger in 2018
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
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
Five Exercises for Toning Up a Law Firm’s Large Middle Section
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
Four Key Components to Law Firm Financial Health-Meeting the Universal Objective
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
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
Finding the Right Law Firm Merger Candidate-Five Fundamentals
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
Considering Law Firm Merger? Four Disciplined Steps to Getting It Right
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
Five Keys to an Effective Law Firm Divorce-Being Smart When the Thrill is Gone
“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