Over the last two weeks some attention has been given to the topic of law firms raising rates. Bill Josten recently wrote about information coming from Thomson Reuters’ Legal Executive Institute and Peer Monitor that suggests that raising rates may undermine firms’ goals of greater profitability. A similar report followed, also drawing on Thomson
Law Firms Today-Preparing for an Uncertain Future
Forbes’ article Cab Companies and Law Firms Are Taking the Same Route presents the provocative view that law firms face disruptive innovation similar to the kind experienced over the last eight years by cab companies. Ride sharing innovation through the likes of Uber, Lyft and others has undermined the once financially formidable cab business.
Law Firm Merger-Four Key Stages to Success
Law firm growth gets a lot of attention. Among the various approaches to law firm growth is the tactic of merger. Almost weekly we are treated to another announcement about two law firms fulfilling their desire to grow by combining. And although law firm mergers have been part of the landscape for years, since the
Preparing Your Law Firm for the Future-Don’t Confuse Tactics with Strategy
Superficial solutions to the long-term challenges law firms face are seldom lasting. The right answers only come through disciplined strategic thinking that projects beyond a looming horizon. Unfortunately, some thinking in the guise of being strategic is anything but. And for the law firms trying to position themselves past that horizon, misinterpreting motion for progress
Law Firm Lateral Hiring: Preparing for the Upcoming Free Agent Season
As law firms prepare for the last half of 2016, the ingredients for the lateral hiring stew are being added. Firm and individual lawyer performance on the year, bonus expectations and realization, internal law firm management and politics-all will be factors in determining individual lawyer contentment. The same factors, viewed from management’s perspective, will drive
Managing Excess Law Firm Growth-Spinning Off the Struggling Office
Law firm growth is a popular strategy or tactic among law firms seeking to compete in today’s ultra competitive legal services market. Growth often is achieved through mergers, practice group acquisitions and lateral hiring. And in some cases, the growth initiatives result in new offices being opened in markets previously not served. New
Addressing Your Law Firm’s Declining Demand Through Change-Five Considerations
Although pockets of law firms are enjoying increased demand, revenues and profitability, the general news about the industry as a whole is tepid. A recent article by Chris Mondics about law firm financial performance cites a common problem these days of law firms lacking enough work to keep their lawyers busy. The article (drawing on
Practicality and Law Firm Strategy
I was very encouraged by a recent Bloomberg article regarding Katten Muchin Rosenman. The piece describes the strategic priorities of Roger Furey, the newly-named chair of the firm. The three top priorities are:
- Getting the word out regarding the firm’s reputation. Reportedly, the firm has an excellent reputation with existing clients and the
Slowing the Law Firm Churn
Recently, I was asked if I was going to fire an employee who made a mistake that cost the company $600,000. No, I replied, I just spent $600,000 training him. Why would I want somebody to hire his experience? THOMAS J. WATSON SR.
How many lawyers have you watched move from one firm to
Law Firm Merger-Four Rules to Follow
Mergers between law firms garner headlines. Just last week, Kansas City’s Husch Blackwell was in the news when it announced that it was merging with Whyte Hirschboeck Dudek S.C., a Wisconsin based business and litigation firm. The merger comes less than year after Husch Blackwell’s Chairman Maurice Watson described the firm’s newly adopted strategy