In a recent post about law firm succession planning, I observed
“Succession planning and execution in 2014 is far more difficult than it was a decade or more ago. It is not that it is harder today to identify credible candidates to succeed existing leadership; searching for the best talent is a task that has
Law firms planning for succession cannot rest easy even when the “next-in-line” process is settled or the next leader selected. No doubt thinking about these things is vitally important for a law firm hoping to weather transition. But it is just part of the task of succession planning.
One area of succession planning given short
While in Seattle with my partner Roger Hayse we stopped by the LexBlog World Headquarters. We enjoyed meeting the whole team and while there, Colin O’Keefe conducted the following interview of me on succession planning.
Today, succession planning for law firms is more than finding the charismatic leader who is liked by most. Any new leader (actually, any leader whether new or not) must have the vision to compete in the age of New Law.
Jordan Furlong’s An Incomplete Inventory of New Law is an excellent summary of new players
A smart merger of two law firms requires careful study about compatibility. Fits between two law firms seldom are perfect. But if the cultures, financial metrics, clients and compensation systems generally are in sync, the opportunity for a successful merger exists. While one of these merger variables actually may be strained, harmony among
A law firm considering a merger has a lot to think about. Evaluating the differing cultures, financial metrics and compensation systems is a must. Merging two law firms without vetting the client fit is not only unwise, but it also is not likely to end well. Yet, finding an acceptable match in the
Last week was noteworthy because two major anticipated mergers were called off; Orrick/Pillsbury due to reported conflicts and Dentons/McKenna for what may be best described as “cultural reasons.” But even if there were no conflict issues and cultures meshed well between two firms, most proposed mergers won’t get to a closing if their respective compensation
Mergers of law firms garner a great deal of press and comment. As noted by Debra Cassens Weiss, law firm mergers during 2013 have been numerous. Robert Denney’s Primer on Law Firm Mergers provides a useful guide about approaching law firm mergers. Just last week, yet another merger was reported, this one involving
Law firm mergers are being announced all the time. As we saw in Jennifer Smith’s Big Law Mergers Questioned, their unveiling tends to stimulate extensive discussion. The pace of mergers is ahead of last year and as Catherine Ho wrote in Law Firms Experience Big Jump in Mergers, the number of combinations in 2013 is noteworthy. Mergers of regional firms, mergers of firms with international reach, mergers borne of strategic vision and potential mergers possibly encouraged by necessity—reasons aplenty seem to be fueling the current merger activity.
A successful merger depends on a lot of things, not the least of which is the ease and thoroughness with which
Continue Reading Law Firm Merger Diligence–Are the Cultures Compatible?
To merge, or not to merge? That is the question. More and more law firms face that issue these days. We often advise law firms facing that watershed possibility and take them from considering merger in the abstract to addressing its reality. But as Larry Bodine and Robert Denney recently reported, roughly 50% of mergers fail. Consequently, properly evaluating a potential merger is extremely important. A flawed analysis, a few undeserved assumptions or allowing momentum to overtake critical examination can doom a merger to failure. Conversely, a lack of confidence in a proposed merger because a systematic and thorough analysis was not performed can be a lost opportunity for both firms.
Continue Reading Resolving Law Firm Transition By Merger–Important Compatibility Issues for Management’s Consideration
