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