Law firm succession can be easy, and it can be hard. It tends to be easy for the law firms blessed with talented people, a deep and repeatable client base, and a stellar reputation. Transition from one generation to the next can be natural and seamless. Unfortunately, not all law firms enjoy such a profile.
Shared Aspirations
Pause After Responding to the Pandemic? Two Assessments All Law Firms Should Consider
The pandemic has caused an unprecedented change to the practice of law for many law firms. Since March, the delivery of superior client service has required a new way of thinking and a little bit of scrambling. Yet after a couple of months living in the Covid-19 world, some law firms feel a new normal…
Performing a Law Firm Culture Audit-A Great Way to Start 2020
According to many law firm leaders, having a good law firm culture is a key to sustainability. Not infrequently leaders attribute their firm’s culture for the success enjoyed. When new mergers are announced or reviewed, the importance of compatible cultures gets top recognition. And when law firms fail, the impact of a dysfunctional culture reaps…
Law Firm Sustainability–Its All About Focusing on the Future
“[L]eaders must have a sharp eye on the future, always considering how the law firm will evolve and succeed in the years ahead.”
from Decisions That Matter: Tales of Law Firm Leadership in Moments of Consequence
Sustaining a law firm’s success is a nice challenge to have. For one, it means that the founders already…
Dealing with the Bad Law Firm Merger–Annulment, Divorce or Staying Together for the Kids?
The typical press release announcing a law firm merger extolls the excitement, the opportunity to have one plus one equal three, and the great fit of culture, practices and people. It’s perfect until it is not. In fact, by some measures more than half of all law firm mergers fail. When the realization sets in that your law firm merger is a bad one and not the combination of your dreams, what can you do?
Besides whistling past the graveyard, you’ve got to do something. And while a solution stimulated by panic is not recommended, prompt action is advisable. As action plan options go, the following three options generally are presented and often are considered:Continue Reading Dealing with the Bad Law Firm Merger–Annulment, Divorce or Staying Together for the Kids?
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…
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
Law Firm Focus-When Positive Financial Performance Is Not Really Positive
In a time of increased competition among law firms, a firm’s positive news, developments or performance always seems welcome. Peer recognition for the firm is nice. Likewise, having clients show confidence in the firm by hiring it again and again naturally is a boost of confidence. And climbing revenues and profitability is almost always viewed…
The Key To Resolving The Lawyer / Marketing Dichotomy
I am very pleased that Eric Fletcher has agreed to provide this insightful guest post. Eric is an extraordinary law firm marketing professional who leads marketing and BD at Liskow & Lewis, is the author of the Marketing Brain Fodder blog, and is the co-author of 8 Mandates for Social Media Marketing Success…