Tag Archives: Succession strategy

Four Important Elements to Getting Law Firm Merger Right

Already 2018 has proven to be a time for law firm merger. Since the beginning of the year we have been treated to a constant series of announcements about law firms combining. And although law firm mergers have been part of the landscape for years, the increase in law firm mergers shows its growing popularity… Continue Reading

Law Firm Succession: Addressing the Most Important Issue

By Andrew E. Jillson on March 21, 2018 Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

After years of success (by any number of measures), more than a few firm founders (or later generation leaders) confront succession. Some of them are simply ready to step back and enjoy life-turning their worries over to the next generation has great appeal. Others are driven by unanticipated developments-illness or family circumstances compel them to… Continue Reading

Its Merger Season-Five Reasons for Your Law Firm to Think About Merger

By Andrew E. Jillson on February 8, 2018 Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

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… Continue Reading

Five Steps for Preparing Your Law Firm for a Great Future

By Andrew E. Jillson on January 10, 2018 Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

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… Continue Reading

Five Reasons for Law Firms to Think About a Merger in 2018

By Andrew E. Jillson on November 22, 2017 Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition, Law Firm Warning Signs

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… Continue Reading

The Important First Step in Law Firm Client Succession

By Andrew E. Jillson on July 19, 2017 Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

Succession planning of client relationships at law firms requires a thoughtful examination of a law firm’s past, present and future. Managing the transition of a senior lawyer’s practice to younger counterparts is not easy. Poorly understood and executed, it can result in a loss of both valuable business and a cherished colleague. The stakes are… Continue Reading

Law Firm Succession Planning-Things Small Firms Can Do Just Like the Big Firms

By Andrew E. Jillson on April 26, 2017 Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition, Uncategorized

Is the grass greener on the other side? Some small firm leaders envy perceived advantages enjoyed by bigger firms. Leadership at big firms likewise can be found yearning for simpler times when their firms were smaller and the issues seemed simpler. Regardless of size, all law firms must work hard to succeed, especially in a… Continue Reading

Finding Your Next Law Firm Leader-What to Look for?

By Andrew E. Jillson on March 23, 2017 Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition

The legal services industry is awash with profitability challenges, calls for innovation, and non-traditional entrants. Long-time law firm clients are expecting more from their law firms at the same time they weigh the option of moving work in-house or assigning it to alternative providers. Since 2008 flat demand and financial stress have fueled reactive… Continue Reading

No Law Firm Succession Plan? Five Options

By Andrew E. Jillson on March 8, 2017 Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

A Forbes article entitled Law Firm Leadership Survey: Top Strategic Initiatives of 2017 shared some interesting information about the burning and not so burning issues for today’s law firm leaders. The information was assembled through the work of David J. Parnell (the author of the Forbes article) and noted legal consultant Patrick J. McKenna. The… Continue Reading

Four Signs Your Law Firm is Not Ready for Leadership Succession

By Andrew E. Jillson on February 23, 2017 Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition, Law Firm Warning Signs

At many law firms that recognize the need for succession planning, preparation for leadership succession receives too little attention. Succession planning can languish for various reasons. In some instances, the press of regular law firm business distracts existing leadership from the issue. In other cases, the topic is an uncomfortable one so discussions are avoided.… Continue Reading

Law Firm Succession-A Future Leader’s Job Description

By Andrew E. Jillson on February 8, 2017 Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition

The topic of law firm succession is a hot one-discussed daily by commentators and law firm leaders alike. Of course, succession comes in two primary forms; client relationship succession and leadership succession. For many firm leaders, client relationship succession seems to have a heightened priority. But given the changing nature of the legal industry, a… Continue Reading

Improving Your Law Firm’s Growth Prospects-The Importance of Discipline

By Andrew E. Jillson on December 14, 2016 Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition

For many law firms client expectations, increased competition (from traditional and non-traditional sources) and unreliable demand present formidable challenges. These challenges can be compounded as a firm’s senior lawyers age and succession gets added to a firm’s “to do” list. Some firms have responded to these issues by growing through lateral hiring or merger… Continue Reading

Avoiding the Unplanned Law Firm Closure-Five Steps Every Law Firm Should Take

By Andrew E. Jillson on November 30, 2016 Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Liquidation, Law Firm Succession, Law Firm Transition, Law Firm Warning Signs

As the calendar year comes to a close, there is a lot to do at most law firms. Activities like collecting bills, distributing profits and casting next year’s budget can occupy many a leadership team. The tasks at hand can be time consuming and all engrossing. Given the importance of these short-term issues, thinking about… Continue Reading

Law Firms and Retiring Partners-The Issues Extend Beyond the Financial Ones

By Andrew E. Jillson on September 8, 2016 Posted in Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

At a growing number of law firms, the Boomer generation is reaching the age when retirement among the ranks has partners leaving in increasing numbers. Recent writings, including Debra Cassens Weiss‘ As Baby Boomer partners retire, law firms face increasing costs and client issues, have noted the numerous and significant financial issues for law firms… Continue Reading

Law Firm Succession Planning and the Millennial Generation-Covering Achilles’ Heel

By Andrew E. Jillson on July 27, 2016 Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition

Last week saw Vault.com release its 2017 survey of the best law firms to work for and O’Melveny and Myers is the new reigning champion. Among quality of life factors that matter to many of today’s associates, the firm scored first in satisfaction and honors, and placed second in firm culture, leadership transparency and substantive… Continue Reading

Boomer Law Firms: Some Demographic Challenges

By Andrew E. Jillson on April 20, 2016 Posted in Law Firm Crisis, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

Ward Bower’s Existential Threats to Law Firms provides an excellent review about a few of the economic and demographic issues that threaten today’s law firms. As Mr. Bower notes, some of the law firms previously fixtures in league tables and in the AmLaw 200 have either failed, been acquired or otherwise have disappeared from view-all… Continue Reading

Law Firm Merger or Combination-A Solution That Can Suit Many Situations

By Andrew E. Jillson on February 24, 2016 Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Succession, Law Firm Transition

As we have seen recently, law firm combinations have continued at a brisk pace. In layman’s terms, most of the combinations are referred to as mergers although many are at best “merger-like.” Indeed, “true” mergers appear to be the exception and not the rule as law firm combinations continue to be announced. Gina Passarella wrote… Continue Reading

Managing in Today’s Changing Legal Services Market-How to Avoid Obsolescence

By Andrew E. Jillson on January 13, 2016 Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

Another year for law firms is in the books and the numbers, to state it mildly, do not signal a return to the pre-2008 halcyon days. Based on a report from the respected Georgetown Law Center for the Study of the Legal Profession, it appears that challenges to the legal profession continue and are potentially… Continue Reading

Law Firm Succession-Key Elements for Today and Tomorrow

By Andrew E. Jillson on November 18, 2015 Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

Law firms today and in the future must deal with a shifting legal services market that makes succession a more formidable task. Succession is not simply finding a way to deliver the gold watch with dignity and promoting firm-wide acclamation for the new leader. No, it is a lot more as recent reports and analyses… Continue Reading

Law Firm Succession Planning-What Does the Future Hold?

By Andrew E. Jillson on November 4, 2015 Posted in Law Firm Growth, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

Law firm succession, whether leadership or client focused, has been an issue for law firms for a long time. Recent articles written about the legal industry suggest that succession will be different if not more difficult in the future. At the risk of waxing about the “good old days,” it is arguable that operating a… Continue Reading

Law Firm Succession Planning-Preparing for the Difficult Conversation

By Andrew E. Jillson on October 21, 2015 Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition

Aric Press’ recent piece on lawyer retirement is excellent in identifying some of the subtle challenges for law firms dealing with Boomer departure. Press’ Is it Time for You to Go, Joe? describes the difficult conversation faced by law firm leadership seeking to transition senior lawyers and their practices. Press goes on to observe five… Continue Reading

Law Firm Succession Planning 2015: Leadership’s Hidden Challenge (Part Two)

By Andrew E. Jillson on July 1, 2015 Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition

As discussed in my last post, Law Firm Succession Planning 2015: Leadership’s Hidden Challenge (Part One), the confluence of upbeat economic news with generational differences in the lawyer ranks presents a problem for law firm leaders not having an institutional succession plan. The issue is not just theoretical-Altman Weil’s 2015 Law Firms in Transition report… Continue Reading

Law Firm Succession Planning 2015: Leadership’s Hidden Challenge (Part One)

By Andrew E. Jillson on June 17, 2015 Posted in Law Firm Growth, Law Firm Leadership, Law Firm Succession, Law Firm Transition

Altman Weil’s 2015 Law Firms in Transition report recently came out and as usual it offers interesting and valuable information about the law firm industry as well as the perceptions and attitudes of law firm leaders. One fact noted by AW in its report is that in 2015 much of the industry is enjoying a… Continue Reading

Five Important Objectives For Law Firms Dealing with the Generational Challenge in Succession Planning

By Andrew E. Jillson on May 20, 2015 Posted in Law Firm Growth, Law Firm Leadership, Law Firm Succession, Law Firm Transition

Passing on leadership to the next generation at small to medium law firms can be a challenge. These firms give themselves the greatest chance of success for eventual transition if they identify future leadership early and take the time to nurture the best prospects before succession presents itself. Taking on this blocking and tackling is… Continue Reading