Managing Law Firms in Transition

Managing Law Firms in Transition

Tag Archives: Succession strategy

Is it Time? Five Developments That Demand Action from Law Firm Leaders

By Andrew E. Jillson on Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning Signs
Running a law firm successfully is no easy task.  It is a multi-dimensional effort that requires leadership, discipline, vision, and some luck.  Getting all firm lawyers to row a boat in unison can be tough.  Even if some of the oars irregularly go into the water, progress is still possible. When attentive leaders work hard… Continue Reading

Rethinking Law Firm Succession-Five Reasons to Focus Differently

By Andrew E. Jillson on Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition
Law firm succession is a top of mind issue for today’s law firms.  Making sure one generation of leadership can hand the reins off to the next generation is a key concern.  Of course, it is not just having the right people in place to develop and execute sound strategies, but it also requires transitioning… Continue Reading

Law Firm Merger-A Way to Solve the Succession Dilemma

By Andrew E. Jillson on Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Merger, Law Firm Succession, Law Firm Transition
For many law firms, succession to the next generation presents a formidable and daunting challenge.  Leadership may have been too busy to plan ahead for succession.  Turnover at the firm may have dealt a blow to the goal of grooming someone to step in as the next leader.  Sometimes the next generation’s business development abilities… Continue Reading

Achieving Stability and Longevity for Your Law Firm-Five Fundamentals

By Andrew E. Jillson on Posted in Law Firm Growth, Law Firm Leadership, Law Firm Succession, Law Firm Transition
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… Continue Reading

Four Important Elements to Getting Law Firm Merger Right

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