The issue of succession planning at law firms is a topic of great importance. The need to address succession won’t always wait until a convenient time and makes planning as important than ever. Succession planning among firms, whether leadership succession or client relationship transition, is a mixed bag. Some firms have thought about it deeply… Continue Reading
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Minimizing the Risk of an Unexpected Law Firm Closure-Five Steps Every Law Firm Should Take
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Liquidation, Law Firm Succession, Law Firm TransitionAs 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
Five Law Firm Client Succession Strategies-Finding the Best Approach for Your Firm
Posted in Law Firm Leadership, Law Firm Merger, Law Firm Succession, Law Firm TransitionThere are two primary succession challenges law firms face. Leadership succession is one and is a vitally important step to assure a firm’s longevity. A second kind of law firm succession involves the succession of client relationships as senior-lawyers wind-down or retire. As hard as leadership succession can be, managing client relationship succession can be… Continue Reading
Law Firm Retirement Plan Tweaking – Four Additional Things to Think About
Posted in Law Firm Leadership, Law Firm Succession, Law Firm TransitionAt a growing number of law firms, the Boomer generation is reaching the age when retirement among the ranks has partners leaving in increasing numbers. Numerous industry focused writings have noted an array issues faced by law firms experiencing retirements. As partners retire, financial ramifications can be felt. The monetary payout associated with the retirement… Continue Reading
Merger as a Law Firm Succession Plan-Five Steps to Getting it Done Correctly
Posted in Law Firm Leadership, Law Firm Merger, Law Firm Succession, Law Firm TransitionEvery year law firms of all sizes merge. For some of the smaller law firms merging, the decision to combine may have been driven by the need for an effective succession plan. In these cases in which long-time management is unenthused about the prospect of turning the keys over the next generation, merger can be… Continue Reading
Five Warning Signs That Your Law Firm is Headed for Uncertain Times
Posted in Law Firm Crisis, Law Firm Growth, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm Transition, Law Firm Warning SignsAs business organizations go, law firms are different because they can face greater stability challenges. Sure, law firms with iconic names seem to rock along year after year. But for every bedrock firm there are others that struggle to survive. And even some of the firms regarded for their steady state are like the proverbial… Continue Reading
Succession Planning as Financial Planning: Five Critical Components
Posted in Law Firm Leadership, Law Firm Succession, Law Firm TransitionSuccession planning is an important issue for many law firms, especially as the Boomers and Generation Xers age and the human resource pyramid becomes an irregular shaped box. When you add in the assault on the industry from client competition, alternative service providers, and artificial intelligence, the necessity of doing succession right is more critical… Continue Reading
Is it Time? Five Developments That Demand Action from Law Firm Leaders
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Transition, Law Firm Warning SignsRunning 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
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionLaw 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
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Merger, Law Firm Succession, Law Firm TransitionFor 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
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Succession, Law Firm TransitionAlmost 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
Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionAlready 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
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionAfter 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
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionTis 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
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionPredicting 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
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 SignsThere 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
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionSuccession 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
Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition, UncategorizedIs 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?
Posted in Law Firm Leadership, Law Firm Succession, Law Firm TransitionThe 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
Posted in Law Firm Leadership, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionA 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
Posted in Law Firm Leadership, Law Firm Succession, Law Firm Transition, Law Firm Warning SignsAt 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
Posted in Law Firm Leadership, Law Firm Succession, Law Firm TransitionThe 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
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionFor 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
Posted in Law Firm Crisis, Law Firm Leadership, Law Firm Liquidation, Law Firm Succession, Law Firm Transition, Law Firm Warning SignsAs 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
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