We are delighted to share a post from a terrific legal industry blogger – Alicia Norton.
The legal industry has done exceptionally well in response to the challenges brought by the global health crisis. According to a managing partner of a boutique legal search firm, many law firms were able to realize strong gains…
As we enter the New Year, chances are good you’re dealing with a predictable slate of demands on your time: setting compensation and budgets; managing details associated with the latest departure; and interviewing this week’s lateral prospect. All important activities, and worthy of serious attention; but none of these is likely to make the firm…
Law firm succession planning as an imperative is a popular topic. Discussing and planning for succession makes great sense on many levels. Without a good succession plan, the theory goes, a firm may drive off the cliff with catastrophic results.
But what if your firm is not a good candidate for succession? What if its…
Law firm merger is popular because, among other things, it can help a firm grab greater market share, enter new markets, bolster capabilities, or address succession challenges. These results or outcomes can compel a firm to pursue merger enthusiastically. Unfortunately, mergers don’t always guaranty success and in some cases can undermine a firm’s stability. To…
For law firm leaders, continuing a firm’s success is about constant monitoring, clear vision, perspective, and the willingness to act.
Well-run businesses, including law firms, stay abreast of changes in the marketplace by monitoring shifting client needs. Successful businesses track the initiatives of competitors and seek to secure the premium assets needed to compete. For…
If you practice law, there is one eventuality that should be added to that familiar duo of Death and Taxes. No one talks much about it, but it warrants the same attention to detail. The subject? The end of your practice.
As is the case with its two more familiar rivals for attention, ignoring it will…
Competition among law firms is as brisk as ever. Gaining an advantage requires more than hard work-it requires strategic thinking that causes a firm to be different in a positive and noticeable way. Simply working harder or relying on strategies that performed in the past is not enough.
If business as usual is not sustainable…
Growth through lateral additions is a hit or miss proposition at best. Numerous survey reports indicate that far fewer that 50% of lateral additions meet the expectations of the hiring firm. There are a number of reasons for this poor performance. Three that almost always foreshadow disappointment in the near term include:
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Merger is a tactic that never ceases to be popular with law firms. Among other things, a merger can create excitement, offer greater financial opportunity, provide a rescue, or promise a firm and its people a more promising future. As merger activity unfolds, a law firm leader may soon feel initial enthusiasm damped by unwanted…
