Every successful law firm leader shares a common paradox: the very skills that made them a spectacular practitioner are often the exact traits that hinder their success as a leader. To become a top-tier lawyer, you must master the art of looking backward. You analyze precedent, anticipate worst-case scenarios, and maintain a healthy level of [...]
To encourage business development, many law firms track and bonus for origination credits. These credits can last anywhere from a single year to the entire lifetime of that client relationship. There is no doubt that the carrot of compensation helps to encourage the transfer of new work to other members of a firm. But this [...]
Many law firm leaders look at business planning as a massive, exhausting mountain to climb—something to be done once every three to five years, checked off a list, and forgotten. But treating business planning as a rare, monumental event is a dangerous mistake in today’s legal market. With technology changing overnight, client expectations shifting constantly, [...]
When I ask law firms if they have a strategy, most Managing Partners say “sure: we want to grow our client list, recruit and keep top talent, and increase our profitability”. But if those goals only exist in the heads of the management committee or scattered across email threads, you don’t have a firm strategy. [...]
Partners are the financial engine of your law firm. They generally land the biggest clients, manage high-stakes files, and consistently hit their billable targets. To the rest of the firm, they can appear invincible. But behind closed doors, many of them are quietly burning out. Lawyers are trained to project confidence and stoicism. Because of [...]
When law firm partners think about operational strategy, they usually focus on external threats. They worry about competing firms stealing their clients, technological disruption eroding their billable hours, or a sudden dip in the local economy. But there can also be internal threats to the firm: Associate churn, Partner under-productivity, a lack of operational efficiency. [...]
For lawyers who are concerned about job stability, or those who wish to eventually move into the Partnership, it is time to focus on positioning yourself to transition from a technical service provider to a work generator. In my experience (primarily based on firms with one to 45 lawyers), true rainmakers represent less than 1% [...]
Lawyers love the comfort of precedent, dusty books, and advice that has been successful for them in the past. For decades, the billable hour has been the gold standard—the undisputed, preferred method of charging clients. It is familiar, it is predictable, and it is how most senior Partners built their success. But the legal landscape [...]
My regular readers know I listen to a lot of podcasts, and that one of my favorites is Freakonomics. A recent episode was titled “Has America Lost the Plot?”. It is a great episode, but the title itself gave me the inspiration for this post. Frankly, I think most of the law firm leaders I [...]
As part of the strategic planning side of my consultancy, I find that many of my clients identify a gap between the need for succession planning, and the willingness of their more senior lawyers to embrace and plan for succession. I can easily convince law firms of the value of these plans. The hard part [...]