(This article first appeared in SLAW) The line between bad strategy and a law firm collapse is as thin as a noose. Yet law firms practice bad strategy on a regular basis. Take heed from the lessons of a very public breakdown. A client recently gave me a copy of Norman Bacal’s book “Breakdown, the Inside [...]
Like most businesses, small to medium-sized law firms depend on business as usual to meet their revenue targets and cover expenses. Most can withstand an economic downturn, the loss of an important client, the sudden need for new technology hardware, etc. Preparing for a longer-term threat is a different. We are facing a pandemic. While [...]
By definition, make or break decisions occur when we have the least amount of time and emotional control to make them. How can we make the best possible decision in the worst possible circumstances? Management is about dealing with people and things – including events. We can’t possible manage every timekeeper, every moment of the [...]
Over the next ten or so years, we will see a marketplace-shifting change in law firm ownership as baby boomers retire and decide what to do with their practice. This is a time of high angst for those about to leave the law, and potentially a remarkable opportunity for the more entrepreneurial and thick- stomached [...]
Most firms understand the value of having their lawyers market: they just don’t know how to make it happen. So, they rely on the lawyers. They create a marketing plan requirement (or tie in marketing activity with compensation review) as a motivator for action. Then they sit back and wait until the end of the [...]
While law firms tend to be a relatively flat structure, there is usually a management structure that helps to guide things along. Typically, this includes a lawyer leadership team (a Managing Partner and potentially, an Executive Committee), practice or client team leaders if the firm is organized into teams, and an administrative team comprised of [...]
A large part of my practice is in helping law firms to create a strategic plan. A strategic plan is a road map that identifies the destination of a firm over a declared time period, and says something about how the firm will get there. Law firms have been late to the table with some [...]
Law firm managers need to be active, conscious and pro-active in their role. Management is not merely a title, it is a critical role that is seldom done well in a law firm. Law firms require a range of managers. These include professional managers such as Administrators, marketing or IT directors and the like. But [...]
Change is a reality of business. Client needs shift; legal expertise shifts due to retirements and new hires; legislation and case law create new opportunities and close down previous legal practises. Change is hard for most people, but particularly for lawyers. The lawyer personality doesn’t like change; it likes the expected, precedent and tradition. Lawyers [...]
Laterals can be a wonderful addition to a law firm. They can also be an incredibly expensive drain – financially, in terms of resources and with respect to morale. Here’s how to ensure your lateral hires can help rather than hurt your firm. It’s said that laterals have around a 70% chance of surviving in [...]