Do you want to see something scary? Borderline terrifying? Foreshadowing of major, inevitable changes in the practice and business of law? Take a look at this horror-show of a chart from the Thomson Reuters Institute &...more
It seems like most discussions of law firm productivity these days – from Partners to paralegals – include references to declining billable hours, which are further extended into comments on declining work ethic. Sadly, such...more
As we all gaze into our crystal balls and try to predict what will happen in 2024 with any degree of certainty, our views are pretty hazy. Think back to this time last year, which was filled with much handwringing,...more
Much has been written about the pressures developing, both within law firms and more broadly, due to the dramatically different perspectives and expectations across generations. These pressures continue to develop at a...more
I’ve seen a few merger negotiations recently that really caught my attention because they may foreshadow a new type of law firm merger – a pure talent grab. Interestingly, none of these discussions resulted in an actual...more
Something interesting is happening in the world of law firm merger matchmaking and due diligence. Specifically, the order of importance for the key components of the vitally important compelling business case is shifting for...more
In the midst of a global pandemic, the legal industry has remained incredibly resilient as the demand for services – particularly deal support – and bounced back to such a level that matching lawyers to the demand for...more
In 2018, I posed a list of rhetorical questions for law firm leaders to consider in the coming year. I hope most leadership teams have addressed those questions because, as the business model evolves and the challenges grow...more
If you, like many law firm leaders, are focused on your firm’s diversity statistics, you no doubt know that some headhunters have begun charging a search fee premium for placing candidates with diverse backgrounds. While I...more
For months, every law firm leadership team has been navigating completely uncharted waters with respect to the impact of the pandemic on the practice of law, the business of law, and the mental health of lawyers and staff who...more
Within many law firms, any variations on the word “commoditized” (i.e., commodity, commodification, commodified) are very bad words with negative connotations. Lost in this traditional perspective are the facts that a)...more
Take one type of client work for which you are competing on price. Pick something routine. Preferably work you currently process at a high volume or could process at a high volume if only you had better support systems and...more
The law firm world is facing serious consolidation pressures right now. Public numbers on “closed” deals would suggest to any uninformed reader that all the hubbub is about really large firms acquiring really small firms,...more
To say that we are in a period of change and transition is an understatement. About a year ago, we all went home, the IT professionals in all law firms proved they were worth their weight in gold, and most law firm...more
As a result of the global pandemic and the impact that it has had on law firm operations, platforms, and business models, there is a rapidly developing competitive threat that could, particularly in small markets (by...more
I recently wrote about the outcomes of our most recent 30 law firm merger & acquisition projects within the context of a clear uptick in activity and our prediction of increased activity over the next few years. Within that...more
In our recent analysis on The Legal Marketplace in a Post-COVID World, we predicted a significant uptick in law firm merger activity once the immediate medical crisis was brought under control. For larger firms, this will be...more
In our COVID-19 Recovery Playbook, we provided our thinking for firm leadership on how to manage through the current crisis. In this four-part continuation of that work, we examine where and how the industry may be shaped by...more
In our COVID-19 Recovery Playbook, we provided our thinking for firm leadership on how to manage through the current crisis. In this four-part continuation of that work, we examine where and how the industry may be shaped by...more
In our COVID-19 Recovery Playbook, we provided our thinking for firm leadership on how to manage through the current crisis. In this four-part continuation of that work, we examine where and how the industry may be shaped by...more
In our COVID-19 Recovery Playbook, we provided our thinking for firm leadership on how to manage through the current crisis. In this four-part continuation of that work, we examine where and how the industry may be shaped by...more
Before the calendar slips too far into the new year, I want to share five important emerging trends or steps for law firm leaders to consider in 2020, each of which will have significant short and long-term implications for...more
Last week I experienced a mentoring program that will have a major impact on the legal profession in Mexico and should be replicated elsewhere (which is why I’m writing about it). I had the privilege and honor of addressing...more
There may not be another industry that self-commoditizes like legal, primarily because so many Partners choose to compete solely on price. While price is inevitably a component of all negotiations with clients, value from...more
In the course of our Partner Compensation System work, we have seen many law firms that allow origination credits to be “shared” for purposes of both financial reporting and compensation-setting. Of course, the goal is to...more