Edwin Reeser – Edwin B. Reeser, A Professional Law Corporation

By Patrick J. McKenna and Edwin B. Reeser Efficiency in any firm, in and of itself, is not the competitive advantage. There is a big difference between being efficient and being effective. Far too many firms only seem to be…more

Reprinted with permission of The Daily Journal Corp. (Copyright 2013) There are at least two courses of action in which bold action by law fim leaders may erupt in the face of adversity to lead their firms to safety in the…more

Simply stated, partners in many large law firms have been focused on a fictional capital model that has become increasingly divorced from economic reality. There is no direct ownership interest in most large law firms by…more

Jim Collins, renowned business consultant and author of Built to Last, and Good to Great, identifies five major stages of decline of a major business organization. They are identified as follows: Stage 1: Hubris Born of…more

There has been a significant change in the way partners approached partnership since the advent of LLPs. The new approach became, "I don't have to care as much about what the partner in the office next to me, down the hall,…more

As with every business enterprise, especially one in highly competitive markets that are undergoing rapid and significant changes, the challenges are significant. When you come to a fight, you fight “with what you brung.” The…more

The problem of whether the lateral recruiting costs versus the net production of the laterals present a “winning” financial proposition are not addressed with a heavy capital contribution program versus a debt financed program…more

One of the great marketing campaigns of the late ‘70s and early ‘80s was for a set of kitchen knives creatively pitched as “the amazing Ginsu knife.” They sold an estimated 3 million sets in six years, for a product that…more

Both the debt and “no debt” business models can wind up on the same trash heap of failure. If the enterprise does not generate sufficient distributable cash on a sustained basis to carry the enterprise, then all that a heavy…more

Notwithstanding the absence of bank debt, a large law firm can still collapse under a structure of extreme financial leverage. The message “We have no debt” is not the same as “We have no financial risk,” though that is how the…more

Partner Withdrawal/Settlement Agreements: The Enabler of Bad Leadership (Reprinted with permission of the Daily Journal Corp.- 2012) While debate abounds regarding the unacceptable restraints on lawyers to practice law…more

Reprinted with the permission of The Daily Journal Corp, 2012 (copyright) This is a five part series published 06/18-06/22, 2012, which outlines the considerations associated with making a lateral attorney hire, from junior…more

Reproduced with permission from BNA's Bankruptcy Law Reporter, 24 BBLR 835, 06/21/2012. Copyright 2012 The tension between partner fiduciary duty, creditor rights, and rules of professional conduct in the evolving 'law as a…more

As firms scour the market to attract laterals with large, portable books of business, they have become more willing to offer almost anything—special considerations, huge compensation, guarantees, and bonuses—to lure them. In our…more

For some time we've been talking about a "New Normal" for the legal profession, where the factors that have transformed other fields from medicine to photography----technology, buyer sophistication, global competition and the…more