The market will no longer tolerate the inefficiencies of the traditional law firm model. Persistently and progressively, clients are insisting that legal service be provided in ways that are more tailored to their precise needs and for fees that bear a more reasonable relationship to the value provided.
Read MoreLast week, we opened a conversation about the law firm of the future. Responding to Bruce MacEwen’s two-part post on the subject, I suggested an analytical framework for a new law firm model. Today I will examine in more detail the five dimensions of change I believe are likely to characterize the new model.
Read MoreWhat should the law firm of the future look like? With all the change underway, all the unmet needs of the market, and all the opportunities the market presents, what is the optimal model?
Read MoreHiring partners away from another law firm has become a core tactic in the strategic plans of most law firms. Indeed, legal trade publications report some number of lateral moves nearly every day.
Read MoreLaw firms are increasingly adopting profitability measures, a positive development for the firms, their people, and their clients. In this post I will address five issues that are critical to making the most of profitability analysis:
Read MoreMore and more law firms are adopting meaningful profitability analysis tools to measure their financial performance. This is a noteworthy and positive development.
Read MoreThe Legal Executive Institute’s 5th Annual Law Firm CFO/CIO/COO Forum in New York last week was devoted entirely to cybersecurity—and for good reason. The risk of cyberattack is one of the most important and urgent issues law firm leaders face today.
Read MoreBill Henderson and Evan Parker wrote a brief, but important article in the December edition of The American Lawyer magazine, titled “How to Size Up Sectors and Practices for Future Growth”.
Read MoreCorporate clients are steadily changing the way they access legal service. The changes have profound significance for every competitor which seeks to serve that market. For the traditional law firm in particular, the changes make even clearer the imperative to move to a new business model.
Read MoreThe American Lawyer magazine announced its annual “A-List” this week, recognizing 20 American law firms which it calls the “new elite.” It is interesting to see which firms make the list each year and how they rank.
Read MoreLaw firm merger activity is heating up. Altman Weil reported last week that the first half of 2015 saw a record number of merger announcements, and told The American Lawyer it looked like the pace would continue into the second half of the year: “We know from our consulting experience that a lot of firms are talking to each other… .”
Read MoreAchieving client satisfaction requires more than doing excellent legal work and reaching a satisfactory outcome. It requires the lawyer to deliver service in a way that meets the needs and expectations of the client and for a feecommensurate with the value of the service delivered.
Read MoreThe core of any law firm is its people. That has been so since law firms were first formed. It will always be so.
Read MoreAll who knew him were saddened when Don Robinson, a legendary New York lawyer and law firm leader, passed away last June at the age of 79. I was blessed to be Don’s partner during the last 15 years of his career. During those years he provided me some of the most sage and valuable mentoring I ever received. From time to time I think of Don and how he would have dealt with the ground-shaking challenges law firms face today.
Read MoreThe American Lawyer magazine completed its survey of America’s 200 highest grossing law firms this week. So, what can we glean from this year’s annual report?
Read MoreThe financial results reporting season has begun in earnest. Last week, Citi Private Bank and Hildebrandt Consulting released their “2016 Citi/Hildebrandt Client Advisory.”
Read MoreWe launched the Law Firm Financial Forum to promote a thoughtful and informed examination of the vexing financial questions that law firm leaders confront.
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