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Law firms spent the better part of two decades effectively extricating themselves from unaffordable, life-threatening unfunded retirement packages only to find they have few if any financial mechanisms available to incent retiring partners to actually transition their clients to the next generation, prior to retirement.
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Similar to financial investments you will want a well-diversified portfolio of mentors who can contribute to your career in different ways depending on your goals.
MARKETING PLAN Fatal Error #44 in Jim Muehlhausen's book, "The 51 Fatal Business Errors" is "IF YOU FAIL TO PLAN, YOU ARE PLANNING TO FAIL." Even if you have lots of experience in your specialty, and understand your clients' businesses, integrating marketing into weekly activities is essential. In our work with clients, we often find that they are asked to complete an exhaustive marketing plan at the beginning of each year. Some do; most don't; and few…
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An astute lawyer-manager must achieve the appropriate balance of building consensus among the partners versus managing as an autocrat.
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In deciding whether to accept a contingent fee case, your firm should approach this issue as it would any other decision regarding an investment of the firm's resources.
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When a law firm asks an individual to step forward on behalf of the group, it is incumbent on the group to define the scope, authority and expectations for the leadership position. In addition, there should be mechanisms in place to evaluate leadership performance, provide feedback and appropriately adjust compensation.
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Partners and their managing-partner colleagues should consider implementing the strategies enumerated in this article to maintain cash flow and improve margins.
BUSINESS DEVELOPMENT REVENUE GROWTH - Market gains do not happen automatically. And in our current economic environment, law firm marketing attorneys and professionals see real opportunities. Small and midsize firms have been scrappy with legal sales and are working to close with new clients that may previously not been accessible to them. So what do we recommend as business development consultants? Be accessible and respond quickly. Be amenable to new ideas and new ways of doing…
BUSINESS DEVELOPMENT REVENUE GROWTH - Market gains do not happen automatically. And in our current economic environment, law firm marketing attorneys and professionals see real opportunities. Small and midsize firms have been scrappy with legal sales and are working to close with new clients that may previously not been accessible to them. So what do we recommend as business development consultants? Be accessible and respond quickly. Be amenable to new ideas and new ways of doing…
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The recent recession has exacerbated the fundamental challenge faced by general counsel: the selection and management of outside counsel.