Exit Strategies: Think Like a Start-up
June 01, 2016
Whether businesses sell hard goods, license technology or dispense advice ( e.g. , law firms), the common thread is that they are all businesses founded by one or more individuals, all of whom will someday exit the business. Law firms are businesses, and all too often partners and founders lose sight of that basic premise.
Traits of Future Equity Partners
June 01, 2016
In the last 10 years, the author has coached hundreds of associates. Some left law entirely, others have gone in-house or to work for the government, Many have become non-equity partners, and some are equity partners. Here is a look at the ones who aim for partnership in a large firm.
Building the Better Buy-Sell Agreement
June 01, 2016
Buy-sell agreements are arrangements between owners of a business where one or more owners agree that they will purchase the interest of an owner who withdraws or becomes deceased. Essentially, a buy-sell agreement is similar to prenuptial agreement between business owners, which details the financial aspect of the unwinding of the business relationship.
Embracing Culture As a Path to Survival
June 01, 2016
Regardless of how technology continues to help the legal industry reinvent itself from a mature industry to a young and thriving one, culture and people will remain a key driver of any firm's long-term success. As a strategic imperative, creating a constructive culture of success takes much more than words with no actions. .
'Watch Your Attitude, Petitioning Creditors!'
May 01, 2016
The Bankruptcy Code contains relatively clear and straightforward requirements and standards regarding the eligibility of creditors to file an involuntary bankruptcy petition against a debtor, as well as when an order for relief on such petition shall be ordered by the court. If such criteria are met, do the creditors' intentions, which are not specifically referenced in this context in the statutory framework, come into play at all?
Embracing Culture As A Path to Survival
May 01, 2016
A strong, powerful and constructive culture has a significant impact on a business's ability to differentiate, to offer top-shelf client service, to attract and retain talent at all levels and to reach new levels of profitability. Regardless of how technology continues to help the legal industry reinvent itself from a mature industry to a young and thriving industry, culture and people will remain a key driver of any firm's long-term success.
The Coming Tsunami in the Legal Profession
May 01, 2016
There have been four waves of change over the last 50 years. We are now entering the fifth wave and this one will be a tsunami. The lawyers who do not recognize the trends will not be able to enter a new era and survive. The fifth wave will turn partnership leverage, compensation systems and the business model upside down. There is not much time to make the incremental changes that will support sustained profitability in law firms.
Industry Growth Forecast
May 01, 2016
The Equipment Leasing & Finance Foundation (ELFA) has released its Q2 update to the 2016 Equipment Leasing & Finance U.S. Economic Outlook, which lowered its yearly equipment and software investment forecast to 2.7%, down from 4.4% growth forecast in its 2016 Annual Outlook released in December 2015.
To Merge or Not to Merge?
May 01, 2016
The "one-percenters" that we are hearing so much about in this year's primary election campaigns also have an analogous place in current law firm economics. The rich are getting richer, and most others are struggling to hold their own.
The Dirty Little Secret of Law Firm Billing
May 01, 2016
<I>The Wall Street Journal's</I> recent front-page headline on billing rates tells only part of the story. "Legal Fees Cross New Mark: $1,500 an Hour," the Feb. 9 article announced before listing partner hourly rates at several big firms. But that's only part of the story.
