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Reimagining Law Firms (Part 3)
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Here's the uncomfortable truth: If 90% of your clients come from referrals, you don't own your reputation. Other people do. You're building their influence while staying completely dependent on their goodwill....more
Well, 2024 flew by, didn’t it? This was a year of sometimes very long days bundled together into fast weeks and even faster months for many. We now find ourselves ready to close another 12-month chapter, take a quick...more
Midsize to large law firms are under increasing pressure to adapt to significant changes in workforce expectations, client demands, and operational complexity. Factors such as hybrid work models, evolving client...more
Fulton J. Sheen said, “Jealousy is the tribute mediocrity pays to genius.” While harsh, this observation rings particularly true in competitive workplace environments, where success often breeds resentment among colleagues....more
Your business has a culture whether it is conscious or not. My firm has a defined culture we call the JW Way. It is a mission statement consisting of twenty-seven fundamentals that the owners and employees strive to live by...more
It’s budget season – one of the toughest times for law firm client development leaders because they are asked to allocate a finite amount of dollars across a seemingly limitless range of possibilities. The job is made even...more
The legal industry has been on the verge of either “ending as we know it,” or being forced to endure massive change, every five to ten years since at least the 1980’s. Consider some of the history:...more
Wherever the crowd goes, run in the other direction. They are always wrong. Charles Bukowski For many, today’s economics are confusing. Inflation is higher than Fed targets and remains sticky, but unemployment remains low,...more
Recent legal industry reports (i.e., the Citi Advisory and Georgetown Report) have highlighted financial performance for law firms in 2022, which presented law firm leaders with many challenges and opportunities while...more
As we enter the final countdown to the end of 2022 – hard to believe another year has come and gone! – there are lessons to be learned from where we’ve been. This year might go down as the “year of shifting winds” for the...more
Legal project management is all about improving your outcomes. Many firms have an enviable client roster, a strong track record, and deep practice expertise. But competition today is not so much about a stellar reputation and...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
After gaining increasing popularity, the legal industry recognizes the value that alternative legal service providers (ALSPs) can provide. These providers have so much to offer legal organizations and can customize services...more
In part 3 of our series, we touted the one word response of our Global LPM Summit speaker David Rueff, Chief Solutions Officer for Baker Donelson when he used the word strategic to describe legal project management. In part...more
“World trade means competition from anywhere; advancing technology encourages cross-industry competition. Consequently, strategic planning must consider who our future competitors will be, not only who is here today.” — Eric...more
They are looming, bolder than ever, ready to either take your lunch money or swap your cupcake for a tuna sandwich. ALSPs have a seat at the table, and they’re not going away. According to the 2021 study by the Thomson...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
The single greatest failing of law firm partner compensation plans is the lack of transparency. Transparency means that the partners proactively and explicitly know which behaviors to pursue and the compensation available to...more
A year ago, I wrote that virtually every article in the legal press mentioned the need for new service delivery approaches, including legal project management. As 2018 progressed, the buzzword became innovation. Last week,...more
We’re just three weeks into the second decade since the crash of Lehman and the end of life as we once knew it in the legal industry…. Oh, wait. Was that too dramatic? Maybe so, at least in retrospect, but there is no...more
Professor Gabriel Teninbaum, Director of Suffolk University’s Institute on Law Practice Technology & Innovation, gave a thought-provoking keynote address on innovation to 300 plus attendees at last week’s Marketing Partner...more
Legal Intelligencer reporters Gina Passarella and Hank Grezlak have authored a series of articles on the changing law firm business model and how law firms must adapt to compete. The first article in the series, “Law Firm...more