Hayse LLC

Latest from Hayse LLC

For the last decade plus, merger has been a strategic choice for many law firms. The 2020 pandemic had a negative impact on the quantity of mergers but, many including our firm expect there to be a major uptick in 2021. Given the probability that firms will at least be considering merger as part of their go forward plan, it seems prudent to think about what a good merger partner should look like. To that…
For firms that operate on a calendar fiscal year, 2020 is done. Over. Finished. The uniqueness of 2020 presented challenges not anticipated as last year started, but remarkably most firms adjusted and endured. As they now take a deep breath and prepare for the merry-go-round of 2021, firm leaders can apply some lessons from the past year as they move forward. Among the lessons learned, leaders discovered how to manage with new work-from-home flexibility, activating…
Most firms are in the final stretch of 2020, wrestling with collections, budgets, PPP loan forgiveness, promotions and compensation decisions. All of these are important activities. But, while focused on wrapping up 2020 let me suggest one more subject that deserves attention — something that stands a chance of making a real long-term difference. I suggest that you spend some time really wrestling with this question: “What one thing, if accomplished in 2021, will leave…
It is not an exaggeration to say that 2020 was different. As unanticipated as it was, it is notable that for many law firms this past year has been financially okay, if not good. But with the challenges still playing out and uncertainty looming as the year comes to a close, what kind of planning makes sense for 2021? One lesson from the past year is that fundamentals do not change even when the unpredictable…
“What gets measured gets managed” – Peter Drucker I had the pleasure of serving as a guest panelist last week at a Managing Partner Forum webinar on “Which KPIs Are Best For Your Law Firm?” The program was a lot of fun and, I hope, beneficial to the participants. The program was chocked full of insights on the topic. Here are just a few for your consideration. What makes a good KPI? My co-presenter, Steve…
Law firms seeking to thrive today must stand out from their competition.  Of course, that is easier said than done, and identifying specific steps to achieve this goal takes careful thought, planning and execution.  Thomson Reuters’ recently released 2020 Dynamic Law Firm Report presents a provocative and instructive glimpse of certain elements found in law firms that have managed to stand out. The Thomson Reuters Report is commended for your review.  The data is interesting…
Managing the delicate balance of law firm economics has always been a challenge. In serving any particular market (practice type and geography), firms struggle to find that sweet spot — the perfect formula of rates/pricing, productivity, cost, and resulting profits. Should any one of the particulars get far out of equilibrium, the consequences can be stressful For the majority of law firms, one of the most significant areas of cost is office space. As a…
As talk about more states allowing non-lawyer ownership of law firms is heard, concern over more deeply capitalized competition may be on the mind of some law firm leaders.  No doubt, opening up law firm capital structures to investors is significant, but it won’t change the fundamentals for surviving in today’s legal services market.  Since time immemorial law firms have had to compete for business.  Regardless of a new kind of competitor on the horizon,…
The impact of COVID-19 on law firms has barely begun. When it comes to the flow of work, some firms are experiencing a measurable or even significant bump thanks to having the right practice focus at the right time: but for the most part, law firms have experienced some degree of decline in both work and collections. How firms have responded to the negative impact has been mixed. Some have found ways to hold the…
For some time, law firms have felt heightened competition from not just other law firms, but also from clients moving needs in-house and alternative service providers picking off peripheral services.  As reported by Bloomberg Law in Arizona First State to Allow Nonlawyer Co-Ownership of Law Firms, looming rule or legislative changes in a number of states may boost significantly ASPs ability to compete with traditional law firms, and not just on the margins. It…