Hayse LLC

Latest from Hayse LLC

 I don’t know where we should take this company, but I do know that if I start with the right people, ask them the right questions, and engage them in vigorous debate, we will find a way to make this company great. Jim Collins   So many law firms — big and small — continue to struggle in this increasingly competitive marketplace.. This might lead you to believe that building an enduring firm is a…
In an earlier blog, Law Partner Retirement in Place—Solving Won’t Work/Won’t Leave (Part One), we presented the vexing problem of having a partner that slows down workwise but still draws a full partnership share.  Unfortunately, this upsetting situation exists at more firms than are willing to admit. While eliminating the awkwardness the abuse represents can be one objective, excising the potentially significant and precedent setting financial hit is more important. TacklingWon’t Work/Won’t Leaveseldom is easy, but…
The measure of intelligence is the ability to change – Einstein     Adapting to change – At first blush the need to adapt is so obvious there would seem to be no need to discuss it. Then we see firm after firm, small to large, fail because of a reluctance, unwillingness or sheer inability to adapt. In our experience there are 4 steps to adapting: Acceptance Evaluation Planning Execution Step 1 -Acceptance It has…
Although many law firms are enjoying increased demand, revenues and profitability, not all firms are so fortunate.  For the firms seeing a sustained slackening of demand, there is no shortage of ideas on how to combat the problem.   “Work harder,” “get out and hustle,” and “reconnect with your relationships,” are but a few of the solutions often heard.  In these transitional times, an introspective look at the basic law firm model can even occur. Indeed,…
  How do you define greatness? Is it prestige? I was recently reading an article on the “Most Prestigious Law Firms In America.” Seeing Wachtell, Lipton, Rosen & Katz (“Wachtell”) as #2 on the list, it struck me that the firm seems to frequently be at or very near the top of Vault’s list. I did some digging and found that Wachtell has been either #1 or #2 on the list for each of the last…
Let’s face it, the hugely important issue of law firm succession has a lot to do with senior attorney retirement.  Recognizing that, more law firms have prepared for coming retirements by infusing new leadership, transferring existing client relationship responsibility, and coaching the next generations to be business developers. When succession is done right, a firm enjoys continued strength while orchestrating a seamless and gracious retirement of its senior attorneys. The retirement of a senior attorney typically…
Let’s get real for a moment. Most law firms are woefully unprepared for any significant economic downturn — let alone a prolonged, decrease in demand. This is a startling reality; but here are a few undeniable facts: Starting in 2008, during the “great recession,” the demand for legal services fell dramatically approaching 10% by 2011, and consequently so did productivity and profits for most law firms. Since 2009, the U.S. economy has experienced the longest stretch…
“[L]eaders must have a sharp eye on the future, always considering how the law firm will evolve and succeed in the years ahead.” from Decisions That Matter:  Tales of Law Firm Leadership in Moments of Consequence Sustaining a law firm’s success is a nice challenge to have. For one, it means that the founders already have agreed on common aspirations, have tested them, and to some degree or another, are in sync.  That early success also…
Let’s start by defining terms. There are a number of characteristics that might be used to bring definition to   “potential”  – size, profitability, locations, and so on. But, for purposes of this discussion, I define it as achieving the professional goals of the firm’s professionals. If, over the span of a career, the dreams, goals and aspirations of every one of a firm’s professionals were met, it would be hard to argue that the…
The concentration of law firm financial strength narrows as fewer AmLaw 200 law firms can be counted among the fortunate. As Mark A. Cohen argues in his The AmLaw 200 Is Down to 50 – Maybe 20.  What does It Mean?  a fiscal separation among bigger firms has occurred and continues.  Cohen concludes that the separation presents challenges for all but the elite firms of the world and that smart firms not among the elite…