Perhaps not surprisingly, two of the most frequent and challenging requests we currently receive are for assistance with “thinking through growth questions” (aka, “mergers and acquisitions”) and “dealing with generational succession.” What is less obvious is how often these two
LawVision Blog
The LawVision Blog, published by LawVision, focuses on topics relevant to law firm leadership and management. It covers areas such as business development, sales strategies tailored for legal professionals, legal project management, strategic pricing, law firm profitability, talent and succession planning, and the impact of emerging technologies like AI on law firm operations. The blog also addresses organizational structure, practice group management, client engagement, and leadership training within law firms. It aims to provide practical insights and frameworks to help law firms navigate market challenges, improve efficiency, and enhance client value.
Latest from LawVision Blog - Page 9
How to Think About Your Pricing Potential
By Mark Medice
Pricing is a vital topic today. And firms are often surprised when told that their current pricing approach costs them multiple millions of dollars annually, directly hitting the bottom line.[1] They are even more skeptical that meaningful gains can…
The Gig is Up in 2023: Where’s Your LPM?
By Carla Landry
In the first full pandemic year, law firm pricing outpaced inflation. It seemed that law firms couldn’t lose. It’s a new day, though, and 2023 will prove challenging for many. We reviewed the BigHand Report covering 2022 and in the…
From the Frontlines: The Latest in Legal Project Management
In Midtown Manhattan, the temperatures soared to a spring-like 50 degrees when nearly 400 people attended this year’s Practising Law Institute (PLI) on Project Management for Lawyers on February 8, 2023. For the second time, the in-house lawyers from corporate…
A Developing Law Firm Merger Business Case – A Pure Talent Grab
I’ve seen a few merger negotiations recently that really caught my attention because they may foreshadow a new type of law firm merger – a pure talent grab. Interestingly, none of these discussions resulted in an actual merger, but each…
Closing Business: Four Stages of a Business Relationship
A number of scholars have studied relationship development and the science/psychology around building relationships. Whether the perspective is from a psychology viewpoint using tools like Myers Briggs and others or from a business science viewpoint about various stages of relationship…
Once Again, Law Firms Are Considering Sales Forces as a Way to Address Revenue Shortfalls
By Steven Bell
Demand for legal services is materially down after a few extremely flush years, according to a recent “state of the legal marketplace” presentation at Thomson Reuters’s Marketing Partner Forum (MPF). At cash businesses such as law firms, when headwinds arise,…
Three Moves to Help Your Law Firm Thrive in 2023
According to most economists, we’re not in a recession, at least right now. However, the only certainty appears to be uncertainty. How will law firms achieve growth in an unstable environment? We’ve reviewed two leading annual research reports, the 2023 Citi Hildebrandt…
Making the Right Moves in a Year of Uncertainty
By Mark Medice
Recent legal industry reports[1] (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 portending risks for the current year, including the…
Keeping Your Options Open: Preparing for Strategic Flexibility in a Competitive Legal Environment
While the post-pandemic merger pace is slower than many expected, law firm combinations are clearly on the rise. More significantly, recent announcements suggest that the number of larger combinations are also on the rise, with more in the works. Clearly,…