Growth

Articles

• Take Responsibiity for Rising Stars 
  by Jeffrey M. Cohn, Rakesh Khurana and Laura Reeves
  

  This article contends that companies that are good at growing leaders do so in the trenches at the “line manager” level, not through their HR departments. That would equate to a department head and practice group leader in the context of a law firm. It includes a “Leadership Development Checklist” on how to grow great leaders.

• Sustainability: How Values-driven Law Firms Are Surviving
  Tough Times and Prospering Over the Long Term 
  by William R. Blackburn
  

  This thought-provoking article was featured in Law Practice Today, the ABA's monthly online magazine. In it, William Blackburn reports on a growing number of law firms that have adopted new models of governance to help them survive, even thrive, in both good times and bad. He profiles numerous firms that have implemented broad-based sustainability initiatives -- cultural, social, economic, environmental, and financial -- to ensure their long-term prosperity and well-being. 

• Associates Survey 2010:
  They Survived Economic Downturn, but Now What? 
  by Drew Combs, The American Lawyer
  

  Now just might be a great time to recruit talented young lawyers away from the big law firms. This survey of 5,092 mid-level associates at AmLaw 200 firms reveals that they are not happy campers these days. Stagnant salaries, reduced benefits, poor internal communication and increasing workloads are the primary reasons. The number looking for a new job has doubled in the past year, with half looking for a better "life/work balance."

• What's Really Going On In Today's Legal Departments 
  by Lauren Williamson
  

  Good news for smaller and mid-sized firms, according to this article which appears in the current issue of Inside Counsel magazine. According to a recent survey of over 550 in-house counsel, 65% say they have retained more smaller, regional firms over the past two years. The reason? Lower price tag for legal services. But there is even better news. They say they will continue using smaller firms, even after the economy improves.   

• Success Stories:
  Eight Ways to Help Your Firm Survive - and Thrive 
  by Erin Brereton
  

  This article from ALA's Legal Management magazine provides numerous practical, common-sense ways a law firm can improve its profitability. Among its suggestions: Stay current on collections and invest in technology to improve efficiency.

• Associate Pay Cuts Here to Stay, Say Firms and Analysts 
  by Julie Triedman
  

  According to this article that originally appeard on AmericanLawyer.com in December, a growing number of law managing partners and consultants say that steep cuts in associate compensation are here to stay. "We do not see any movement to reinstate pre-recession pay levels," says Altman Weil consultant Jim Cotterman.  Starting salaries for first-year associates reached a staggering $160,000 a year at blue-chip firms in New York, Los Angeles and Washington.

• Trends in Partner Compensation
  by Jane Sender
  

  Compensation is a hot-button topic for almost every managing partner. It is also a critical driver behind the lateral movement of equity partners. This article by placement specialist Jane Sender provides an overview of recent trends in law firm compensation systems, including open vs. closed, and formula vs. subjective systems.       

• New Report Shows Signs of Life in Law Firm Merger Market
  by Karen Sloan
  

  The law firm merger market is starting to reawaken according to separate reports published by Hindebrandt International and Altman Weil. Although both reports show that firms aren’t ready to resume the highly aggressive growth strategies contemplated just 18 months ago, the market has started to heat up again. However, "it has turned from a seller’s market to a buyer’s market when it comes to acquiring small firms,” says Altman Weil consultant Bill Brennan.

• Why More than 75% of Minority Female Lawyers Leave Law Firms Within 5 Years
  by Debra Cassens Weiss
  

  Research firm Catalyst conducted a survey of minority female lawyers and offers these insights into why most of these women are leaving law firms within the first five years.

• Young Professionals: Cultivate the Habits of Friendship
  by David Maister
  

  Law firms often struggle with how to get associates and younger professionals involved in business development early in their careers. In this article, Maister offers the best piece of advice - they should start by cultivating the habits of friendship. Forward this must-read primer to your associates today!  

• Diversity – The Two-Edged Sword
  by Peter A. Giuliani
  

  Diversity is on the minds of most managing partners and it's definitely important to your clients and prospective recruits. This article touches on the economics associated with creating a "family-friendly" workplace.

• Facilitating Cross-Generational Dialogues within Work Teams
  by Phyllis Weiss Haserot
  

  How do you communicate with the younger professionals in your firm without sounding like an adult in a PEANUTS cartoon? "Wa-wah, wa-wah." Haserot specializes in helping firms get things done by understanding the different communications styles, work ethics and career goals across the generations. Take these tips into your next team meeting.
  

• Generational Perspective of Online Networking
  by Phyllis Weiss Haserot
  

  This is a quick read. Peruse these perspectives on social networking from the different generations in the workplace.

• Your Future: Is There a Merger There?
  by William C. Cobb
  

  This article starts off by asking "Are you going to follow the lemmings or set your own course?" The lemmings that Cobb refers to are firms that make merger and acquisition decisions based on practice trends or in order to keep up with the firm down the street. Learn the three key models that will help you determine whether merger is in your future and set your own course.

• What You Need to Know about Mentoring the New Generations
  by Devon Scheef and Diane Thiefoldt
  

  At no other time in our nation's history have we had this many different generations - Baby Boomers, Gen Xers and Millenials - working side-by-side. See if you can identify with any of the characteristics for your generation and learn how to mentor the people from other age ranges inside your firm.