Planning

Articles

• Firms' Billing Rates Inched Up During 2009  ** NEW **
  by Karen Sloan
  

  It's hard to believe but, even during the worst economic recession in over 70 years, US law firms managed to increase their billing rates in 2009. The average was 2.5% according to a recent survey of the nation's largest law firms conducted by The National Law Journal. That increase compares to a 7.7% rate climb in 2007 and 4.3% in 2008. The survey also indicates that a larger percentage of revenue for most firms was generated from alternative billing arrangements.   

• Keep an Eye on Your Firm's Billing Practices
  by Law 360
  

  According to research conducted by Samford University's Cumberland School of Law, 55% of lawyers in private practice admit to overbilling on occasion. The temptation only becomes more severe as there is less work to be dome. Don't let this happen at your firm! Not only is the practice unethical, it may also cause irreparable damage to one of your firm's most valuable assets - its reputation.

• 15 Recession-Response Tips
  by Linda Oligschlaeger
  

  Smaller law firms can't afford to take a "stick-your-head-in-the-sand" approach to dealing with this economy. If you're in denial, you are likely to perish. If you want to survive - and who doesn't? - get moving on this practical to-do list.

• Leadership Transitions: Seven Steps to Ensure Success
  by Patrick J. McKenna
  

  Succession planning is neglected by far too many law firms. In fact, most managing partners - 74% to be exact - do not have an exit strategy when they take the job. This helpful article provides seven thoughtful suggestions to smooth the transition when you're ready to pass the baton. 

• 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.

• Law Firms 'Over the Worst' of Recession, PwC Report Reveals
  by Rachel Rothwell
  

  The world’s largest law firms are starting to enjoy the rebounding economy. According to this article from the UK’s Law Society Gazette, profits per partner are up sharply – 18% for the world’s ten largest law firms and a whopping 41% for firms in the 11 to 25 spots – since January 1st says a just reased research report by PricewaterhouseCoopers. The report says that “profit margins also saw a boost in firms of all sizes.” 

• A Broken Business Model
  by Joel Henning
  

  Henning asks "Will it take a revolution to change the way law firms operate?" Will today's current economic crisis force law firms to rethink the old model of annual hourly rate increases? Radical ideas may not only require a change in business model, but a change to the code of professional responsibility.

• Dealing with the Downturn: How Law Firms Can Meet the Challenges and Exploit the Opportunities
  by Stephen Armstrong, John Claydon, Tony King and Norman Letalik
  

  This two-part Lex Mundi article focuses on what law firm leaders can do to deal with the downturn through both aggressive law firm economics and strengthening client relationships. The suggested practices can help firms survive the downturn and strategically position themselves for the recovery.

• What's Hot and What's Not in the Legal Profession - July 2009 Update
  by Robert W. Denney
  

  For 20 years, Bob Denney has delivered each December his annual “What’s Hot and What’s Not” manifesto. It’s accurate, concise and has great insight. In more recent years, Bob publishes a mid-year update and we’re pleased to feature his July 2009 update.

• Legal Strategy 101: It's Time for Law Firms to Re-Think Their Business Model 
  by Wharton School of Business
  

  This fascinating article from the Wharton Business School asserts that the global recession is forcing law firms to change the way they do business. 

• Isn't It Time That Your Firm Develops a Strategic Plan?
  by John Remsen, Jr.
  

  Do you and your partners have a written, cohesive firm strategy? Or are you merely sharing office space with other sole practitioners? Strategic planning is the key differentiator, but it's not for the faint of heart.

• Yes, This Recession Is Severe – But We’ve Been Through Much of It Before. The Question Is: “Will We Learn from Experience?”
  by Robert W. Denney
  

  Does this recession remind you of anything? Perhaps it's the same phenomenon we experienced 15 years ago when the dot com industry went bust? Learn what's changed in the legal marketplace since the last recession and what lessons remain the same.  

• Implementation: The Gutsy Challenge of Strategic Planning
  by Peter A. Giuliani
  

  A great article for firm leaders about the implementation side of the strategic planning process. Giuliani says fuzzy goals, a lack of genuine commitment and an unwillingness to deal with tough issues often hamper successful implementation. 

• Will Fate Plan Your Future or Will You?
  by Howard L. Mudrick
  

  If your firm has never gone through the strategic planning process, this is the article for you! It starts off explaining the basic "whys" and "hows" of planning, but goes deeper into the importance of focusing externally as well as internally. Mudrick was a member of the MPF Faculty for several years before joining Phoenix-based Jennings Strauss as COO in 2008.  

• Orderly Succession of Law Firm Management
  by Joel A. Rose
  

  Most firms don't utter the "s" word -- succession -- until disaster strikes. This article leads off with a great example of that. Don't let your firm fall into the malaise and wait until fate forces your hand. Succession planning benefits firm leaders of today and tomorrow.