ProfitMotive®
A mini case study about positive change… Many of our clients strive to build on current achievements. To that end, when planning retreats and workshops, managing partners often ask me to suggest a structured list of objectives — and to reflect on what the discussion topics ought to be. It was just this kind of […]
Winning through Practice Excellence
The attaining of best practice can lead to an advantage in which true excellence becomes a winning competitive formula.
Managing Expectations: Compensating Unique Lateral Partners
Hiring a high-profile lateral partner from government or in-house roles can be a game-changing opportunity for law firms — or a costly misstep. While such candidates often bring prestige and industry connections, their lack of a private client base makes compensation decisions risky and subjective. Firms must weigh optimistic projections against realistic scenario planning, structure compensation to limit downside risk, and remain wary of unverifiable competing offers. In the end, only about one-third of these hires succeed, with even fewer reaching their projected potential. It’s a high-risk, high-reward gamble that demands careful analysis.
The Value of Partnership
Law firms often overlook the real value they give away when making associates equity partners without requiring a meaningful buy-in. Beyond tangible assets, a firm’s true worth includes intellectual, human, relationship, reputational, and economic capital — totaling well over $500,000 per partner. As the legal profession evolves, it’s worth reconsidering whether granting ownership so freely is sound business. If partners viewed each new equity member as a significant investment, they’d likely approach the decision with greater care — especially when the stakes are high.
Mount Everest Syndrome
End the cycle of making big plans for non-billable project…and accomplishing nothing. Here we offer practical suggestions for breaking that cycle… Most professionals in good law firms tend to think big. If someone in the firm decides it might be a good idea to take up mountain climbing, it will not be more than a […]
Utilizing Summit Meetings for Integration: An Interview with Don Boyd
Don Boyd is the Executive Chairman of the Australian-based group of worldwide Deacons offices. Don instituted four days of summit meetings that he conceived of to kick off the practice management and firm leaders of their newly-integrated firm. We’ll let him tell you about the successful impact those meetings had on the new firm structure… […]
The Leading Question of Learning.
Many people seem to think that skills such as management and leadership cannot be learned; you are either born with them or not. This article examines the case for management and leadership training in Professional Service Firms. I had a Partner once who firmly believed that all leadership and management abilities are a matter of […]
The Management Imperative
by Gerry Riskin A leader can be forgiven for doing the wrong thing on occasion but what about failing to manage at all? In a corporate setting, this would be perceived as abdication and likely result in dismissal. In many law firms, however, leaders are excused from their management responsibilities… Continue reading by accessing the […]
Mind Your Own Business! Manage Your Law Practice Like a Corporation
There is only one line that stands between you and phenomenal success — it separates action from inaction. By considering yourself in all the senior executive roles in managing your practice, you will optimize satisfaction and income. Position: Chief Executive Officer (CEO) Function: Creating a vision for the personal practice that fits with the firm’s […]
Let’s Get Together
Person-to-person is still the best way to communicate with colleagues and clients. This article explores the communication challenges of the information age and offers practical and useful tips for keeping client relations and inter-firm relations on the right track… Since we can communicate instantly, why not run global practices virtually? As a former managing partner […]