Insights
The Insights series draws upon our collective consulting experience to address topics that we consider of current interest to the senior management of law firms.
Strategic Priorities for 2024
Each year, we look ahead and identify the key strategic and management issues that we believe will need to be top of mind for law firm leaders during the coming year.
Looking Back & Looking Ahead: The Great Growth Race
As we wrap up 2023 and start identifying strategic priorities for 2024, a resounding theme dominates law firm leader discussions: growth.
Evolving Partner Structure
As the percentage of income partners grows within firms, it is time for firms to evaluate their partnership structure.
Establishing a High Functioning Governing Board
Given the crucial role the law firm governing board plays in shaping a firm’s future, the time has never been better for firms to test whether their board is functioning at an appropriately high level.
Positioning for Merger
Determining the right time to merge and, once a firm has determined that a merger is the right path, preparing the firm to be well-positioned for merger.
Evolution in Pricing, Value & Efficiency
The ACC Value Challenge and law firm pricing, value, and efficiency in the current economic environment.
The Potential Impact of Generative AI on Law Firms
The potential for AI is not a new topic, but the introduction of ChatGPT, with its easy-to-use interface, has certainly accelerated the awareness of how it might be applied in the law firm context.
Responding to Growth Pressures: Best Practices for Evaluating Merger
Law firms are facing intensifying growth pressure. Competitive and client forces have pushed law firms to not only focus on increasing revenue and profitability, but perhaps more importantly, to add practice depth, practice breadth, overall scale, and geographic reach. Significant investments in lateral hiring and law firm combinations have changed the competitive landscape by forming new, dominant firms in particular practice areas, industries, and geographic regions. This has reshaped the AmLaw 200, with an increasing number of firms now offering considerable scale and reach compared to existing competitors, regionally, nationally, and internationally. This evolution has created new choices for clients seeking advisors who can provide services across multiple jurisdictions or offer superior depth in particular practices and industries, further fueling the race for market share and the pressure on law firms to grow.
