Looking Ahead: Where Do We Go From Here?

Looking Ahead: Where Do We Go From Here?

Law firm leaders are currently focused on business resilience measures – making the business decisions that will help the firm get through the trough of the pandemic and the resulting impact on the economy, as well as initiating planning for a safe return to the office environment. While these immediate issues are critical and pressing, leaders would be well served to start thinking now about the medium- and longer-term impact that the current situation will have on the legal industry and on their firms.

Managing in an Economic Downturn

Managing in an Economic Downturn

In the second and third quarters of last year, economic advisers warned of a potential mild to moderate economic downturn in 2020 or 2021, and in light of those concerns we wrote our July Insight, Managing in a Downturn. At that time, no one anticipated the rapid series of events which have impacted the world over the past 4-6 weeks and the global recession we will likely face over the coming months.

Looking Ahead: Where Do We Go From Here?

Organizing by Industry

In an effort to better align services with client needs and differentiate the firm from competitors, many law firms have adopted some form of an industry focused strategy. These efforts have seen varying degrees of success, in part driven by the firm’s internal organization of the industry effort. Like many aspects of running a law firm, there is no one size fits all model.

Stay in Your Lane: Expanding Client Relationships is Harder Than It Sounds

Stay in Your Lane: Expanding Client Relationships is Harder Than It Sounds

As part of our strategy work for law firms we have interviewed hundreds of clients of firms. Despite variations in perspective, one theme has been particularly consistent – companies have very clear views about which firms or types of firms are best suited for particular segments of their work. Their message to law firms is: stay in your lane.

Effective Cross-selling: Recognizing And Overcoming Hurdles

Effective Cross-selling: Recognizing And Overcoming Hurdles

…as many firms have learned, cross-selling in practice is difficult to achieve. There are both internal and client related hurdles to cross-selling. Simply telling partners to cross-sell rarely produces the desired results. Succeeding at cross-selling requires an awareness of the hurdles, and a proactive plan to overcome them.