After 25 years in the legal industry, I often find myself working with firms that are long on planning, yet woefully short when it comes to implementation. My advice? Pick just three meaningful initiatives, dedicate the required resources, and assign a responsible partner – not a committee – to make sure each initiative is accomplished. And follow the advice is Gerry’s brilliant article.

Along with Robert Young of Lucas English in Bowling Green, Kentucky, I was featured in this article that appeared in a recent issue of LawyersUSA.  In it, I talk about research we’ve conducted at MPF affirming that law firms that develop and implement strategic plans outperform those that do not. 

Of the dozen or so characteristics of today’s most successful law firms, succession planning is perhaps the most often neglected. Yet, succession should be an important element in many firm-wide strategic plans. Succession can be viewed in the context of firm leadership, client relationships and organizational involvement. It involves identifying and grooming future firm leaders, and rewarding retiring partners for successful transition, not just personal productivity.

In this thoughtful and well-researched article, Jim writes that law firms would benefit greatly from long-term planning and that succession – critical to sustainability – should command leadership’s full attention. We couldn’t agree more.

David Maister writes some really good stuff and you'll find lots of his books and articles featured on our Website. This particular article discusses things like mission, vision, values and culture in the context of a law firm. It's a great article to circulate among your partners in advance of your next Firm Retreat. It will get them thinking about a whole bunch of issues, including the rules and codes of conduct (if any) by which your firm and its professionals live.

Our friends at LexisNexis have published a series of papers on best practices in the “business of law.” This one looks at best practices in the accounting profession that can be helpful to law firms, especially smaller firms.

This short article provides some practical guidance on how to transition the role of managing partner through thoughtful policies procedures to encourage a smooth, efficient, multi-year transition of leadership.

We are strong advocates for strong, competent, business-minded administrators in law firms. Management. Marketing. Finance. Human Resources. Technology. They make the trains run on time, and they make the firm more money. This article talks about the critical role of firm administrators from the perspective of three managing partners – from small, mid-size and large law firms. One thought we especially like: "Acting like a partner, that is like an owner not an employee, goes a long way toward helping the administrator get a seat at the table."

From strategic planning to effective committee structure, this two-pager gets right to the point. Although simple in concept, these rules are not always easy to apply and follow. But the most successful organizations do….including law firms.

Over half of in-house counsel – 56%, to be precise – say there has been a "sea change" in how fees are paid to outside counsel. Prompted by the pressure to reduce the overall cost of legal services and fueled by the ACC’s Value Challenge, the time seems right to affect change. Yet, the gap remains wide between the perception of fundamental transformation and the actual practice.

Much ado has been made over the new partnership between Best Lawyers in America and US News & World Report to present their version of law firm rankings. We’ll be writing more on that topic in a soon-to-be-published MPF White Paper. In any event, there are a few thoughtful articles on their website including this one. And it’s good news for smaller and mid-size law firms.

Here’s an interesting study that puts law firm billing practices under the microscope. It examines invoices received by 36 large corporate clients finds that location and firm size – not lawyer expertise – are the biggest determinants of a lawyer’s hourly rate. It also concludes that 75% of proposed rate hikes are accepted, and that a lawyer with the title of "partner" can charge up to $100 more per hour than an "associate" with the same experience.

There are three common reasons why law firms fail, says this article that appears in the June edition of ABA’s Law Practice magazine. Lack of leadership. Lack of strategic focus. Lack of financial discipline. Don’t let your firm be among those that fall apart or seek refuge through an acquisition.

In this recently published article, MPF Faculty member Bob Denney says more and more law firms are focusing attention on leverage, associate development, alternative fee agreements and firm management. In our travels about the country, we see the same trends, as well.     

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.

Recession or not, this article from Law Practice magazine includes fifteen really good ideas for lawyers of law firms, regardless of firm size or practice mix. Many of Linda’s suggestions focus on client service and business development. None of them involve rocket science.

The law firm merger market is starting to reawaken according to separate reports published by Hildebrandt 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.

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.

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

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. 

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.

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.