Changes will involve valuation issues, be it the valuation of firms or shares in them. While traditional methodologies of valuation may be used as comparative benchmarks, they do not necessarily focus on the real value involved in any transaction.
A compilation of the four-part “Law Firm Resilience” series focusing on: Financial Resilience; Operational Resilience; Commercial and Client Resilience; and People Resilience.
Periods of crisis, with sudden disruption to normal working life, create massive potential obstacles to engaging and supporting your people. This requires firms to make some rapid changes.
How you work and communicate with clients in times of crisis is the ultimate test of both your firm’s immediate adaptability and its long-term resilience.
Smarter, faster responses are essential to operating during a crisis, as is restructuring to compete in the new market reality.
In times of crisis, financial decisions need to be made quickly – but they need to be made in context and in line with a clear strategy and direction.
Is it inconceivable that: one hour of each attorney’s weekly billable time cannot be billed; or markdowns of 3% of the value of time worked occur when finalizing billing? In a typical firm, either of these seemingly minimal adjustments would result in a reduction of about 10% in profits. In the familiar profitability model (see […]
When I started off in law firm leadership and management some thirty years ago, I wondered at the time what the general approach should be to paying the firm’s creditors – on invoice, after 30 days, or even after 60 days or more? After talking to my colleagues in other firms, I realised most firms […]
In my many years of managing law firms of all shapes and sizes, budgeting is often looked upon by the lawyers as a chore and a paper exercise which quite often, once prepared, sits in the bottom drawer of the desk and is only dusted off when it comes to looking at the next year’s […]
“Your billable time is your income; your non-billable time is your future.” David Maister Non-billable time gets little respect Many perceive non-billable time as something that can be conjured at will. Taking someone to dinner who may or may not be a qualified client prospect can be recorded as business development. Furthermore, that two-hour dinner […]