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Law Firm Decides to Grow its Own Clients
June 15, 2014
Readers of this blog are already familiar with the incubator projects started by numerous law schools that provide low cost office space and resources to recent grads trying to start their own firms (here, here, here, here, here, here, here, here and here). The ABA Journal is now reporting that one law firm has helped launch a business start-up incubator project in Chicago as a way to cultivate future clients. The project, called Catapult Chicago, is both a business "incubator" and "accelerator"...
June 15, 2014
Readers of this blog are already familiar with the incubator projects started by numerous law schools that provide low cost office space and resources to recent grads trying to start their own firms (here, here, here, here, here, here, here, here and here). The ABA Journal is now reporting that one law firm has helped launch a business start-up incubator project in Chicago as a way to cultivate future clients. The project, called Catapult Chicago, is both a business "incubator" and "accelerator"...
What’s Next for Law Firm Leaders?
April 27, 2014
I met with Lee Pacchia on Mimesis Law‘s “Business of Law” web TV program to discuss, among other topics, my recent post in which I described how some law firms are stifling the growth of future rainmakers. I made a few bold comments, many of which are culled from the remarks and presentations I deliver at numerous law firm and law department retreats, and from previous articles. Yes, it’s easy to lob critiques. But it’s also easy to hide from the truth. There are answers for the major...
April 27, 2014
I met with Lee Pacchia on Mimesis Law‘s “Business of Law” web TV program to discuss, among other topics, my recent post in which I described how some law firms are stifling the growth of future rainmakers. I made a few bold comments, many of which are culled from the remarks and presentations I deliver at numerous law firm and law department retreats, and from previous articles. Yes, it’s easy to lob critiques. But it’s also easy to hide from the truth. There are answers for the major...
How to Get a Share of the $100B Corporate Legal Market
January 21, 2014
In 2014, the high-growth, high-rate law practices in which corporate clients will hire law firms are IP litigation, class...
January 21, 2014
In 2014, the high-growth, high-rate law practices in which corporate clients will hire law firms are IP litigation, class...
Law Firms’ Profit Expected to Grow by 5% in 2014, Report Predicts
January 15, 2014
There hasn’t been much to cheer about in the legal industry in recent years—at least not from the point of view of major law firms. But the 2014 outlook from Citi Private Bank and Hildebrandt Consulting, released on Monday, offers a little shaft of sunshine for beleaguered BigLaw after more than five years of slack demand, declining partnerproductivity and client pushback onpricing. Despite the difficulties, most major law firms have held on through the challenging years after the economic...
January 15, 2014
There hasn’t been much to cheer about in the legal industry in recent years—at least not from the point of view of major law firms. But the 2014 outlook from Citi Private Bank and Hildebrandt Consulting, released on Monday, offers a little shaft of sunshine for beleaguered BigLaw after more than five years of slack demand, declining partnerproductivity and client pushback onpricing. Despite the difficulties, most major law firms have held on through the challenging years after the economic...
How Law Firms Spent their Tech Money in 2013
January 9, 2014
Where did law firms spend their technology dollars in 2013? Every year, theInternational Legal Technology Association (ILTA)...
January 9, 2014
Where did law firms spend their technology dollars in 2013? Every year, theInternational Legal Technology Association (ILTA)...
Citi Survey Finds Law Firm Leader Optimism on the Rise
December 26, 2013
As 2013 comes to a close, law firm managing partners are more optimistic about the year ahead than they were at the end of the third quarter, according to a recent survey conducted by Citi Private Bank's Law Firm Group. The bank's quarterly Law Watch Managing Partner Confidence Index—which plots responses from a series of questions on a 200-point index, with 100 representing a neutral opinion and 200 representing absolute confidence—found overall confidence for 2014 at 109, six points higher than...
December 26, 2013
As 2013 comes to a close, law firm managing partners are more optimistic about the year ahead than they were at the end of the third quarter, according to a recent survey conducted by Citi Private Bank's Law Firm Group. The bank's quarterly Law Watch Managing Partner Confidence Index—which plots responses from a series of questions on a 200-point index, with 100 representing a neutral opinion and 200 representing absolute confidence—found overall confidence for 2014 at 109, six points higher than...
Firm Leaders Survey: Slow Growth on Tap for 2014
December 8, 2013
Just over five years after the start of the global financial crisis, the job of an Am Law 200 law firm leader arguably remains as tough as it has ever been. The painful decisions to cut staff and attorneys may now be a distant memory, at least for most firms, but there remain two distinct drags on Big Law businesses. On the one hand, you have the still-sputtering domestic and global economies, prone to macroeconomic shocks like the U.S. government shutdown in October. And on the other, you have...
December 8, 2013
Just over five years after the start of the global financial crisis, the job of an Am Law 200 law firm leader arguably remains as tough as it has ever been. The painful decisions to cut staff and attorneys may now be a distant memory, at least for most firms, but there remain two distinct drags on Big Law businesses. On the one hand, you have the still-sputtering domestic and global economies, prone to macroeconomic shocks like the U.S. government shutdown in October. And on the other, you have...
Recalculate the Future of Law
December 6, 2013
We’ve been engaged in a year-long project to imagine the law firm of 2023. Dan Katz of Michigan State University has also been taking on law’s future through the ReInvent Law Laboratory. We talked with him about legal startups, incentivizing innovation, and what he tells lawyers who “don’t do math.” Andrew Benedict-Nelson: I’d like to do a little Rip Van Winkle experiment with you. Let’s say you fall asleep for ten years. It turns out you’ve fallen asleep in a law firm. What do you imagine...
December 6, 2013
We’ve been engaged in a year-long project to imagine the law firm of 2023. Dan Katz of Michigan State University has also been taking on law’s future through the ReInvent Law Laboratory. We talked with him about legal startups, incentivizing innovation, and what he tells lawyers who “don’t do math.” Andrew Benedict-Nelson: I’d like to do a little Rip Van Winkle experiment with you. Let’s say you fall asleep for ten years. It turns out you’ve fallen asleep in a law firm. What do you imagine...
Half of All Law Firm Mergers Fail
November 16, 2013
In the third quarter alone, there were 19 law firm mergers and acquisitions announced in the United States, according to Altman Weil MergerLine. There have been a total of 58 law firm combinations announced this year – up 41% compared to the first three quarters of 2012, and the total may top out at 70. According to Altman Weil: Stinson Morrison Hecker, a Midwestern law firm headquartered in Kansas City, announced it would merge with Minneapolis-based Leonard Street and Deinard. Lewis and Roca,...
November 16, 2013
In the third quarter alone, there were 19 law firm mergers and acquisitions announced in the United States, according to Altman Weil MergerLine. There have been a total of 58 law firm combinations announced this year – up 41% compared to the first three quarters of 2012, and the total may top out at 70. According to Altman Weil: Stinson Morrison Hecker, a Midwestern law firm headquartered in Kansas City, announced it would merge with Minneapolis-based Leonard Street and Deinard. Lewis and Roca,...
Big Data: Big Deal or Big Win?
October 25, 2013
Big Data for Law Departments Most law practices are by nature reactive. The in-house counsel don’t know in advance what products liability suits will be filed or what transactions management will pursue, so the lawyers stand ready to tackle whatever might come their way. But some in-house counsel are looking into the business itself for leading indicators. One in-house lawyer I recently interviewed reviews production quality control data with manufacturing line managers in order to better understand...
October 25, 2013
Big Data for Law Departments Most law practices are by nature reactive. The in-house counsel don’t know in advance what products liability suits will be filed or what transactions management will pursue, so the lawyers stand ready to tackle whatever might come their way. But some in-house counsel are looking into the business itself for leading indicators. One in-house lawyer I recently interviewed reviews production quality control data with manufacturing line managers in order to better understand...
