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The Fallacy of Merger Math

If we were to analyze law firm mergers by plotting client satisfaction on one axis and partner satisfaction on the other, the resulting scatter diagram would reflect a surprising few combinations that were deemed satisfactory after the fact to all parties.

So why do law firm leaders continue to pursue mergers at such a furious pace?

It's a basic law of finance — when you have eliminated all other drivers to achieve growth but one, leaders will pursue the remaining driver with vigor, and call it a strategy. 

But all hope is not lost, improving profits without resorting to the faux ami of a merger CAN be accomplished by tackling each of the financial drivers. Here are three tried and true techniques that disciplined law firms employ [...]

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This preview of "The Fallacy of Merger Math" is an abridged excerpt from the full length article which details seven fundamentals of law firm finance and three solid techniques for improving law firm profits.

Not so fast, in-house counsel, you’ve also got some work to do!

Amidst all the virtual ink directed at lawyers for being poor businesspeople, another equally compelling point is too-often missed:  clients, particularly in-house counsel, have quite a few shortcomings as well. 

Here are some suggestions for how in-house lawyers can improve their game and become better partners and trusted advisers to their internal clients.  

  1. Understand the business. I’ve written of my disappointment that some corporate back office functional leaders barely understand the business, and this negatively impacts their ability to do their job. Not once, ever, did one of my in-house counsel ask to shadow me or my team for a day to learn our business from the ground up. Several would dial in or sit in on executive leadership meetings, but often their entire contribution in an 8-hour meeting would be to provide a 5-minute update on a pending wrongful termination suit or the status of a bill making its way through Capitol Hill that might pose some challenges. 

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Webinar-The Flip Side of Dashboard Reports: How Clients Perceive What You Measure

Law departments and law firms often face similar challenges, namely to demonstrate value to their stakeholders and clients. E-billing dashboards provide starting points for capturing and reporting billing and performance data, but the information may not paint the whole picture.

Successful relationships begin with an understanding of how value is defined, tracking and measuring the right stuff, and sharing each other’s sometimes conflicting interpretations of the results. 

This session brings together Susan O'Brien and Tim Corcoran in a discussion of challenges regarding potential misaligned perceptions of legal service value and opportunities to strengthen relationships using data.

Please join us on September 10th, at 1:00 PM for this webinar which will share real life experiences from contrasting viewpoints - law firms, law departments, and business units -- and set you on the path towards developing mutually beneficial and highly regarded engagements. .

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Forward Calendar - Speaking Events

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