Question:
I am the owner of a twelve attorney business litigation law firm in Northern, California. I started the firm fourteen years ago after practicing ten years in a large law firm. While the practice has been fulfilling both professionally and financially, the management side is often a challenge. As I sit here on December 31, 2019 thinking about management challenges that I may face next year I was wondering what you envision the challenges will be in 2020.
Response:
The following were the common challenges that owners and managing partners advised us that they faced in 2019:
- Talent Management – Attorneys and Staff
- Hiring
- Training
- Motivating
- Compensating
- Keeping (retaining)
- Firm Succession and Transition
- Getting and Keeping Clients and Additional Sources of Business
- Managing Cash Flow
- Satisfying Hard to Please Clients
- Balancing Time Between Servicing Clients and Managing the Firm
- Getting Paid
- Competition from Other Law Firms and Non-Law Firm Service Providers
- Proving High Quality Legal Services at an Affordable Price and Avoiding Malpractice Claims
- Finding Time for Personal Life and Family
In 2019 the number one challenge was talent management and I believe this will continue to be the case in 2020. The other challenges that I have listed will continue to be the major concerns of owners and managing partners in 2020.
Here are some links to a few of our resources that you might find helpful:
- Guide to Law Firm Management Best Practices
- The Lawyers Guide to Succession Planning
- The Law Practice Profitability Checkup
- Finding, Hiring, and Retaining Top Law Firm Associate Attorneys
- Law Firm Management Roles
- Law Firm Management – Characteristics of Successful Law Firms – Basic Building Blocks
- Starting, Building, & Managing a Law Firm
- Law Firm Partner Relations
- Bringing in New Law Firm Partners
- Cutting the Pie: Determining Partner Compensation
- Law Firm Compensation Metrics – What is Important – What Matters
- Law Firm Partner Compensation – Two Attorney Firm
- Improving Law Firm Profitability – Top Ten Cost Cutting Strategies
- Protecting Your Office From Theft
- Law Firm Succession/Exit Strategies – Ideas for Getting Started
- Law Firm Succession/Exit Strategies – Valuing the Firm
- Law Firm Succession/Exit Strategies – Practice Continuation Arrangements
- Law Firm Succession/Exit Strategies – Coming to Terms with Aging
- Law Firm Succession/Exit Strategies – Impact of Firm Size
- Law Firm Succession/Exit Strategies – Transitioning Client Relationships and Management Roles
- Law Firm Succession/Exit Strategies – Law Firm Merger Case Study
- Asked and Answered Blog
Click here for our blog on strategy
Click here for our blog on profit improvement
Click here for articles on other topics
John W. Olmstead, MBA, Ph.D, CMC
The post Law Firm Management – What Will Be Keeping Owners and Managing Partner Awake at Night in 2020 appeared first on Olmstead and Associates.