Law Practice Management Asked and Answered Blog
Category: Will
Dec 31, 2019
Law Firm Management – What Will Be Keeping Owners and Managing Partner Awake at Night in 2020
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
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John W. Olmstead, MBA, Ph.D, CMC
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