“We’ll have a chat at the end” – a $20B black hole

We lawyers detest talking about our fees with our clients, yet analysis suggests this is leaving a $20B black hole in the revenue of BigLaw firms.

Richard Burcher’s firm, Validatum, has worked with over 300 law firms in 18 countries and if there is one common denominator he observes, it is a shared perspective that the price conversation is the most unpalatable and stressful aspect of the lawyer/client relationship.

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Posted by on Oct 3, 2017 in BigLaw firms, Pricing | 0 comments

Conduit Law is returning to its roots

Dialogue is not a news service. But the announcement from Toronto today that Conduit Law is returning to its roots warrants inclusion in these pages because, with what I assume to be the buy-back from Deloitte, it heralds another chapter in the evolution of the NewLaw business model.

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Posted by on Sep 30, 2017 in NewLaw business models | 0 comments

Embrace the Rebels

Publication of Embrace the Rebels marks Heather Suttie joining Dialogue as a contributor. I am most grateful to Heather – indeed to all those who accept my invitation to contribute.

Embrace the Rebels is subtitled Law firms risk market erosion by ignoring the audacious in their ranks heralding Heather’s exhortation for BigLaw to recognize and enable one of their greatest assets – young professionals – to blossom. 

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Posted by on Sep 27, 2017 in BigLaw firms, Lawyers | 1 comment

Classic: Four lessons in the art of motivating change

Four lessons in the art of motivating change: Lawyers, pigeons and the change journey is by Stephen Poor, now Chairman Emeritus of Seyfarth Shaw. If change management in BigLaw was topical in a few years ago when Stephen wrote this, it’s even more important and pressing now.

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Posted by on Sep 22, 2017 in BigLaw firms, Strategy | 0 comments

PwC launching ILC Legal in US

Today in Am Law Daily, Chris Johnson (1) broke the story of PwC launching ILC Legal, a fully fledged law firm, in the US.

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Posted by on Sep 22, 2017 in BigLaw firms, Strategy | 2 comments

Price. Price. Price.

As in real estate with position, so in law, the top three challenges facing law firms are all price related (1):

1. Negotiating price with clients (Price)

2. Winning new business (Price is a key element)

3. Competing with other firms (Price is a key element).

When we talk to firms in other professions, we hear the same story. Even in consulting engineering, where the demand side is the strongest in years and resourcing are a challenge, firm leaders tell us there is still big price-down pressure.

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Posted by on Sep 19, 2017 in BigLaw firms, Pricing | 3 comments

Incentivising the New Normal

Businesses that don’t merely endure, but thrive, over extended time periods tend to attract and foster leaders who establish and maintain tight alignment between business strategy and business execution.
Unfocused businesses with unfocused leaders generate sub-optimal financial performance even when things are going well. But when permanent market disruptions occur — a certainty in every market segment — unfocused businesses with unfocused leaders tend to flail until they’re acquired, dissolved, or relegated to a shadow of their former strength. This is a lesson that many law firm leaders have learned.

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Posted by on Sep 19, 2017 in BigLaw firms | 0 comments