Money Talks: Why and How to Navigate Business Origination Credit Conversations
As law firms continue to explore ways to cross-sell and collaboratively serve clients, a frequent question arises regarding origination credit allocation. While many firms have modified their compensation systems to encourage collaboration, origination credit often remains a sticking point. The issue frequently occurs when a next-generation partner is doing significant work for and advancing the […]
The 4P Approach to Get You Through a Motivation Slump When You’re Feeling Stuck
When we lack motivation, feel stuck, or are downright burned out, our business development goals can feel impossible, overwhelming, or even lackluster. Whether we’re trying to meet our business development goals, establish a new habit, or fulfill a lifelong dream, sometimes it can feel like a Sisyphean task – especially when we’re feeling the weight […]
Why Law Firms Should Let Go of ‘Succession Planning’ and Embrace ‘Continuity Planning’ Instead
One of the most common events that prompts a client to leave a law firm is when a relationship partner retires or departs the firm without planned continuity of the client relationship. For instance, data shows that when clients work with multiple partners, the vast majority (90%) stay with the firm even after a partner […]
Using the Economics of Mutuality to Pressure Test Law Firm Strategic Plans
The economics of mutuality is a principle asserting that for businesses to thrive and grow, they should operate in a way that benefits all stakeholders rather than focusing solely on the bottom line. Bruno Roche—former Mars Chief Economist—has said: “If a company invests in both non-financial and financial capital using standardized metrics within a broader […]
3 Ways Law Firms Can Incorporate Other-Focused Problem Solving into Firm Culture – and Why Doing So Is More Important than Ever
The world has never been more in need of other-focused problem-solving. As I recently shared, the pandemic and its lingering effects have wreaked havoc on our lives while all of the other challenges of life–divorce, aging parents, sick children, work stress, burnout, parenting worries, relationship struggles—continue to happen. We are in the midst of a […]
2023 International Women’s Day – An Open Letter
An open letter to our fellow female founders and business leaders, The U.S. has more than 12.3 million women-owned businesses, generating over $1.3 billion per year. Nearly half of all startups in 2021 were created by women. What’s even more inspiring, 64 percent of new women-owned businesses in 2022 were started by women of color. […]
How Law Firms Can Support Attorneys from Underrepresented Backgrounds in Achieving Their Business Development Goals
Despite efforts to bolster diversity, equity, and inclusion (DEI) in the legal industry, law firms continue to struggle with attrition among attorneys from underrepresented backgrounds. Moreover, even those law firms that do a good job of recruiting attorneys from underrepresented backgrounds struggle to keep people from underrepresented backgrounds at the firm. According to the American […]
3 Ways to Make Law Firm Strategic Plans Work During Uncertain Times
Law firm strategic plans typically fall short for one of two reasons. They are either too visionary—filled with great ideas on what they want to accomplish without specific actions that will move them from now to next. Or, they are too tactical—comprised of checklists of things to do without a clear understanding of why and […]
How Law Firms Can Show Up for Struggling Employees, Clients, and Colleagues
We all, at some point, need comfort and care. We all need to be nurtured. So the question isn’t whether we need to be comforted, but when? And how? And who will show up for us when we need comfort and care? The pandemic and its lingering effects have wreaked havoc on our lives. But, […]
Rate Adjustments: How to be Generous When it Comes to Rate Increases and Money Conversations
This time of year, law firms are often determining rate increases for the upcoming year (if any), and their lawyers are considering ways to communicate these changes to clients. Some lawyers prefer to let the engagement letter do the talking. Because engagement letters often include language indicating that rates will increase from time to time, […]
