A firm’s culture is essentially the law firm’s compass. If it is broken, the firm can veer off-course, leading to a stagnant business environment or, worse, stunt attorney development. However, when firm culture is strong, it energizes its attorneys and fosters their growth and success.
As a Partner, how do you decide if a law firm is the right fit for you? Competitive salary, practice strengths, and prestige are all critical factors to consider. However, there is another important element that you must be acutely aware of when deciding if a law firm fits you and your practice: Culture.
Either way, you’ll be involved in M&A. It’s also vital to remember that neither being an acquirer nor being acquired is better than the other. The growth strategy needs to be in alignment with the goals of the firm. The firm(s) you acquire or merge with must be complimentary to this strategy. Be progressive and develop a robust M&A mindset, it is your firm’s best chance for survival.
Are you at the “right” law firm? As practices grow, client bases change, and billing rate pressures intensify, your firm’s economic environment may no longer be the best fit for you and your practice.
Either way, you’ll be involved in M&A. It’s also vital to remember that neither being an acquirer nor being acquired is better than the other. The growth strategy needs to be in alignment with the goals of the firm. The firm(s) you acquire or merge with must be complimentary to this strategy. Be progressive and develop a robust M&A mindset, it is your firm’s best chance for survival.
At one point in its lifetime, every firm will hit the proverbial “wall.” The wall is when the firm’s growth stagnates and it must adapt to the current market to continue. Overcoming this barrier, or failing to, can make or break a firm.