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Strategic Planning, Article

October 26, 2020

2020 Is a Year of Discounts as Law Firms Prioritize Cash Flow

Collecting on legal bills during the COVID-19 pandemic hasn’t been easy, but fueled by a desire to fill their coffers with cash, many firms are willing to give discounts in exchange for quick payment this year. Mary K. Young observes that law firms are often providing temporary discounts or allowing slower payments in order to maintain strong ties. For important, strategic clients, it’s necessary for the relationship partner to have conversations with clients about their cash flow. And It could be another six months, or it could be 2022, before rates and billing arrangements return to normal.

Management Consulting, Strategic Planning | News Mentions | Mary K Young | law.com

October 21, 2020

Fastest Growing Law Firm Management Strategies

At the Legal Marketing Association Annual Conference, Mary K Young will moderate a panel discussion focusing on management strategies employed by some the of fastest growing law firms. 

This interactive session will highlight three successful firms and the strategies they employ to deliver results that outperform most other firms even when faced with extraordinary challenges.  The panelists will discuss:

  • Techniques these firms use to drive revenue per lawyer (RPL) growth
  • The strategies, methods, and approaches that differentiate these firms from others, particularly in light of the current downturn
  • The role these leaders play in driving strategies that work and how they create buy-in with internal stakeholders to execute their firms’ strategies
  • Advice and tips these trailblazers would offer to their LMA peers who are looking to do the same within their firms

2:30 – 3:15 p.m.

October 21, 2020

For more information or to register for the conference, visit LMA Annual Conference.

Management Consulting, Strategic Planning | Speaking Engagements | Mary K Young | Legal Marketing Association

September 2020

2020 ZGuide to Leading Law Firms

Zeughauser Group's 2020 Pocket Guide to the American Lawyer Rankings of the Am Law 200 by Profits Per Equity Partner and by Value Per Lawyer; The A-List; The Global 100; The Global 200; The China 45; The Asia 50; and The Corporate Scorecard.

You can download the ZGuide here.

If you would like a hard copy of the 2020 ZGuide, please send an email to zgadmin@consultzg.com with "2020 ZGuide Request" in the subject line and provide your mailing address.

Branding, Client Service Interviews, Leadership Development, Management Consulting, Marketing Organization Design, Marketing Planning, Mergers and Acquisitions, Strategic Planning | Publications and Articles

August 28, 2020

Virus Exposes Major Weaknesses Of Underperforming Firms

While many underperforming law firms can often squeak by with a deficient number of rainmakers who bring in clients or with unwanted attrition, these weaknesses are now more of a liability to the business as firms tighten their belts during the ongoing coronavirus pandemic.  Kent Zimmerman sees a common thread running through these types of firms: they are either under-scaled or under-profitable relative to their competitors — or both.  In addition, underperforming firms sometimes lack a big enough bench of next-generation stars and have upcoming leaders who question whether the business has the balance and resilience to compete on a long-term basis.  Another similarity of these firms, Zimmermann mentions, is over-capacity — having too many people and not enough work.

Management Consulting, Strategic Planning | News Mentions | Kent Zimmermann | Law 360

December 2019

Corporate Activism: A Case Study of GE’s Stand on Bathroom Bills and Lessons Learned

A political stand on LGBTQ rights by GE five years ago met with acclaim in many quarters but also led to criticism from some legislators and to a contentious proposal at the company’s annual meeting claiming strategic hypocrisy. But the harshest criticism came from employees who disagreed with the company’s position and lamented that “political correctness” had run amok at GE.  Alex Dimitrief writes about the challenges GE’s leadership faced after taking on the issue and offers lessons for directors to consider as more and more companies ponder corporate activism.  In today’s body politic, however, even the most well-intentioned corporate activism on social and political issues will never be easy or for the faint of heart.

Strategic Planning | Publications and Articles | Alex Dimitrief | Directors & Boards

March 2020

The Human Nature of Whistleblowers

Alex Dimitrief writes that three whistleblowers have recently dominated the headlines.  The first was an intelligence specialist who anonymously raised concerns about potentially inappropriate interactions between President Trump and President Zelensky of Ukraine. The second was Mike Fiers, a former pitcher for the Houston Astros, who revealed to reporters that his team had used video cameras to steal signs of opposing pitchers.  The third was Li Wenliang, an ophthalmologist who posted a WeChat note last New Year’s Eve about patients at Wuhan Central Hospital who had contracted pneumonia after frequenting a local seafood market and warned about what he suspected was a new and dangerously transmittable coronavirus.  These high-profile cases serve as powerful reminders of the value and importance of whistleblowers to organizations committed to operating with integrity.

Strategic Planning | Publications and Articles | Alex Dimitrief | Ethisphere

August 2020

Where Does ESG Fit in Times of Crisis?

Alex Dimitrief writes that business, legal and governance journals are replete with articles illustrating how crises reveal the true character of companies and their leaders. The COVID-19 pandemic and social unrest sparked by deadly police brutality against minorities confirm that this adage holds just as true when it comes to a company’s commitment to environmental, social and governance (ESG) issues.

Management Consulting, Strategic Planning | Publications and Articles | Alex Dimitrief | Directors & Boards

July 31, 2020

After the PPP, What Does the Future Hold for Midsize Firms?

The Paycheck Protection Program was meant to be a short-term boost to help sustain businesses and workers through the immediate uncertainty of the coronavirus crisis. But the pandemic shows no signs of ending soon, and midsize law firm leaders are seeking to stabilize and plan for what comes next.  Mary K Young observes that revenues for most firms appear to be down 8% to 10% compared with expectations—a substantial drop-off, but not quite as drastic as some of the most distressing projections being tossed about this spring. She suggests that PPP loans should be considered simply as one component of a firm’s annual revenue for 2020. According to Young, building a manageable budget is no easy task with so many open questions swirling around the economy, but the approach is simple: hope for the best, plan for the worst.

Management Consulting, Strategic Planning | News Mentions | Mary K Young | Law.com

July 15, 2020

INSIGHT: Employee Silence Is Not Golden in Corporate America

Recent criminal charges against former eBay employees show how bad things can get when employees are not encouraged to step forward and report unethical behaviors. In this article, Alex Dimitrief says employees are motivated to raise concerns when leaders set positive examples and unequivocally welcome the scrutiny of principled investigations of alleged misconduct at senior levels, the polar opposite of the Trump administration’s firing of inspectors general and unseating of the U.S. Attorney in New York.

Management Consulting, Strategic Planning | Publications and Articles | Alex Dimitrief | Bloomberg Law

July 8, 2020

Legal Work's In-House Shift Shows No Sign Of Slowing

In 2019, 28% of respondents to a survey by the Corporate Legal Operations Consortium said they shifted more work in-house, compared with 20% who outsourced more legal work.  Industry experts predict this trend will continue long after the pandemic crisis wanes because of cost savings and the increasing sophistication of corporate teams.  Alex Dimitrief sees this trend as an opportunity for firm leaders to hone in on specialized work where they can deliver great value to in-house departments in a way that isn't cost ineffective to a company.

Management Consulting, Strategic Planning | News Mentions | Alex Dimitrief | Law 360