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Building a Strong Corporate Culture for Law Firms

Building a Strong Corporate Culture for Law Firms

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In today’s competitive legal landscape, law firms must focus on delivering exceptional legal services and building a robust corporate culture. A positive culture can impact employee satisfaction, client relationships, and the firm’s success. Partners can also create mentorship programs where they guide and support junior associates. This fosters a sense of community and helps younger lawyers develop their skills. Clear Core Values and Lead by Example The foundation of a strong corporate culture is rooted in well-defined core values. Senior partners and firm leaders play a crucial role in setting the tone. Leadership must embody these values in their daily actions and decision-making processes. Senior partners must communicate these core values to all firm members. They must ensure that everyone understands what the firm stands for and how these values translate into day-to-day activities. Open Communication and Collaborative Environment Partners should strive for transparency in decision-making and keep associates informed about the firm’s performance and goals. This builds trust and fosters a sense of shared purpose. Team Meetings – It is essential to implement regular team meetings and establish an “open door” policy where employees feel comfortable approaching leadership. Internal Communication Tools – Consider using internal communication tools to facilitate information sharing and idea exchange. Collaboration and knowledge sharing are vital. Break down silos between departments and practice areas to create opportunities for brainstorming and teamwork. Prioritize Health and Well-being Invest in employee well-being by offering benefits and programs that support mental and physical health. The provision of gym memberships, access to healthy food options, and stress management workshops demonstrate management’s support. Celebrate Successes Law firms thrive on dedication and long hours, so recognizing and celebrating successes is a great way to boost morale and teamwork. Public recognition, bonuses, or small gestures of appreciation can significantly boost morale and motivation. Celebrate both big and small successes within the firm. Ensure everyone in the firm feels included in the celebrations, regardless of their role in the success. Here are a few ways to celebrate successes within the firm: Public Praise – Announce successes in a firm-wide email or newsletter, highlighting the team’s effort and individual contributions. Peer-to-Peer Recognition – Create a program where employees can nominate colleagues who went above and beyond. Client Testimonials – Share positive client feedback with the team involved in the case. Implement a system to recognize and reward excellent work, ethical conduct, and commitment to the firm’s values. Training and Professional Development Provide training on unconscious bias and ways to create a more equitable workplace to build a more inclusive firm culture. Invest in training programs to create opportunities for professional development. The legal landscape is constantly evolving. Training and development ensure lawyers possess the latest knowledge and skills to tackle complex issues and serve clients effectively. Building a strong corporate culture is an ongoing process. By implementing these strategies and fostering a sense of community and shared purpose, your law firm can create a work environment that attracts and retains top talent while boosting productivity and client satisfaction. Remember, a strong culture is not built overnight but through consistent effort and commitment from everyone in the firm. A strong corporate culture gives your firm a competitive hiring advantage to attract top talent. Let Collier Legal Search help you build a team that fits your culture. Our team will connect you with a large pool of Houston’s leading legal candidates to enhance your team and set your firm up for continued success. Contact us to learn more.

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Potential Law Firm Mergers

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For years, law firm merger activity steadily increased, reaching an all-time high in 2019 of 115 mergers. However, with the pandemic and its accompanying economic fall-out, there were only 65 mergers in 2020. As firms capitalize on post-pandemic growth, experts expect significantly higher numbers in 2021 and beyond. In the first quarter of 2021, there were already 26 mergers recorded. Experts predict 2021 law firm mergers numbers could overtake those in 2019. Many law firms offset revenue losses in 2020 with cost controls. After a year of crisis management, law firms have again focused on long-term growth. In a year of uneven economic recovery, law firms might search for growth opportunities through mergers. Benefits of Law Firm Mergers A merger strategy allows law firms to achieve the desired business goal, like growth, geographic expansion, or diversification. Merging with another firm should always increase your firm’s value. There are many specific goals a law firm could achieve through a merger. Add New Services – If your law firm specializes in litigation exclusively, merging with a full-service firm expands the services you can sell to your clients. This promises significant practice growth. Add Clients – Merging with another law firm gives you access to all their clients and vice versa. Explore the type and level of collaboration amongst attorneys at new firms. Increase Billable Rates – Billing rates are not uniform across the legal landscape. Attorneys benefit from upwardly adjusting hourly bill rates when merging with a firm whose clients find the higher bill rates in line with the value they provide. Decrease Billable Rates – If your clients do not want the upper market rate, reduce rate pressure and move to a firm that is mid-market. Manage Your Practice, Not Your Business – Many smaller firms enjoy the freedom from having to manage a business as they merge with another firm that takes over operations. Expand to New Markets – Opening a second office in a new city is expensive and involves hiring new lawyers and administrative personnel. Many firms find it’s more cost-effective to merge with a firm in a different town rather than starting from scratch. You can also benefit from the firm’s existing reputation, reducing the legwork needed to become known in your new city. Fill Knowledge or Experience Gaps – Sometimes, merging with another law firm is the best way to fill gaps in your team. If you wish to expand in a specific area of law, but your team lacks experience or qualifications, merging with another company is a valuable opportunity for both your firm and your attorneys. Although mergers of law firms with a similar ethos and work culture provide many benefits, the strength of each merger centers around human capital. While financial and cultural benefits are meaningful, law firms require excellent legal staff that brings lucrative clients. Should Your Law Firm Merge in 2021? In April 2021, approximately 229 million Americans had received at least their first dose of a COVID-19 vaccine. With these numbers rising, many law firms are optimistic about their economic future. As restrictions ease, court systems can reopen, legal business will increase, and firms can expect a more predictable cash flow. Despite the struggles faced by the legal industry during the pandemic, it responded with innovation and experimentation. To continue growing in 2021, firms keep innovating. Moving forward, firms are re-evaluating office space needs, optimizing talent management, and monitoring their employees’ morale and wellbeing. Although employees may return to the office, firms may choose to maintain their paperless environment while protecting and enhancing client relationships through virtual and in-person contact. Merging with larger firms can help small firms continue innovating. With more financial stability, firms can afford to trial new technologies or policies. The firm may also require more staff, which Collier Legal Search can provide. Additionally, as the economy grows, so will client businesses. Smaller firms may find clients leaving for larger law firms who can provide the legal services they require and be in the places they need to be. Larger firms also tend to have a more influential brand name, appealing to both high net worth clients and legal hires. By merging, smaller firms can hold on to their growing clients and serve them better. Rebuild Before you can negotiate and accomplish a successful merger, carefully analyze your firm’s current market position. Review your firm’s objectives, and alter them if necessary to align with the current market and your clients’ needs. To put your law firm in a better position as you rebuild, either by merging or growing on your own, ask yourself these questions: Are any of our pandemic innovations of value to our clients? How can we maintain and gain new clients with these innovations? Do we need to review our talent to make sure it is in alignment with new demand? How have our competitor firms changed? Are any firms in distress and therefore receptive to negotiate a merger? Collier Legal Search is Here to Help Merging is one way for a law firm to expand and recover after the difficulties of 2020. Choosing the right time and firm to merge with could be the difference between surviving the pandemic and your firm failing. However, after a merger, you may need to increase your staffing levels with competent workers who bring valuable experience. At Collier Legal Search, we understand that each law firm has specific needs, and we tailor our approach to ensure you hire the best employees for your firm. Collier Legal Search is a full-service legal staffing company. We place well-credentialed partners, associates, and legal professionals at every level in law firms and corporations. Our experience, connections, and unique approach to building our candidate database deliver consistent results on which our clients can depend. We are committed to the success of our clients and our candidates. Call us today to learn how we can support you as the legal industry and the country navigate a post-pandemic era. Contact us at 832-239-5253.

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Grow Your Firm in 2019

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Adding a legal staffing firm can help grow your firm. After a year of robust growth, many law firms are uncertain about what the coming year will hold. The increasingly fast pace of business, whip-lashing market movements and overall volatility has left many firm partners and managers scratching their heads about their 2019 hiring plans. Adding a legal staffing firm to your business strategy can help control expenses and manage unpredictable staffing needs. Whether your firm anticipates just a few specific hires or a sizeable contingent of contract attorneys, here are some ways that a staffing company can help you grow your firm while controlling the budget: Reduce the Cost of Hiring The cost of recruitment can exceed thousands, if not tens of thousands of dollars per employee. Much of that expense is the time that can’t be billed to clients because they are consumed with discussing the opening, placing advertising, screening, interviewing, re-interviewing, background checking – and then repeating the entire process over again. A legal search and staffing firm can return these billable hours to the firm by allowing the partners to focus on the business of law. Reduce Training and Onboarding Costs Training and onboarding are expensive and time-consuming endeavors. By employing attorneys who have already been identified as skilled and qualified for your firm’s particular needs, you can significantly reduce training costs and improve productivity. Some staffing firms can even create a tailored orientation and training program for new hires. Build Up or Scale Down Quickly For law firms, a complex case can suddenly necessitate additional attorneys and support staff. Conversely, when a significant case ends, there may not be enough work to go around. Through regular communication with your staffing partner and strategic use of contract attorneys and support staff, these transitions can be made smoothly. Control Benefits and Administrative Costs Benefits can cost 25% – 30% over payroll expenses. For workers contracted and paid through a staffing firm, those expenses fall to the staffing firm and not the law office. By utilizing temporary staff instead of direct hires,  you can transfer the costs associated with processing and administering payroll from your organization to the staffing firm. Protect Existing Staff from Burnout Many law firms have “down-sized” and “right-sized” to the point that associates and legal support staff are pushed to the limit. Partners expect staff to produce more with fewer resources. Additional contract attorneys will help your staff avoid burnout, reduce the cost of defects, avoid productivity losses, and limit turnover expense. Damage Control A bad hire can cost you several times the employee’s annual salary. A temporary employee can be vetted to see if they fit the corporate culture before making a final permanent hiring decision. Prevent Unemployment Claims Contract attorneys and staff are technically employed by the staffing partner—not the law firm. Consequently, any unemployment claims won’t reflect on the firm. Collier Legal Search is a full-service legal staffing company that specializes in placing well-credentialed partners, associates and legal professionals at every level in law firms and corporations. Our experience in the industry and a unique approach to building our candidate database will deliver dependable results. Let us help you grow your firm in 2019.  Contact us at 832-239-5253.

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What’s Ahead For Law Firms in 2019

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Here’s what to expect for law firms in 2019. 2018 was the best year in a decade for revenue growth, and U.S. law firms can expect to see another year of steady growth in 2019, according to a recent report from Citi Private Bank’s Law Firm Group. The report, based on surveys of nearly 200 American law firms,  found that revenues grew an average of 6.3 percent in the first three quarters of 2018, far exceeding the growth rate from the same period of the previous year. Most of the revenue increases were at firms occupying the largest and smallest ends of the spectrum, with mid-sized firms being squeezed. The report anticipates the following shifts to the legal landscape in the coming months: Even more consolidation in the middle 2018 was the busiest year on record for law firm mergers, and 2019 will likely see a lot of activity among mid-sized firms. The mergers will probably be larger firms acquiring mid-sized firms as well as mid-sized firms seeking merger partners. Right-sizing may finally be paying off – After several years of right-sizing their practices, streamlining operations, consolidating duties and developing new revenue streams, many firms are reaping the rewards with increases in revenue growth and a more agile staff. Firms will continue to explore ways of maximizing potential through innovative staffing. The majority of firms reported that they planned to increase their temporary/contract personnel and two-thirds said they would increase their ranks of permanent low-cost employees. Partner retirements require better succession planning –  With more baby boomers retiring, law firms need to anticipate the challenges caused by the departures. Firms must proactively transition the client relationships or risk losing clients to other law firms. The more a firm engages with a client before a partner retires, the more likely it is that the client will remain with the firm. Many firms incentivize this transition and tie retirement benefits to the successful development of their former clients. Evolving skills and characteristics of associates The skills and attributes demanded of today’s associates go beyond strong technical skills, but also include the need to be business-minded, creative thinkers, with project management skills. Most law firms are seeking candidates who are entrepreneurial and commercially savvy, and able to integrate technology into the delivery of legal services. Changing aspirations of associates A surprising percentage of associates no longer aspire to be equity partners. Instead, many would prefer to pursue an array of different career and lifestyle alternatives. Ironically,  the possibility of achieving equity partner is likely to increase over the next few years as retirement numbers outpace hires. More alternative fee arrangements The shift toward alternative fee arrangements (AFAs) is growing at a rapid pace and is primarily driven by client demand. In 2017, survey respondents reported that AFA represented nearly 19 percent of firm revenue and the number continues to increase. Looking forward, law firm leaders believe the shift towards AFAs will continue with zero survey respondents anticipating a fall in AFA usage. Firms will continue to maximize the use of contract attorneys, legal support staff and technology to deliver competitively priced services to clients. To see the full report, click here.

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Preparing your Law Firm for 2018

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In just a few weeks we will begin 2018. How are you preparing your law firm? As the year winds down, many law firm partners and management teams are gearing up for 2018. Just as we make New Year’s resolutions to improve our personal lives, management can identify resolutions that the organization should embrace professionally. Here are some ideas to help you set your law firm up for a stronger 2018 and beyond. Here are some tips to aid you in preparing your law firm. Evaluate the firm’s technology Law firms are not known to be early adopters of cutting-edge technology. If you have been waiting to see if this whole “cloud” thing takes off, or if it’s been several years since your firm implemented any technological advances, it is time to take some of the following steps into the modern world. Automate time-consuming and repetitive tasks such as timekeeping and billing. Introduce collaboration tools so attorneys can work together in real-time. Upgrade case management software and train lawyers on how to utilize it. Manage the firm mailing list and database. Create or update the Disaster Prevention and Recovery Plan After the catastrophic events of 2017, neglecting to have a disaster prevention and recovery plan borders on negligence. Every organization should have a comprehensive plan that protects employees, clients, and data when the next event occurs. Having this plan in place will ensure your firm can weather just about any disaster with a minimum of disruption. Evaluate what worked or didn’t work during the last disaster. Update all contact information in the plan. Have both digital and hard copies of the plan available for employees. Schedule a meeting during the first quarter to review the plan with key employees. Build new profit centers The legal marketplace is rapidly changing, and firms must constantly find ways to monetize their services and bring value to clients. Certain legal services are being offered online or by third-party vendors, so it is critically important to continually develop new revenue streams. Look for ways to cross-sell clients. Offer incentives for attorneys who do so. Identify new market opportunities. Add services or practice areas that are frequently requested by your clients which can be accomplished with paralegals and contract attorneys. Examine your firm’s culture For the first time in our nation’s history, four generations are working side by side in the workplace: Traditionalists (70 or older), Baby Boomers (54-72), Generation X (42- 53) and Millennials (23-42). This gap of more than 50 years between the youngest and oldest in the workforce presents new workforce dynamics. Eventually, this will lead to a culture shift within many organizations. Understand your firm’s current generational profile. Create opportunities for different generations to collaborate Understand motivations – Each generation is motivated by different things, whether it’s stability, authority or work-life balance. Update the marketing strategy Is your firm still printing expensive, glossy brochures and running a large schedule of ads in shrinking publications? Are event sponsorships still bringing in new clients? If you haven’t already, take time to review all of the components of the firm’s marketing activities and determine which ones are generating the best results. Determine if marketing activities are simply being repeated year after year. Renegotiate advertising and marketing agreements with media outlets. Refresh the firm website – is it optimized for mobile devices? Review the State Bar regulations on advertising to be sure the firm is compliant. We wish you the warmest holiday season and a prosperous New Year. The professionals at Collier Legal Search can help you make 2018 the best year ever!

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Leading Your Firm After a Disaster: Hurricane Harvey

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Does your firm have a disaster and recovery plan? Here are some items to consider including in your plan.  In the wake of Hurricane Harvey, many business owners have reopened their doors and are attempting to resume normal business operations. However, considering the tremendous impact that the event had in our region, it is probably safe to assume that there may well be a new normal for some time to come. Supporting your staff during and after a catastrophe requires lots of compassion and understanding. Also, be mindful that stress levels will be high during the recovery period. As a business owner, manager or team leader, there are several steps you can take to help your employees manage their new challenges and make the transition back to work as smooth as possible: 1) Assess Basic Needs – By now, management should have made contact with every member of the staff and taken stock of their situations, as well as what they may be dealing with regarding their homes or their loved ones. Some of your employees may have come through the storm rattled, but unscathed. Others may have lost everything.  Find out who may need shelter, food, clothing, transportation, pet care, child care, a rental truck, storage space or any of the many goods and services they need to begin normalizing their lives. Provide them with contact information for aid groups or any support that the firm or coworkers can offer. The sooner they can address their basic needs, the easier it will be for them to try to return to their normal lives. 2) Provide Ongoing Communication – Voicemail, email, company intranet or social media are all useful means to keep employees apprised of any company updates throughout the response and recovery phases. Remind your team that their jobs are important and secure. Provide regular and clear communication with updates on the business’ restoration progress. 3) Make workplace adjustments – Once the office is safe to return to, management may need to adjust some office rules and procedures. Dress codes, rules about children in the office, and restrictions on using telephones and the Internet for personal business may all need to be temporarily adjusted in the post-disaster period. It may be difficult for staff to get to and from work on time with new traffic patterns and gridlock on the freeways. Flexible hours or allowing your employees to work remotely may alleviate some stress around these issues. Employees may also need unexpected time off to address their home and family situations. Compassion and patience about these business interruptions will be remembered and appreciated by team members. 4) Maintain physical health – Exhaustion and stress can lower resistance to disease, decrease alertness, and cause impaired judgment. After an initial crisis period, observe employees for signs of physical, mental or emotional exhaustion.  The same employees who work all day diligently may be returning home to many more hours of work to repair or reconstruct their homes. 5) Encourage mental wellness –  It is important to encourage discussion as survivors of disasters often need to talk about what they have experienced. Consider providing an information break area where employees can gather for lunch or breaks with their co-workers. If your firm offers an EAP program, provide your employees with an update of what it covers and how to schedule appointments. Collier Legal Search is here for you and can help answer any staffing questions you have during this recovery process. We support you and continue to keep you and your families in mind during this difficult time.

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The Dilemma of Mid-Sized Law Firms

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Mid-sized law firms are getting squeezed by these external and internal factors. Sustaining a successful mid-size law firm in today’s legal market is challenging. In 2016, many mid-sized firms decreased in size, became unstable or simply dissolved. Surviving firms in this category realized only a minuscule increase in gross revenue. The most recent Am Law 200 figures show that the Second Hundred, as the Am Law 101 to 200 are known, struggled in 2016. This group includes mid-sized national players, regional firms, prestigious specialist firms, as well as local law firms whose operations are focused on their home state. For nearly half of these Am Law mid-sized firms, growth has evaporated, and profits are declining. Here are some of the external and internal factors that are squeezing the mid-sized law firm: EXTERNAL FACTORS Client pressure Clients are demanding greater value and transparency for their legal service expenditures. This has led to shifts in the traditional billable hour pricing model as clients insist on fixed or flat fee work, or enlist third-party billing review companies to reduce their legal fees. Additionally, corporate clients often require their law firms to add administrative staff to comply with more complex billing, reporting, and compliance requirements. Fundamental market shift Certain consumer market segments are substantially reduced or simply gone. Estate plans and incorporation documents are frequently provided by legal internet services rather than an attorney. Corporate clients are increasingly likely to divide responsibilities for different aspects of a single matter to various law firms, in-house lawyers, or non-traditional vendors. In-House continues to grow More and more corporations are expanding their in-house legal departments, a trend that has been accelerating for years. The growth of in-house capabilities and the work these groups are prepared to handle has significantly reduced the role of outside legal representation. There are fewer publicly traded companies With fewer publicly traded companies, there are fewer potential clients. Landing an account with a large corporation today is more lucrative and will involve more work, but there are fewer such accounts to go around, and they are overwhelmingly represented by the large firms. INTERNAL FACTORS Partner Problems Many firms have too many partners and not enough work. Some partners do not contribute equally to revenue generation and some should have already retired, but can’t or won’t due to financial constraints. For a mid-sized law firm, this kind of top-heavy structure severely hinders profits. Losses are managed by cutting support staff and associates, making it even more difficult for the firm to compete. Escalating Costs Rent, health care, insurance, utilities, taxes, and compensation are just a few examples of costs that creep up each year. In the past, law firms would raise their rates to cover annual increases in expenses. In today’s market, these rising costs can’t always be recouped by higher legal fees because clients will demand savings or services in other areas. Not running the firm like a business. While some firms have management committees with strong business backgrounds, many do not. Most mid-sized law firms are started and led by attorneys who are dedicated to the practice of law but may be lacking in business experience. While this traditional law firm structure may have worked in the past, it is no longer compatible with today’s fiercely competitive market-driven environment. Avoiding change and continuing to think that the market will one day recover to pre-recession levels is a recipe for failure. Local Firms Are the Exception One bright spot within the Am Law Second Hundred shows 90% or more of their lawyers located within their home state, and was also among the strongest performers within the Second Hundred, even outperforming national firms.

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