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Solo In Chicago

...empowering the Second City's entrepreneurial legal community

Friday, November 28, 2008

Warning Signs of Law Firm Failure

Here’s the full article and the 3 shared characteristics shared by failing firms:

  • Below average financial performances that included excessive leverage, significant deferred obligations, low productivity and poor realization was one main category.

  • Internal dynamics involving leadership problems, incompatible goals among partners, differences in compensation philosophies and a lack of succession planning was the second common theme.

  • External dynamics dealing with competitive pressures over a historical client base, access to new clients or an ability to recruit was the third major component shared by failed firms.

1 Comments:

At 6:43 AM, Blogger Nick said...

I will post these information to my facebook page.
on website

 

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