Frequently Asked Questions About Starting Your Own Law Firm

At some point in their careers, most lawyers seriously consider solo practice or starting a new firm.  Each lawyer approaches this opportunity with a unique set of talents, aspirations, and resources.  There are several critical questions that every lawyer should consider before taking this big step; and here are some general  answers that Walker Clark consultants frequently offer.

Internal Business Risks:  A Self-Diagnostic Checklist for Law Firms

This checklist helps you to identify and prioritize what your firm needs to do to manage your business risks more effectively. It does not attempt to list every “best practice” or program detail that successful law firms use. Instead, it focuses on 50 basic structures needed by any law firm with more than two or three lawyers. What are the ones in your firm that pose the greatest business risk? Which ones should your firm address first?

 

 

Magma Professional Services Automation

Walker Clark business advisors have been very impressed by the integrated technology tools developed by Magma, an applications development and consulting firm in Montevideo, Uruguay.  MagmaPSA permits a law firm to integrate all of its activities that have impact on overall business and financial performance, such as: time and expense control; cost and profitability analysis for specific clients and projects; billing and other back office functions.  We believe that MagmaPSA can be a reasonably-priced, powerful performance tool, especially for small and midsize firms in Latin America.  This link will take you to the Magma web site.

Outline of the Business Case for a Law Firm Merger

Each firm entering a joint venture, strategic alliance, or merger should consider the probable gains and losses it might experience.  This outline is a useful starting point for law firms that are considering a merger or other structured relationship with another firm.

A Short Guide to the Core Systems

Law firms – even the smallest ones – are very complex organizations.  Moreover, each law firm truly is a unique combination of client needs and expectations, individual talents, management structures and procedures, and workplace culture.  This paper outlines the ten systems within law firms that tend to have the greatest impact on overall financial performance, and suggests some questions that lawyers need to ask about how they manage the business of practicing law.

10 Signs That Your Firm Is in Trouble

Many law firms fail to survive more than 10 to 15 years.  They may experience rapid growth and business success at first, but then go into decline.  Three of Walker Clark's most experienced consultants --- Norman Clark, Plínio Ribeiro, and Lisa Walker Johnson --- compare their experiences spanning more than three decades working in or with the legal profession.  They agree that there are clear internal indicators which almost always warn of deterioration in business performance and market position.  There are also a set of responses that are characteristic of a failing law firm.  Review their checklist to see whether there are any warning signs in your firm. .