Walker Clark
Worldview Archives
How could Trump Administration trade policy with China affect law firms and their clients?
Sarah Max continues her discussion of the financial implications of a second Trump administration. In this post, she unpacks some of Trump’s economic policies with respect to China and how those impacts are expected to affect the international financial industry.
What impacts should law firms expect from proposed Trump Administration tax policies?
This is the second of a series of articles about how the demand for legal services might change over the next two years under the Trump Administration. This article focuses on the effects of proposed changes to taxation.
What should law firms (and their clients) anticipate from the incoming Trump Administration?
With an impending administration change in the U.S. on January 20, 2025, many of our clients and professional friend have asked us the same question: What will the second Trump administration mean for my firm?
This is the first of a series of articles about how the demand for legal services might change over the next two years.
The Antidote to Fear
In recent confidential discussions with law firm leaders around the world, the author has noticed a very interesting apprehension that seems to be emerging as they consider the business prospects for their firm in for the next two to five years.
How then, can a law firm navigate through the strategic fears about the rest of the decade -- even the rest of 2025 -- with a reasonable degree of confidence?
Rethinking Performance Metrics
Old paradigms about how to measure performance might be preventing, rather than motivating, your law firm's success.
Law firms thrive on the quality of their legal services and client relationships. In this context, qualitative goals, not just rigid numbers, are more indicative of progress and can have greater diagnostic value in detecting and addressing problems before they become crises.
When Cash Flow Dries Up
The Colorado River in the southwestern United States and northern Mexico no longer flows into the Sea of Cortez. Instead, due to diversion for irrigation upstream, it evaporates in the desert about nine kilometers away.
Many law firms are experiencing an analogous situation with cash flow during the COVID-19 crisis.
Here are three tips to keep at least some money in your firm's revenue pipeline during these difficult times.
Six Months from Failure?
An article posted today in the Law Society Gazette suggests that as many as 5,000 small English law firms and solo practices could be forced out of business within the next six months. Most of these firms are retail firms, or "high street" firms, that primarily serve individual clients and small businesses in relatively small matters, such as real estate conveyancing.
The problem is cash flow.
Practicing Law in the Dark
Do you really know how profitable your practice is?
Do you know which factors are most important to your profitability?
For a surprising percentage of lawyers and law firms, the honest answer to each of these questions is "not really." They are practicing law in the dark.
It is not surprising that they frequently stumble over obstacles and fall into holes that other law firms easily avoid.
Bad times? Good opportunities!
Law firms in some regions of the world are going though uncertain times.
At Walker Clark we believe that uncertain times can be the best times in which to invest some time, intellectual effort, and — yes! — even some consulting fees in getting a crystal clear understanding of two issues.
Should your firm have a non-lawyer CEO?
When should your law firm start thinking about hiring a full-time non-lawyer CEO to run your business?
The answer is highly specific to the firm, its location, and its practice areas. However, in our experience advising law firms about this issue, we have observed four indicators that it is time to give serious consideration to hiring a non-lawyer CEO.
Internal Value: A Hidden Opportunity for Law Firms in Professional Services Networks
The internal value of membership in a professional services network has the potential to have a much greater positive impact on a law firm's bottom line than even a robust flow of referrals from other network members. In some firms it could be the compelling reason to join a network.
Currently, internal value is a largely unknown concept for most networks and their members. Law firms should now consider to what extent professional services networks could help them to increase the productivity and profitability of their internal operations.
Why Small and Midsize Law Firms Can Have a Great Future
At Walker Clark, we remain amazed by how many law firm partners — and even some law firm management consultants — really believe that the legal profession will eventually be dominated by the global giants. Under this overblown scenario, all the other firms will simply have to be content with the scraps that fall from the big firms' dining tables.
Our firm's experience and observations advising small and midsize firms on business strategy, profitability, and internal operations, persuasively demonstrate that smaller firms can compete very effectively even against some of the best-known and most powerful law firms in the world.
Recession-Proof Your Law Firm: New Dynamic Approaches to Planning
This is final installment in a series of four posts about how law firms can anticipate, prepare for, and respond successfully to the next recession or economic downturn..
It outlines the third, and possibly most important, change that law firms must make to increase their chances of surviving the next recession (assuming that they emerge from the recent one).
The Numbers Fog
Earlier this week, I had the privilege of teaching an advanced course in Law Practice Management as part of an LL.M. program. The class included associates, in-house counsel, and partners from some of the best law firms and legal departments in the region.
What particularly impressed me by the people in the class was their ability quickly and efficiently to penetrate through numbers and surface details in the fiendishly devious case studies I presented, to diagnose underlying issues and vulnerabilities that were the real potential causes of the problems, and to find solutions that could produce lasting results.
As we worked through the eight case studies, I thought about how, unlike the students in the class, many lawyers and law firms never take the time or invest the intellectual effort to do that. Instead, they frequently focus on obvious, quick-fix responses that usually only cover over the basic issues, which always return sooner or later and sometimes worse than ever before.
