Walker Clark Worldview
commentary and insights for law firm leaders
Three of the Worst Mistakes in Law Firm Business Planning
Of course, the biggest and most costly mistake in business planning is not to have one at all.
In the past two weeks, several law firm managing partners have asked, “What are the worst mistakes that law firms make in business planning?”
Going beyond the obvious answer, above, there are three particularly costly mistakes that small and midsize law firms (and sometimes even larger ones) make when developing their business plans for the new year.
Avoiding Buyer’s Remorse: Ask the right questions.
As we approach the end of another calendar year, there is an upsurge almost everywhere in the world among small law firms looking for possible merger or acquisition opportunities.
The short-term motivations and long-term objectives of these explorations vary, but there are several questions that any law firm receiving an overture from another firm or prospective lateral partner should ask first, before entering into serious negotiations.
Having solid, fact-based answers to these questions will help you to avoid wasting time and management attention, as well as possible disappointment, on overtures that look promising on the surface but lack the underlying foundations needed for success.
