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Survival Strategies for Law Firms in a Competitive Marketplace

By David Ackert on February, 24 2020

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David Ackert

David Ackert, M.A., is the President of Practice Pipeline and a mentor to high-achieving service professionals and their firms. He has developed and implemented business development programs for hundreds of firms across the globe, many of whom hail from the top of the Am Law list. Widely recognized as a business development pioneer in the legal field, David’s programs have won the Legal Marketing Association's “Your Honor Award” in the US and Canada. The combination of technology and coaching has become a hallmark of his programs. David has published and been quoted in many major media outlets, and often leads panels and makes seminar presentations on effective communication and business development strategies. He regularly keynotes at law firm partner retreats and trade conferences. He serves as a guest lecturer at USC’s Marshall School of Business, Carnegie Mellon University, and at the UCLA School of Law. David holds degrees from Carnegie Mellon University, Ithaca College, and University of Santa Monica, from which he earned a Master’s in Psychology. He is also a certified Business Coach.

A man in a white shirt and pants stands next to two enormous feet, looking up. The text reads "Grow on your own terms: 5 essential survival strategies for law firms."

In today's volatile marketplace, many law firms are losing their independence.

According to Altman Weil MergerLine, 2019 was a record-breaking year with 115 combinations, a number of which were high-profile, high-volume mergers.

2020 already has seen a new crop of mergers, of a bit of a different ilk – larger scale and, at least at first glance, from stronger platforms with strategic synergies than some of the mid-2000’s combinations.

Similarly, in last year alone, more than 3100 BigLaw partners found new homes; up from 2018. ALM/Decipher joint report estimates $17.1B changed hands with lateral moves from 2014-2018.

 


 

By the Numbers

  • Law firms’ demand growth hovers between 3 and 5%
  • Lateral hires have a success rate of about 50%, according to a recent ALM Legal Intelligence/Decipher report
  • 80-90% of organic revenue comes from a handful of clients. 10-20% of revenue comes from inorganic growth, the majority of which is lateral acquisition.

The question for law firms is simple: How do you grow on your own terms?

There are 5 Essential Survival Strategies

 

1. Enhance Profitability

2. Fortify and Grow Existing Client Base

3. Cultivate the Right Culture

4. Practice Strategic Discipline

5. Develop Change-Oriented Leaders

 

Want to learn about how to implement each one? Check out the full webinar below, or click here and receive the entire recap free in PDF form.

 

 

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