David Ackert is the president and CEO of Ackert, Inc, the company behind PipelinePlus.
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.