Legal Research

"Sifting Through the Ashes of Law Firm Dissolutions"

This post was written by Reid Trautz: "I finally had some time by the pool this summer to read the June 2010 issue of Law Practice Today. The theme of the issue is Sifting Through the Ashes of Law Firm Dissolutions, which turns out to be a very revealing look back over the past few years of economic turmoil within our profession.

While I recommend reading all three articles on the topic of why firms dissolve, I found the thesis of one article far more insightful and compelling than the others.

The first article, by venerable management guru, Ed Poll, focuses on the need for firms to aggressively manage cash in harsh economic times. Paying attention to cash flow, promptly collecting receivables, and reducing overhead are his keys to avoid failure.

J. Mark Santiago, makes a strong case in the last article that the lack of three traits--leadership, strategic focus, and financial discipline--has brought down some once-mighty firms.

But the article by San Francisco lawyer Will Nathan contains the most compelling and often overlooked reason behind law firm failure:.."

Continue reading this interesting post and reach the active links by clicking on the author's name.

Source: Reid My Blog! 26 July 2010. Reproduced with permission of the author.

Full post as published by Stark County Law Library Blawg on August 02, 2010 (boomark / email).