Page 38 - Strategic Planning for Law Firms

Strategic Planning for Law Firms
Corporate Firms
Corporate firms are those that handle primarily transactional work – trusts and estates, tax, corporations and partnerships, drafting contracts, etc. Like commercial firms, they tend to charge higher hourly rates, and accordingly, need to bill fewer hours. Some deals they broker can last weeks, months or longer, and can generate large fees for the firm. More often, they handle a larger number of smaller and medium sized matters. They, like commercial litigators, have a large network. They tend to have niche practices and have a strong reputation and brand in those practices, attracting work from other lawyers whose clients need those services.
Mixed/Hybrid Firms
As more and more firms consolidate, and more firms hold themselves out as one stop shopping for their clients, it’s not uncommon to see firms be a mix of insurance defense, commercial and corporate (plus a smattering of family, criminal and immigration, among others). The more practice groups and practice areas and moving parts a firm has, the more challenging it is to have the whole firm move as a unit in the same direction toward the same mission, vision and goals. Further, because of disparities in hourly rates, compensation models must be more creative in order to be equitable.
Insurance Defense/ Commercial Firms
A common marriage among firms are between insurance defense and commercial litigation practices. These are very divergent practices. One practice bills more hours at lower rates. The other typically requires fewer attorneys and relies on fewer associates. The way they market their practices, secure clients, entertain and fellowship with clients, handle their matters and relate to the legal community is different. Any strategic plan involving this type of firm has to be cognizant of these differences and address them.
SECTION 06 FIRM MODELS
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