Ed Wesemann

Five Keys to a Successful Lateral Hiring Strategy

Ed Wesemann — Tue, 12 Mar 2013 22:18:11 +0000

Many law firms’ strategies to increase revenues and strengthen practice areas are dependent upon a program of laterals. For some firms, the strategy is incredibly successful in its ability to provide work for under-performing lawyers and rapidly increase capability in targeted practice areas. Unfortunately, for a large number of law firms, the lateral hiring strategy [...]

Cubs vs. Yankees: Why Lateral Hiring for Most Law Firms Makes Sense

Ed Wesemann — Sat, 02 Mar 2013 23:21:44 +0000

It is amazing that the legal media continues to actively discuss whether lateral hiring is a good idea. The gist of the argument appears to be that law firms seeking to expand their revenue base or enter a new practice area have no real alternative but to actively seek lawyers with portable business to join [...]

Square Pegs in Round Holes: Compensating Administrative Partners

Ed Wesemann — Fri, 08 Feb 2013 15:13:53 +0000

As one result of the cost-cutting that law firms pursued in response to the recession, many firms have filled a number of their managerial and administrative functions with partners discharging those functions on either a part- or full-time basis. If nothing else, it raises some interesting compensation issues for the equity partners who now serve [...]

Metrics That Matter: Revenue Per Lawyer Billable Hour

Ed Wesemann — Mon, 10 Dec 2012 22:17:34 +0000

As law firms respond to demands to make the delivery of their services more efficient, the entire scope of how we view and measure the economics of legal practice is changing. As we change, I believe that one of the most valuable metrics for law firm managers is becoming Revenue Per Lawyer Billable Hour. The [...]

Tolstoy was right

Ed Wesemann — Mon, 26 Nov 2012 22:57:58 +0000

Some law firms are consistently less successful than their peers. In any industry, success is typically more a comparison with peers than an objective standard. Of course, there are all sorts of definitions of success and one would assume that the comparisons would be with the most successful firms fitting their definition. But, we consistently [...]

Minding the Gap

Ed Wesemann — Wed, 07 Nov 2012 13:02:08 +0000

Dominance of a marketplace is the most valuable strategic position a law firm can hold. But the ongoing recession has been corrosive to the competitive situation of many of the most dominant firms in their key markets. Achieving a dominant position is difficult but it turns out that maintaining dominance may be even tougher. Dominance [...]