A large, well-positioned law firm on the West Coast recently asked Altman Weil to help solve a problem many other firms would envy. One of its largest clients had entrusted the firm with more and more business, helping the firm to become one of the most profitable in its market. Unfortunately, the client’s largesse came with a price: the firm’s busiest and most profitable lawyer was asked to manage the business. What’s more, the client was in an endangered industry and ripe for takeover.
Working with the firm’s Planning Committee, Altman Weil helped to develop a three-year plan to maximize opportunity, lower risk and maintain a strong relationship between the client and the firm by:
- Streamlining internal processes to reduce the time spent on client matters while improving quality
- Establishing business development structures and accountability to help expand the firm’s practice
- Identifying senior laterals with direct experience in the client’s industry to manage the business and allow the firm’s rainmaker to go back to generating business
- Establishing industry teams to improve work management and demonstrate expertise in other key industries
Within the planning period, the firm enhanced its position as the most profitable in its market, acquired new business and new lawyers, and successfully referred the core client’s lower-value work to other firms, resulting in increased revenue with a decrease in lawyer time.