Image via WikipediaLarry Bodine Law Marketing Blog: "Failed law firms, like Thelen and Heller Erhman, have three things in common:* Below average financial performance – often including excessive financial leverage, significant deferred obligations, low productivity, and poor realization;
* Internal dynamics – primarily involving leadership issues, partners with incompatible goals, differences over compensation philosophy, and lack of succession planning; and
* External dynamics – primarily involving competitive pressures related to the firm’s historical client base, access to new clients and desirable work, and inability to recruit key talent.
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