GMS Business Consulting 351 Comments

3 STEPS – To Grow Your Practice in 2014

Hello Everyone!  We’re always asked by new clients, “How can I grow my business this year?”  There are two answers…the first answer is short…begin by implementing the three steps listed below.  The longer, more detailed answer requires more critical thinking, strategic business planning, and tactical implementation.  That said, let’s get to the “Short Answer” by following these three steps: Read more

GMS Business Consulting 309 Comments

Part 2: Strategic Growth – For Law Firms

from: The Am Law Daily

from: The Am Law Daily

 

Good Morning Everyone!  We’re continuing from our Part 1 post on Strategic Growth (based on an interesting New Report from Georgetown Law (which also appeared in the Am Law Daily, dated Jan. 6th, 2014)

We now turn our focus to merging as a means of growth.  Over the years, we have personally lived through and witnessed many, many mergers in a variety of industries and businesses, both small and large.  We can tell you, the outcome has not always been for the better.  In many cases, mergers can be more costly in terms of lost or defecting human capital and talent to other competing organizations.  The firm or business being acquired can often times end up on the short-end of the stick…and employees are now well aware of this.   The result in many situations can be the gradual decline of an organization; which is the opposite result that the merging entities were originally striving for!  Again, we said in many cases…not all.  For mergers to be successful, keep the following points in mind: Read more

GMS Business Consulting 237 Comments

Part 1: Strategic Growth – For Law Firms

from: The Am Law Daily

from: The Am Law Daily

 

Good Morning!  We saw an interesting New Report from Georgetown Law, which also appeared in Am Law Daily (Jan 6th, 2014) that we thought would be of interest to our lawyer clients & business clients alike.  This article focuses on how law firms should not chase growth just for the sake of growth.  We couldn’t agree more.  It’s very easy for law firms and businesses in any industry, and of all sizes to get caught up in the merger and acquisition frenzy because of the perceived “need” to grow…but be careful!  Often when this activity heats-up, pricing multiples are high, and a haste to acquire may not be as strategic as you believe.  Acquisitions should be a well-thought out part of a firms’ long-term and strategic planning process. Read more