August 8, 2005
Don't Bet the Law Firm. Get help!
Since posting the item on launching a new legal specialty last week, I haven’t been able to get the danger of doing so out of my mind. Starting a new business venture and that is what it is, or acquiring another firm is risky business. If you ask around, you will find out that the success rates are not high. That doesn’t mean that you should do neither. Depending on the firm’s goals and objectives, doing so may be a wise or essential move. However, most firms would be embarking on something for which they have no prior business experience.
Given that, I want to introduce you to a management concept called the “no-cost consultant”. Essentially, when the benefit from using a consultant exceeds the cost of their advice and guidance, their services are “free”. I can’t think of a better time to seek the help of an expert than when you are considering “going where you have never gone before”. An acquisition or launch of a new legal specialty that goes wrong can cost you the “farm” as the saying goes.
In yesterday’s posting, I highlighted Tom Clay’s article that answered the question, “What do you need to know to launch a new legal specialty?” While the article is good, it is still just a one and a half page article. I would strongly encourage a firm looking to acquire or start up a new specialty to engage the services of a consultant like Tom Clay or one of his associates at Altman Weil. Get the advice and assistance of people who have been through the process with other firms. Remember if the benefit of their advice and assistance is greater than what you paid for their services, then they will not have cost you a dime. They will have been “no-cost consultants”.
Don’t bet the law firm. Get help. As a reminder, Tom Clay’s e-mail is tsclay@altmanweil.com and, of course, Altman Weil’s Web site is http://www.altmanweil.com.
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