Smock•Sterling

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Monographs

Our monographs provide you with a glimpse at our thinking.
Please click on each title below to view the monograph:

Our 2010 Legal Market Outlook: Strategic Thinking for a Fragile Recovery

The signs of economic recovery have been emerging for several months. GDP expanded 5.7% in the fourth quarter, Citi Private Bank’s recent confidence survey finds guarded optimism returning among larger law firms, and Smock Sterling’s own fourth quarter law firm survey found the same. Yet, without a doubt, the broader economic recovery is fragile.

Budgeting For Planning: Guidance For Law Firm Leadership

As strategic management consultants, we are intimately familiar with the underlying cost drivers associated with strategic planning projects. As many law firm leaders have noted, however, the broader market has been disrupted both by acquisitions of major law firm consultancies and by the global recession.

"The Legal Marketplace In Late 2009 – What Law Firm Leaders Are Saying Now "

John S. Smock, John W. Sterling and Peter A. Giuliani

2009 has been a watershed year for the legal marketplace. Law firms have suffered through a year of severe economic dislocation, there have been greater attorney and staff cutbacks than at any time in history, and, perhaps most importantly, the perception of many partners (both young and old) that the gravy train of unchecked profit growth would continue unabated was severely dashed.

"Between A Rock And A Hard Place – Clients Demand Greater Value, Partners Want More Income "

John S. Smock, John W. Sterling and Peter A. Giuliani

As law firms look toward the emerging recovery, they face a potentially significant dilemma. The traditional structure of the legal industry sets-up a seemingly intractable conflict between two key stakeholders’ claims on the economic fortunes of a law firm.

"The Current Economic Environment – What Law Firm Leaders Are Saying "

John S. Smock, John W. Sterling and Peter A. Giuliani

This monograph summarizes what we have heard from law firm leaders in meetings focused on the legal marketplace and the economic environment. Included are a brief background, what these law firm leaders had to say, and Smock Sterling’s observations.

"Flying Blind At A Critical Time: Do Your Partners Know What Your Strategy Is? "

John S. Smock, John W. Sterling and Peter A. Giuliani

For years in Chicago – at curfew every night on every broadcast television station – a short public service announcement asked, “It’s 10 o’clock, do you know where your children are?” At this critical time for law firms, we would paraphrase that simple question and ask, do your partners know and understand what your firm’s strategy is? If not, now is the time to tell them.

"Maintaining And Expanding Profitability Without Raising Rates – Law Firm Management’s Pressing Challenge"

John S. Smock, John W. Sterling and Peter A. Giuliani

Wow! What a trip! Late in 2007, we were looking at a 13,500 Dow, oil was over $90 a barrel – on its way to $140 – and the Fed was continuing to inch up interest rates in anticipation of rising prices. At the start of 2009, stocks have given up almost 40% of their value, oil is less than $40 a barrel and Treasury yields are barely above zero. No longer are we worried about rising prices – it is deflation we fear. Our vocabulary now has a whole host of new terms – “economic stimulus package,” “TARP,” “Detroit bail-out” – as the Federal Government begins to take an unprecedented and dramatically expanded role in private industry.

"The Looming Recession: The Glass May Be Half Full"

Peter A. Giuliani

Wow! What a trip! This time last year we were looking at a 13,500 Dow, oil was over $90 a barrel, and the Fed was continuing to inch up interest rates in anticipation of rising prices. As of this week, stocks have given up almost 35% of their value, oil is flirting with $40 a barrel and Treasury yields are barely above 0%. No longer are we worried about rising prices. It’s deflation we fear.

"We Are Optimists – We See the Cup At Least Half Full"

John S. Smock, John W. Sterling and Peter A. Giuliani

We last wrote about the state of the legal industry in summer, in a monograph that held forth a relatively optimistic view of the future for law firms in spite of some of the economic information available at that time. That monograph was based on a large number of one-on-one conversations with clients and friends across the industry, but our findings (although not necessarily our recommendations) have since been eclipsed by two major events.

"Setting Managing Partner Pay - It's a Two-way Street"

Peter A. Giuliani

In introductory courses in Economics, we learn about the “Four Factors of Production,” - land, labor, capital and management. “Land” refers to physical plant and physical assets. “Labor” refers to the efforts of those who produce product or deliver services. “Capital” is the money needed to buy physical assets and hire the workers. “Management” is the all-important skill of organizing the other three factors to produce a product or service at an optimum profit.

"No Chicken Little, The Sky is Not Falling"

John S. Smock, John W. Sterling and Peter A. Giuliani

A few weeks ago, John Smock met with a client of Smock Sterling’s regarding that client’s performance as part of a merger that occurred last year. In discussing the fact that the merger was going very well, the client pointed out that he had recently attended a presentation in which another law firm consulting firm described the present and future of the legal marketplace in very clear “doom and gloom” terms.

"Strategies in the War for Talent – Recruiting, Developing and Retaining Great People"

John W. Sterling

It has become cliché to say that a law firm’s most important assets walk out the door every night. Yet, getting, developing and keeping great people must be at the center of virtually every firm’s strategy. Having high quality people is fundamental and it is what is driving the so-called “war for talent.”.

"The legal marketplace in 2008—time for the industry to jump out of the sauce pan"

John S. Smock, John W. Sterling and Peter A. Giuliani

Each year, as close as possible to its beginning, SmockSterling Strategic Management Consultants assesses the legal marketplace, identifies issues, and proposes solutions to those issues. We are not alone in doing this, but have tried to be both creative and original in figuring out ways to get the message across to our clients and friends in that legal marketplace.

"The seven deadly sins of law firm mergers and combinations"

By John S. Smock

Dante Alighieri’s epic poem The Divine Comedy (and earlier theological/biblical references) listed the seven deadly sins of pride, envy, anger, sloth, greed, gluttony, and lust. In coming across this listing while doing some recent research, I clearly had an “I could have had a V-8” experience. These seven deadly sins – with a little bit of adjustment and redefinition – can clearly illustrate the problems many law firm managements have in successfully carrying out meaningful mergers and combinations. Thus, the following offers our take on these seven deadly sins of law firm mergers and combinations and what a firm interested in strategically growing can do about them.

"Unlocking value and performance through better practice group management "

By John W. Sterling

Over the past ten years, nearly every law firm of reasonable size has adopted some form of practice group organization. Some have adopted the concept with relish and have driven management responsibility and authority into the hands of practice group leaders. Others have been more tentative, organizing into groups, but asking and/or expecting relatively little from both the groups and their leaders.

The Legal Marketplace in 2007 - Rip Van Winkle Would Not Recognize It

By John S. Smock, John W. Sterling, and Peter A. Giuliani

Smock Sterling Strategic Management Consultants takes a step back once a year to assess the legal marketplace (where we spend close to 75% of our time) – the status, the trends, and what our clients (and, for that matter, all firms) need to do to survive and prosper.

Not Measured, Not Managed: Using the Balanced Scorecard in a Sophisticated Law Firm

By John W. Sterling

It has been over 10 years since Robert Kaplan and David Norton published their landmark business treatise, The Balanced Scorecard. The concept of a balanced scorecard is now so entrenched in the field of strategic management that application of balanced scorecards is literally “old news” to strategists. At Strategy & Leadership – a leading strategic management journal – case studies and other articles related to the balanced scorecard draw yawns from peer reviewers.

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What's Happening Out There? The State of Legal Management in 2005

By Peter A. Giuliani, John S. Smock, John W. Sterling

This is Smock Sterling Strategic Management Consultants annual assessment of the state of the legal management marketplace. It covers the state of the market, trends, and what the winners will do.

OVERALL STATE OF THE LEGAL MANAGEMENT

If there were some official authorized to make a “state of the legal industry” address, similar to the U.S. President’s State of the Union address, his/her prognosis would be quite positive.

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Recent Monographs

Implementation - the Gutsy Challenge in Strategic Planning

Over the Top — Law Firm Strategic Planning Excesses and Mistakes in 2003

Confessions of a Law Firm Management Consultant – My Twenty Years Before the Mast

Effective Marketing, Not Branding, Is the Key to Growing Work for Existing Clients and Attracting New Clients