How We Assist
Firms regularly face decisions of significance, including whether to merge or combine through a major acquisition. Preparing for an M&A transaction, evaluating a combination’s “fit,” or negotiating its terms are new and untried endeavors for many firms. Whether thinking about a deal strategically, needing to do one as a rescue plan, or using it as a tool of succession, our extensive experience in all facets of the merger/combination process has proven invaluable time and again. Hayse’s seasoned experience can help a firm avoid bad deals, convert potentially good combinations into great ones, and negotiate terms that fairly recognize the value of the institution its owners worked so hard to create.
The need to restructure a law firm can arise from a number of developments. Firms which experience the loss of significant clients, practice groups, offices or key lawyers or firms whose cost structure is out of control all are in need of some degree of restructure. Even a healthy firm sometimes needs restructuring to gain operational efficiency, improve its financial leverage or reposition it for a new strategic direction. Hayse identifies the issues that matter, and develops solutions that lead to sustained firm health.
Law firm crisis is not a planned event. Deferred maintenance or the rush of events can take a firm to a darker place. Warning signs often go unrecognized leaving a firm unprepared. So when crisis unfolds firms fall into a place where “normal” is a memory replaced by chaos, trauma and grave concern. Dealing with crisis can be a jarring experience for law firms and their leaders. In crisis, Hayse is a calming influence with solutions.
Successful firms enjoy their stature and rewards through the dedication and hard work of its people. That same dedication and hard work oftentimes focuses on the “here and now,” and not the firm’s future. So it is no surprise that many firms are tested when it comes time for one generation of leaders to turn the keys over to the next generations. Hayse’s experience with law firms populated with Baby Boomers, Gen Xers, and Millennial’s helps it create leadership and client relationship succession strategies for the institution, its owners, and its valued employees. Whether aiding a firm by performing Hayse’s proprietary Succession Audit, designing a strategy to preserve the firm or its relationships for future success, or coaching a firm through a leadership or client relationship succession plan, Hayse’s experience is invaluable for firms wanting to do succession right.
Today’s market challenges leads to law firms closing. Choices that firms make in planning for wind-down are critical to a successful outcome. Our understanding of law firm wind-downs and strategies is incomparable; we led the design and execution of the most successful large law firm liquidation in the last decade. Hayse recognizes the position of all stakeholders and resolves creditor interests while recognizing the interests of law firm owners and staff. When a court controls the process and a fiduciary is appointed, Hayse can act as or advise the fiduciary. In those engagements, Hayse deploys its understanding of the complexities inherent in state and/or federal proceedings to good effect. Its familiarity with law firms and insolvency ensures that recoveries for parties in interest are equitable and maximized.