Lisa R. Smith

Consultant

Ms. Smith is the head of the Law Firm Strategy & Structure Practice Group. She counsels law firms on the strategic, financial and operational challenges they face domestically and internationally. Ms. Smith advises law firms on strategy development, mergers, management and governance, partner issues and financial matters. She frequently writes and speaks on issues facing law firms and trends in the legal industry and is based in Washington DC.

Prior to joining Hildebrandt, Ms. Smith was a consultant with Price Waterhouse's Law Firm Services Group. She has worked with law firms, companies, trade associations and other service organizations on a wide array of management issues. She also worked for two years in a major Washington, DC law firm.

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Strategic Planning

Counsels firms on strategic development and positioning in the changing marketplace
Leads major strategic reviews for firms and practice groups
Leads partner retreats on a full range of management and strategy topics

Mergers and Acquisitions

Assesses, structures and implements law firm mergers of all sizes
Helps firms identify merger opportunities that are consistent with their strategies

Management and Governance

Assesses law firm governance and management approaches and assists in their refinement or reorganization
Works with firms to develop and implement effective practice management structures
Assesses effectiveness of business operations, including organizational structure, efficient work processes and effective application of technology
Analyzes the economic performance of firms and individual practices, and devises and implements revenue enhancement and expense control strategies to improve performance

Partnership Issues

Helps firms align their compensation systems with their strategic objectives and use their compensation systems to enhance their practice
Analyzes capital needs and capital structures, and assists in the design and implementation of new structures
Helps firms develop partner retirement and phase-down policies
Evaluates a law firm’s exposure to underfunded retirement plans and develops plans to reduce or eliminate the exposure

Education

Carleton College, B.A.
Tuck School, Dartmouth College, MBA

Additional Information

The following articles are not available online. For reprint options please contact kmgordon@hildebrandt.com.

Outsourcing: The Next Generation, Accounting and Financial Planning for Law Firms, March 2004
Dangerous Debt? Law Firm Inc., February/March 2004
Managing the Merger Process, ALA Capital Connection, November 2000
Impact on Profits: Understanding the Numbers Behind Realization, Accounting for Law Firms, June 1999
Realizing the Importance of Discounts, WorldLaw Business, May/June 1999
Law Firms Must Prepare for the Coming Invasion, New York Law Journal, September 8, 1998
How Much is Too Much? Law Firm Inc., February/March 2004

Briefings / Speeches

Analyzing the Profitability of a Practice Group, Lex Mundi Managing Partners' Conference, San Francisco, April 2002
The Step-by-Step Merger Process, ALA Annual Conference, Baltimore, May 2001
MDP’s, An Opportunity for Law Firms, American Bar Association Spring IP Law Conference, Washington, DC, April 2001
Anatomy of a Merger, Managing Partner Roundtable, Atlanta, October 2000
Mergers and Acquisitions: Finance, ALA Annual Conference, Denver, May 2000
Merger and Acquisitions: Culture, ALA Annual Conference, Denver, May 2000
Market Cycles: Riding the Next Wave, NALP Annual Educational Conference, Boston, April 2000
Law Firms and Multi-Disciplinary Providers, American Bar Association, Association of Professional Responsibility Lawyers, Dallas, February 2000
Mergers and Acquisitions Panel, LMA Conference, Boston, October 1999
Current Trends in the Legal Marketplace, Golden Gate Chapter of the ALA, San Francisco, July 1999
Managing in an Economic Downturn, ALA Annual Conference, Chicago, April 1999
Multiple client retreats on various topics

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Hildebrandt Peer Monitor Index Rises Slightly in Second Quarter [+]
08/20/2009

SOMERSET, N.J., August 20, 2009 – Aggressive cost controls and headcount reductions are helping law firms deal with weak demand and rate growth. Despite continuing economic headwinds, firms are aggressively reducing their expenses, helping to maintain profitability. As a result, the Hildebrandt Peer Monitor Economic Index (PMI) rose four points in the second quarter to a reading of 44. A PMI of 65 or greater indicates strong law firm market performance. PMI is a composite index of law firm market performance using real-time data drawn from major law firms in the United States and key international markets.

Demand, as measured by billable hours, was down 7.3 percent in the second quarter compared with a year earlier. However, there are some signs that demand may be beginning to stabilize. Bankruptcy work continued to be strong. Litigation work was down from a year ago, but may be stabilizing. Transactional practice areas, including corporate, mergers and acquisitions, capital markets, and real estate were substantially lower but should show signs of recovery in the second half of the year if the general economy continues to improve.

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Lisa R. Smith

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