Photo courtesy of Daily Business Review
Summary: A law firm is launching the first practice to consult other law firms.
Law firm Hinshaw & Culbertson is launching a practice to help other law firms. It already advises lawyers and firms on compliance and legal ethics, and its new practice hopes to help “law firms avoid crises, implement succession planning and advise on full-fledged mergers,” according to Bloomberg Law.
Bloomberg Law said that this is the first time that a law firm has created a consulting practice to help law firm management. Hinshaw & Culbertson has said that it has already landed one small firm as a client.
Attorney Donald L. Mrozek is leading the new practice. He served as the firm’s chair between 1989-2015; and he told Bloomberg Law that he decided to launch Consultants and Coaches for the Profession Practice after he stepped down.
Mrozek said that the new consulting service was interested in helping large firms as well as with law firm mergers. This puts Hinshaw & Culbertson with competition with law firm consultants such as Hildebrandt Consulting.
The new law firm consulting practice will consist of Mrozek, partners Anthony E. Davis and J. Richard Supple Jr., and attorney Janis M. Meyer. In 2015, Meyer came to Hinshaw & Culbertson from the now bankrupt Dewey & LeBoeuf.
Mrozek said that he intends to charge per project as opposed to the success fee basis like its competitors.
“When I was chairman, we were offered by one of the consultants to build in a success factor and reduce the project fee,” Mrozek said. “To me, in something like a merger, I don’t want that. Because maybe the best advice you can give is, ‘Don’t go forward.’”
Hinshaw was founded in 1934, and with its $225 million in revenue, it is ranked the 130th largest grossing law firm in 2015. According to LawCrossing, it has 26 offices with its main branch in Chicago.
Source: Bloomberg Law