Lisa Smith is a principal in the Washington, D.C. office of Fairfax Associates. She advises leading law firms domestically and internationally on strategy development, mergers, management and governance, partner compensation and structure issues, and financial and operational performance and management. She has been advising law firms for more than 35 years.
She is a frequent speaker at industry events and webinars and recently appeared on the TV show Wall Street Week talking about the potential for private equity investment in U.S. law firms.
WHAT'S COVERED IN THIS EPISODE ABOUT TRANSFORMING LAW FIRM STRATEGY
The legal profession is in a period of meaningful evolution. Firms are exploring new ways to grow, serve clients, and create sustainable operations. Consolidation is increasing, alternative staffing models are expanding, and clients are more sophisticated buyers than ever before. These changes are opening the door to fresh approaches in how firms compete and deliver value.
For law firm leaders, it also means making smarter decisions about compensation, investment, and long-term positioning. The firms that are succeeding aren't reacting to the market—they're planning for it. They're thinking carefully about scale, profitability, and how to structure themselves for continued success.
In this episode of The Lawyer's Edge, Elise talks with Lisa Smith of Fairfax Associates about what these shifts mean in practice. They discuss the drivers behind consolidation, how firms are restructuring to stay competitive, what private equity could mean for the industry, and why thoughtful strategy—not panic—is what separates firms that adapt from firms that fall behind.
2:15 — The three trends shaping the legal industry right now
7:22 — Why even well-established firms are open to mergers
10:42 — How AI and technology are changing what clients send to outside counsel
12:08 — The risk for smaller firms with highly specialized practices
13:55 — What the UK's private equity model could signal for U.S. law firms
16:22 — How MSOs work and why firms are considering them
19:02 — The tradeoffs of moving to an MSO structure
24:25 — Signs that firms are already adjusting their strategy
25:24 — How partner compensation models are evolving
34:18 — What makes a strategic plan realistic instead of aspirational
36:47 — Lisa's advice to leaders who want to stay ahead of change
Mentioned In From Consolidation to Capital: How Big Shifts are Transforming Law Firm Strategy
Get connected with the coaching team: hello@thelawyersedge.com
SPONSOR FOR THIS EPISODE
Today's episode is brought to you by the Ignite Women's Business Development Accelerator, a 9-month business development program created BY women lawyers for women lawyers. Ignite is a carefully designed business development program containing content, coaching, and a community of like-minded women who are committed to becoming rainmakers AND supporting the retention and advancement of other women in the profession.
If you are interested in either participating in the program or sponsoring a woman in your firm to enroll, learn more about Ignite and sign up for our registration alerts by visiting www.thelawyersedge.com/ignite.
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Ruthie's Table 4
For more than 30 years The River Cafe in London, has been the home-from-home of artists, architects, designers, actors, collectors, writers, activists, and politicians. Michael Caine, Glenn Close, JJ Abrams, Steve McQueen, Victoria and David Beckham, and Lily Allen, are just some of the people who love to call The River Cafe home. On River Cafe Table 4, Rogers sits down with her customers—who have become friends—to talk about food memories. Table 4 explores how food impacts every aspect of our lives. “Foods is politics, food is cultural, food is how you express love, food is about your heritage, it defines who you and who you want to be,” says Rogers. Each week, Rogers invites her guest to reminisce about family suppers and first dates, what they cook, how they eat when performing, the restaurants they choose, and what food they seek when they need comfort. And to punctuate each episode of Table 4, guests such as Ralph Fiennes, Emily Blunt, and Alfonso Cuarón, read their favourite recipe from one of the best-selling River Cafe cookbooks. Table 4 itself, is situated near The River Cafe’s open kitchen, close to the bright pink wood-fired oven and next to the glossy yellow pass, where Ruthie oversees the restaurant. You are invited to take a seat at this intimate table and join the conversation. For more information, recipes, and ingredients, go to https://shoptherivercafe.co.uk/ Web: https://rivercafe.co.uk/ Instagram: www.instagram.com/therivercafelondon/ Facebook: https://en-gb.facebook.com/therivercafelondon/ For more podcasts from iHeartRadio, visit the iheartradio app, apple podcasts, or wherever you listen to your favorite shows. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.