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

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SPONSOR FOR THIS EPISODE

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