As firms continue to grow in size and complexity, it often is no longer possible for them to drive, manage and measure the revenue growth of the firm only through the central leadership. The concept of practice groups operating as business units is that they now have primary responsibility for overseeing major aspects of their…
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It is surprising how many law firms, their leaders and partners eschew the discipline of planning and strategy. Many firms still don’t require annual plans or even the process of planning from their partners, or practice groups and many don’t even have a strategic plan for the firm. A survey conducted by Patrick McKenna and David…
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Most law firms have implemented a practice group structure. Even those firms that retain the traditional, larger umbrella department structure (for example, corporate/transactional, litigation/disputes, regulatory,) most break down the management of the practice into smaller strategic business units that are used to: Organize lawyers and manage talent with specific skills and specialties Develop, execute and monitor…
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Making meaningful and sustainable change will require collaboration and strong leadership. As discussed in Change Management Part 1, effectuating change in law firms is more difficult than other professions and industries and managing partners cite the reluctance or refusal of the vast majority of their partners to change. Given the dynamic shifts occurring in the…
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The instability, disruption and resulting anxiety in the legal profession at times feels like a roller coaster: ups and downs, twists and turns, peaks and valleys, fast and slow, feelings of risk, exposure and vulnerability and a lack of control over our destiny. We are more or less along for the ride, which admittedly is…
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In this final post in our five-part series on succession planning, we address perhaps the most challenging aspect of the topic: managing and supporting individual senior partner transitions. In Pillar 1, Pillar 2, Pillar 3 and Pillar 4 we discussed various components of how firms can design and manage approaches to the many facets of succession…
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There are many complex issues related to succession. We have reviewed many of these already in our previous three posts which can be found here, here and here. In this fourth pillar, we will address two important areas that pose particular risk for law firms in two key areas: leadership transitions and loss of knowledge.Loss of…
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This post follows two prior posts and addresses the third pillar of succession management. Like many aspects of law firm management, the subject of succession planning often is limited to internal firm or management discussions and consideration. This is a mistake. Clients know and worry that senior partners may be nearing retirement, and absent any…
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Much of the Baby Boomer/retirement/succession dilemma revolves around money: the firm’s revenues, senior partner’s contribution to and control of client revenue, partner compensation and incentives to transition and other financial aspects of retiring partners.As noted in our recent post: Succession Management: The Problem and a RoadMap, we know that according to Altman Weil, 73% of…
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In our recent blog post Succession Planning: The Problem and a RoadMap, we concluded with a RoadMap for how to establish a framework for an approach to succession planning. This post provides additional detail about five components that comprise the pillars of succession management. Pillar 1 ComponentsDone correctly, as described in our post The Succession…
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Eight adults per minute turn sixty-five and by 2020, 20% of the workforce will be 65 or older. In law firms, the problem is exacerbated as senior rainmakers aged 60 or older often control 50% or more of the client base and key relationships, and often serve in key leadership positions. According to studies conducted…
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When lawyers first started exploring the uncomfortable process of “selling” as early as the 1980s not long after the 1977 Bates decision allowing lawyers to advertise, it was uncomfortable and seen as unseemly even sleazy. Over the decades, consultants have adapted sales approaches shifting from the traditional model into consultative selling. This approach has proven effective…
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A month ago, at a conference on change management, a managing partner of an AmLaw 200 firm asked a question that likely weighs on the minds of most AmLaw 200 managing partners, some of the AmLaw 100 firms and many of those below the top 200. His question was: We hear all the time that…
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A lot of lawyers are extremely challenged about operating in crisis mode and ending many days feeling they were not productive because they were side-tracked into unanticipated interactions, tasks and requests. Being organized and able to prioritize is something some people seem naturally to do better than others, but actually are skills that can be learned…
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