I was very encouraged by a Bloomberg article regarding Katten Muchin Rosenman. The piece describes the strategic priorities of Roger Furey, the chair of the firm. The three top priorities are:
- Getting the word out regarding the firm’s reputation. Reportedly, the firm has an excellent reputation with existing clients and the goal is to make the broader market more aware of this.
- Determine what the firm’s clients view as their needs. As is the case with all firms (or for that matter, any service related business), understanding the needs of clients — learning directly from them about what they are thinking and what they need — will allow the firm to better serve them (and when done properly, almost always result in organic growth).
- Attorney development. The firm intends to better use its more senior lawyers to enhance the capabilities of its more junior lawyers.
There is a lot to like about what this new managing partner is doing; but there are four things in particular that I love about this strategy.
- It is Achievable – Exotic, industry conquering objectives can be exciting but are often unrealistic. Goals that aren’t achievable can be more destructive than no goals at all. Outlining a series of objectives that are realized helps build a foundation of confidence and trust. And from here more aggressive objectives can be addressed.
- It engages clients and attorneys – Attorneys and clients are the obvious life blood of any law firm. Strategic priorities that get both involved in advancing the firm’s strength is a recipe for success.
- It provides clear direction – The Katten priorities provide guidance as to where the firm will focus and where it intends to invest resources. The priorities say the firm is going to be about enhancing its reputation through deeper service relationships with clients; and that it intends to accomplish this by listening to the clients, understanding their needs, and developing enhanced capabilities aligned with these needs.
- It is Positive – This simple set of priorities creates a strategy that is easy to rally around. It is easily understood, easy to believe in and feel good about.
During these times where reports of law firm struggles continue to appear in the news, I found this article encouraging.
Does your firm’s strategy provide positive direction and is it achievable?