I don’t know where we should take this company, but I do know that if I start with the right people, ask them the right questions, and engage them in vigorous debate, we will find a way to make this company great. Jim Collins
So many law firms — big and small — continue
The measure of intelligence is the ability to change – Einstein
Adapting to change – At first blush the need to adapt is so obvious there would seem to be no need to discuss it. Then we see firm after firm, small to large, fail because of a reluctance, unwillingness or sheer inability
Let’s get real for a moment.
Most law firms are woefully unprepared for any significant economic downturn — let alone a prolonged, decrease in demand.
This is a startling reality; but here are a few undeniable facts:
Let’s start by defining terms. There are a number of characteristics that might be used to bring definition to “potential” – size, profitability, locations, and so on. But, for purposes of this discussion, I define it as achieving the professional goals of the firm’s professionals. If, over the span of a career, the
“Preparation is very important.”
“Albert Pujols, one of the best hitters in baseball’s modern era, used this four-word phrase to describe one of his keys for success. It is not overly complicated and it is easily understood. The fundamental quality of being prepared—of keeping his eye on the ball figuratively in addition to, in the
“Every little thing counts in crisis” -Jawaharlal Nehru, Indian statesman
“For law firm leader, there is little room for error when crisis ensues. A mistake here, a misstep there, and lawyers at the firm begin to lose confidence in the firm and its leadership”
I have been preparing for a managing partner leadership conference. One of the topics I am discussing is law firm Key Performance Indicators “KPI.” In reviewing recent articles and posts on the issue I was struck by two things:
Charles Darwin said so profoundly “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.”
Our practice is seeing an increasing number of firms tested by their ability to adapt. The news reflects a growing number of firms in obvious transition. From high-profile names to lesser-known partnerships, the leaders of each firm faces pivotal decisions. Some of these firms will restructure or otherwise embark on a turnaround strategy. Others opt for merging with another group or offering themselves as an acquisition target in an effort to avoid dissolution. History has shown far too many end in a messy liquidation.
Identifying The Path That Leads To Decline
The decline of a once vibrant partnership rarely has much to do with the quality of lawyers engaged in the practice. And though the marketplace is certainly tumultuous, what is at the heart of survival and success for some, and the dire straits of a struggle to survive for others?
In his book Corporate Turnaround, Dan Bibeault identifies four key mistakes that lead to organizational decline. These mistakes, paraphrased to the legal profession are:
Let’s look at each one a bit more closely.
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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:
