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
Although many law firms are enjoying increased demand, revenues and profitability, not all firms are so fortunate. For the firms seeing a sustained slackening of demand, there is no shortage of ideas on how to combat the problem. “Work harder,” “get out and hustle,” and “reconnect with your relationships,” are but a few of the
“[L]eaders must have a sharp eye on the future, always considering how the law firm will evolve and succeed in the years ahead.”
from Decisions That Matter: Tales of Law Firm Leadership in Moments of Consequence
Sustaining a law firm’s success is a nice challenge to have. For one, it means that the founders already
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
The concentration of law firm financial strength narrows as fewer AmLaw 200 law firms can be counted among the fortunate. As Mark A. Cohen argues in his The AmLaw 200 Is Down to 50 – Maybe 20. What does It Mean? a fiscal separation among bigger firms has occurred and continues. Cohen concludes that the
“When a law firm embarks on a plan to grow, ultimate success … [directly relates to] leadership’s ability to make the right decisions while navigating the high seas of growth.”
from Decisions That Matter: Tales of Law Firm Leadership in Moments of Consequence
It is not unusual to hear “Growth” as the response when law
“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
Law firm succession is a huge issue for many of today’s law firms. Not surprisingly, more firms than ever before are focusing on succession by adopting written succession plans that address leadership succession and client relationship transfer. Despite the importance of succession, many firms have no written plan and remain unprepared for transitioning leadership or
“Law firm disasters are almost always of the man-made variety…. Once a storm is brewing, add the fact that as business organizations go, a law firm is among the most fragile, and you have the climate for a series of catastrophic events.”
from Decisions That Matter: Tales of Law Firm Leadership in Moments of Consequence
BigLaw leaders have many things to think about when guiding their firms to Top 100 finishes. One major item is the need to respond to client expectations of value. The idea that clients expect value in the legal services they buy is not a radical idea. As long as law firms have had clients, there
