Leading and Managing a Sustainable Law Firm (eBook)

Tactics and Strategies for a Rapidly Changing Profession

Stephen Mabey (Autor)

eBook Download: EPUB

2021 | 1. Auflage
432 Seiten
Bookbaby (Verlag)
978-1-0983-8320-6 (ISBN)

Infos

The author is one of those rare executives who not only understood competent administration, but also high-level strategic thinking. It is a rarity to find both characteristics existing in a person. His breadth and depth of understanding operations and strategy is unique among law firm leadership. He has always been a prolific writer and his thoughtful erudite writings have been greatly enjoyed over the years. His breadth of understanding and knowledge regarding administration and leadership is as fulsome as anyone could be. But it is his down to earth advice about "e;what to do"e; that adds immensely to the value of his writings. No wasteful jargon, self-aggrandizement's, but simply good clear commentary and advice. Clear, down to earth and practical advice on a wide range of topics such as leadership, innovation, strategic planning, financial management, legal project management, among other topics, is difficult to find in one book. This book should be on everyone's bookshelf who has a managerial or leadership role in a law firm. In fact any lawyer who wants to better understand effective operations and management in a law firm should possess a copy. Readers will quickly begin to underline and highlight many areas that will benefit them in their work in a law firm and the book will quickly become dog-eared.

Textauszug

A fresh look at strategy

Co-authored with Karen MacKay

“Imagine a process where partners have a hand in creating that future.”

We read a story a while ago about a couple who decided to retire in seven years and then sail the world. They weighed every decision against that goal. They asked, does this decision get us closer to that goal or push it further away? It was that simple. Indeed, regarding a lot of decisions before them, decision-making just got a whole lot simpler.

So, what about your firm? How do you decide between the various options for investing your time and money? What is important to you as an individual, a group and a firm? We speculate that some law firms claiming success in achieving their strategic targets have done so by shooting first and calling whatever they hit their target. Still, others tell us that they are successful in spite of themselves – they’ve encountered more good luck than good management.

Lessons from the Past

Many partners have reached the end of a planning process only to feel frustrated and without any sense of accomplishment. They tell us that perhaps the plan was the work of few who sought partnership approval or the result of a partnership effort that focused on the voices of a few of the usual suspects who spoke up and participated. Still, others have given up in defeat for a myriad of reasons. These reasons generally fall into four main categories:

1. Starting in the Middle – Many firms take the development of a mission statement as a starting point, which normally heightens many lawyers’ inherent skepticism and is the equivalent of building a house starting on the first floor rather than the foundation.
2. Destination vs. Journey – Many consultants, and in turn firms, have approached strategic planning as though the document drafted at the end of the exercise was the critical product, rather than understanding that the process and interactions among the partners are where the real value lies.
3. Complexity vs. Simplicity – Many people believe that the planning process must look five years out, it must address all the perceived sins of the firm and it must leave nothing to interpretation. This often results in a grossly overwritten document. In their eyes, the value of the process is measured by the length or weight of the document and the number of so-called action items.
4. Approval vs. Buy-in – Because some partners believe that a large group can’t develop a cohesive plan, a committee often takes charge of the planning in many firms and presents its written plan for “approval” by the partners. They often mistake consent by the other partners as an actual buy-in by them.

It doesn’t have to be this way.

Imagine a planning cycle that gives partners an opportunity to seriously consider what they aspire to as individuals and as groups, to realize and value what makes their firm unique. Imagine a process where partners have a hand in creating that future. Now imagine the momentum when every partner knows how each client matter, he or she opens, every talk he or she agrees to give, and every hiring decision fits. Does this decision get us closer to our goal or push it further away?

Starting at the Foundation: Values – Agreeing on what the partners value is the only foundation upon which a successful strategizing process can be based. If our individual values guide our behaviour, and our collective behaviour creates the culture – what are the values that we share, and what are the values that we are prepared to enforce?

What are these values we speak of that form the foundation of a strategic planning process? Simply, they fall into three categories: contribution, behaviour and character.

1. Contribution – What do partners do to make the firm stronger? These might include financial productivity, participation in firm management, involvement in the community and the profession, development of future partners, recruiting and mentoring.
2. Behaviour – These traits include valuing teamwork, a strong work ethic, professional drive, adherence to firm policies, fiscal responsibility and treating others with respect.
3. Character – Character is measured by firm-mindedness, ethical standards, loyalty to the firm and partners, and protecting and enhancing the firm’s reputation.

The purpose of the foundation phase of the strategizing stage is to develop a set of values that the partners can define and about which they are able to articulate examples of positive and negative behaviour. Further, the partners must define how these values will be fostered and enforced. Finally, if it is true that you get what you pay for, the partners must decide how these values will be reflected in the allocation of profit.

FIRMS WITH CLEARLY ARTICULATED VALUES

FIRMS WITHOUT CLEARLY ARTICULATED VALUES

Interdependent

Silos

Collaborative

Autonomous

Coordinated

Disjointed

Broad, inclusive communication

Limited, exclusive communication

Trusting

Protective

Firm first, shared agenda

Me first, personal agendas

A Journey vs. a Destination

A planning process is an opportunity for partners to step out of their practice and work on their business – even if only for a few hours. Embracing the exercise as a process creates a unique opportunity for dialogue among the partners and for them to work collaboratively irrespective of firm size. This is its true value, and it dramatically increases the odds of making progress toward a few common goals.

There are three stages to a process-oriented approach:

• Strategic thinking
• Strategic action process
• Annual execution process

Working on the Business: Thinking – If you begin this process at a meeting, the results will likely be biased by the usual suspects who contribute in that setting. Rather, give every partner an opportunity to reflect on a range of issues before the meeting. Use surveys, interviews or both. It’s imperative to find a way to meet the communication needs of your colleagues.

Achieving some common ground certainly requires dialogue among the partners. When well facilitated, the thinking process gets partners working together to identify the key aspects to focus on that will be the pillars of the plan. Key areas might include industries, practice areas or client groups, talent management, finances, incomes and market position.

Working on the Business: Action Planning – For each pillar, your process needs to allow the partners the opportunity to work together to (1) define achievement, (2) clarify what is required and (3) determine what is required to execute.

This is the stage where the proverbial rubber begins to hit the road, as you move from concepts to the broader goals to the initiatives that will support these goals to the objectives that in turn support accomplishing the initiatives. So that we don’t lose anyone in an abstract discussion of what is a goal, what is an initiative and what is an objective – and they are not one and the same – the following illustrates examples of the three.

Goal: Growth of the Firm

Initiatives – Business development in new industries

• Business process management
• Develop new service offerings

Objectives – Execute practice group plans

• Implement industry service teams
• Automate client intake processes
• Perform a review of all vendors
• Deploy key performance indicator dashboards for partners
• Survey key clients on their alternative fee arrangement needs

Working on the Firm: Annual Execution Process – The third stage is the annual execution process. This addresses the aligning of specific actions and steps with the objectives identified – and makes this part of the planning and budgeting process. As David H. Maister said many years ago,

“What you do with your billable...

Produkt-Details

• Erscheint lt. Verlag: 19.7.2021
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Allgemeines / Lexika
• ISBN-10: 1-0983-8320-6 / 1098383206
• ISBN-13: 978-1-0983-8320-6 / 9781098383206