The Fading Power of Niches
It has often been stated that only two broad strategic directions are available to law firms, summed up in the often quoted platitude “Get Big or Go Niche”. Over the last few decades, many boutique firms have successfully followed a niche direction by doubling down on particular areas of focus and creating depth in sectors […]
Remodelling Change Projects
A couple of years ago, I proposed a three-stage programme designed to revive stalled strategic projects – repainting the vision, remodelling the project and changing the project team or team leader. The remodelling (second) stage of that programme suggested that if a project has stalled or remained uncompleted, it sometimes helps to modify the initiative […]
Three ways to revive difficult strategic projects
Many law firms of a reasonable size may well have conducted some form of strategy review within the last five to ten years. This makes many partners of law firms and indeed their leaders somewhat resistant to further reviews, especially if much of the previous strategy remains unfulfilled or in cases where the more intractable […]
Prioritising Initiatives – Avoiding the Seven Deadly Sins
I have often noticed that firms do not always seem to prioritise initiatives sufficiently carefully. My experience is that one or more of the following seven things get in the way of proper planning and implementation: He (or she) who shouts loudest for resources will often get them; Prioritisation is decided on positions of power […]
Helping Partners Jump Hurdles
Just about every law firm strategic plan requires some degree of business development planning and activities. For three reasons, however, lawyers often find the related areas of marketing and business development difficult hurdles to jump. THE PROBLEMS Doing what we have always done For decades, lawyers have been able to restrict their marketing strategies and […]
Career Planning for Managing Partners
Law firms often debate the advantages and disadvantages of professional managers as opposed to traditional lawyer managing partners. Each comes with different attributes and experience. The professional manager is sometimes viewed as just a hired hand and needs time to learn the business of law, but has management knowhow. The managing partner has credibility and […]
Choosing Board Members
In some firms the top leadership team or board is almost self-selected from a very short list of partners or members who are prepared to involve themselves in management. Equally there are many firms that need to choose their boards and even their managing partners from a long list of potential candidates. Many factors need […]
Matching Authority and Responsibility
Many law firms remain acutely political organizations with much of the firm’s decision-making having to run the gamut of opinion-seeking, back-scratching and adroit manoeuvring before the management team can make significant progress. It has long been recognised that the extreme consensus model (whereby every major decision gets delayed until the achievement of positive ratification) is […]
Fulfilling The Three Main Requirements Of Investors In Your Law Firm
Partners or members of a law firm are all investors in it, however the firm is structured. Typically, before ploughing money into any venture, an investor needs to see three essential components: a compelling strategy; successful cash and growth management; and a structure of progressive management. Even if the firm has no intention of attracting […]
Preparing for an Unpredictable Future: Scenario Planning Tips
It hardly needs saying that the future is difficult or impossible to predict. Law firm pessimists often indulge in catastrophizing many situations that they think will be threatening or disastrous to the firm. Optimists, on the other hand, may become even narcissistic in exaggerating the firm’s special market position and often over-emphasize the chances of […]