Leadership for Lawyers

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  • Leadership for Lawyers is a blog focused on issues of leadership, practice management, and marketing for professional service firms.

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November 01, 2009

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Robin Tucker

The time for incremental change has past, nothing short of transformation will save law firms in the midst of this economic death spiral. The sustainability movement offers a model for law firm transformation. At the movement’s core is painstaking and balanced attention to all of your stakeholders; the customer, the employee and the investors. Ignoring any stakeholder breaks a critical link in the value chain. All the stakeholders in the legal enterprise are dissatisfied. According to an “After the JD” research report, attorneys at large law firms are relatively unhappy with their control over the amount of work, job independence, trust given to them, and their employer’s policies. The Association of Corporate Counsel (ACC) has launched a public campaign against the billable hour model called the ACC Value Challenge. Partners at firms have expressed their dissatisfaction by playing musical chairs, moving from one firm to the next, pulling their clients with them. What’s a law firm to do?

There is a strong business case for a sustainable approach to managing an organization. Companies that have embraced the principles of corporate responsibility or sustainability have significantly outperformed the S&P 500 and even an index created of “Good to Great” companies. In fact, the public companies that adopted sustainability principles returned 1,026% for investors over the 10 years ending June 30, 2006, compared to 122% for the S&P 500; that’s more than a 8-to1 ratio.

It will require the killing of some sacred cows to transform law firms into efficient business enterprises that value and respect all participants on their team, but it is acheivable.

Richard French

very rightly said !

Lawyer need to articulate a clear and compelling vision of the future.They actually need to make clear to their clients as to how are they different from others in order gain competitive advantage.

Michael Fensterstock

Fantastic article focusing on a bright future, maintaining a positive attitude and likening law firm BD to one of the greatest sports around, fly fishing. Staying true to one's core competencies and fostering a team atmosphere are the ways to get this done in the face of adversity. As the saying goes, what doesn't kill us, makes us stronger!

stephanie

Whoah this weblog is wonderful i love studying your posts. Stay up the great work! You already know, many individuals are looking round for this info, you can help them greatly.

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