A great deal has been written about why associates, and even young partners, have a different set of aspirations and values than previous generations. It is further suggested that law firms must adapt themselves to these generational shifts if they want to successfully recruit and retain lawyers and staff.
But suppose that the issues we blame [...]
From time to time I call managing partners that I know – some are clients, some are just acquaintances. Typically I ask them how things are going. Those who are most enthusiastically happy seems to have a common response: “We finally did something about our underproductive partners.”
Indeed, if there was a theme that characterized legal [...]
For some law firms the decision to take action on the problem of underproductive partners is less difficult than figuring out exactly which partners fall into the category of underproductive. The problem is that even though law firm leaders know underproductive partners when they see them, they are insecure in taking action without some more [...]
It makes sense that law firms would design their services, pricing and support services around the needs of their largest and most profitable clients. Unfortunately, most law firms don’t.
In almost every firm, 20 percent of the clients make up 80 percent or more of the revenues and profits. In some firms it is as little [...]
As law firms attempt to drive greater profitability, it is common for partners to talk about firing unprofitable clients. But few firms have the ability to distinguish the comparative profitability of clients and even fewer have the discipline to take action. The truth is that a law firm’s client base goes a long way to [...]
I was participating in a law firm marketing conference in Sydney, Australia recently. I heard speaker after speaker emphasize the importance of firms creating a strong brand so that clients have a greater association with the law firm than any individual lawyer. Now, isn’t that the dumbest thing you ever heard?
This goes back to the [...]
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