Small Steps Now = Big Rewards Later
The practice of law is not easy in today’s world. Not only is it competitive, but also very challenging when it comes to managing a law firm. Many small firms think they don’t have the same pressing issues that the big firms have. In reality, the principles and fundamentals are the same for all firms – it’s just a matter of scale.
Client/Business Development, Compensation Methods, Financial Management, Firm Governance, Policies and Procedures, Firm Culture, Leadership, and Strategic Planning are just some of the critical issues affecting all law firms. Small law firms tend to address most of these areas just enough to keep them “manageable.” Kind of like the child’s game “Wac-A-Mole”- when the head pops up, you whack it with a mallet…that method may work for a while, but soon, there will be too many “heads” that pop up at the same time. Understanding the importance of addressing these issues effectively is key to any firm’s success.
Investing the time and thought into strategies that address these issues may be the most important thing you can do for yourself and your clients. And once those strategies are identified, they must be implemented. Execution is where many firms falter. It is extremely important to delegate, diversify and leverage. Take stock of your staff (or lack thereof) and help grow leaders by including their voice in your decision making. The truth is that most of the time, there can be more than one solution. A great book to add to your reading list is Execution by Lawrence Bossidy and Ram Charan.
Mentoring young lawyers in your firm is one of the easiest ways to achieve success. A favorite story: the older lawyer and young associate were on their way to the courthouse for a hearing. The young associate suggested a shortcut through an alley. The experienced lawyer – always sensitive to client development – responded, “there are not any clients in the alley.” Never underestimate your ability to teach and render the rewards from that investment of time.
Need help getting started with a plan? B2 can help you create a customized plan that makes execution easy. While you take care of your clients, B2 can take care of you.
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