Sep 22, 2010
Characteristics of Successful Law Firms – Basic Building Blocks – Block 5 – Planning
For the past four weeks I have been discussing the characteristics of successful law firms and introduced the following basic building blocks that successful firms typically have in place:
- Partner Relations
- Leadership
- Firm Management
- Partner Compensation
- Planning
- Client Service
- Marketing
Partner relations, leadership, management, and partner compensation blocks have been discussed.
The fifth basic building block is planning. Successful firms have a long range business or strategic plan in place.
Based upon our experience from client engagements we have concluded that lack of focus and accountability is one of the major problems facing law firms. Often the problem is too many ideas, alternatives, and options. The result often is no action at all or actions that fail to distinguish firms from their competitors and provide them with a sustained competitive advantage. Ideas, recommendations, suggestions, etc. are of no value unless implemented.
Well designed business plans are essential for focusing your firm. However, don’t hide behind strategy and planning. Attorneys love to postpone implementation.
- Find ways to focus the firm and foster accountability from all
- Keep strategy and planning simple
- Undertake a few projects at a time that can be realistically accomplished
- Delegate tasks across the firm
- Build upon initial successes and move to more complex strategies, which will require more difficult degrees of change
- Adopt management structures that enable the firm to act decisively and quickly. Replace structures that do not support such a culture
- Decision as to direction of the firm
- Data collection and review
- Data collection and review
- Action plans
- Implementation and follow-up mechanisms
Failing to plan is planning to fail.
Click here to read my article on the topic.
I will address each of the other building blocks in upcoming postings.
John W. Olmstead, MBA, Ph.D, CMC
www.olmsteadassoc.com
Posted at 09:14 AM in Marketing, New Firm Startup, Strategy
Tags: Law Firm Culture, Law firm governance, Law firm management, Law Firm Partnership, Planning, Strategic Planning, Successful Law Firms
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