Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Law Firm Partnership & Benefits ReportKickerFeaturesSectionsNewsLJN Newsletters

Time to Reflect and Plan

By Silvia L. Coulter
October 02, 2003

Management teams in law firms have a big job ahead. Namely, staying ahead of the competition, providing value added to clients, identifying team leaders and providing appropriate training for those leaders, assessing current service offerings and building differentiation into those offerings. In sum, there is a lot on management teams' plates, to say the least.

The time has never been better than now to take in the external environment ' competitors, clients, potential candidates ' and assess the firm from those perspectives. In fact, to do so is a necessary part of staying in the game. Whether you've been spending capital to build infrastructure (in which case per partner profits may appear low, but the potential is very high for progress) or you've been stashing capital and per partner profits are high (which, in a competitive market, means you are liquid and there is little risk on the individual partners, but it also means not as much money has been shifted in the direction of R&D), it's time to plan three years out, identify specific opportunities and most importantly, communicate the vision outward and downward to everyone in the firm. Everyone has to know they are part of the firm's future success. And, in short, your firm's clients expect your entire firm to revolve around them.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It Image

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

The DOJ's Corporate Enforcement Policy: One Year Later Image

The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.

A Lawyer's System for Active Reading Image

Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.

Protecting Innovation in the Cyber World from Patent Trolls Image

With trillions of dollars to keep watch over, the last thing we need is the distraction of costly litigation brought on by patent assertion entities (PAEs or "patent trolls"), companies that don't make any products but instead seek royalties by asserting their patents against those who do make products.