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Time to Reflect and Plan

By Silvia L. Coulter

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.

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