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Moving from Good Law to Great Law™
Law firm leadership is at a proverbial fork in the road. The people running law firms can continue to do business as usual, or they can lead their firms toward a model of business that reflects the new and still evolving client expectations and market demands. (Much has been written about the challenges of relying on lateral acquisitions for growth, but that is a game that will always be played, so I will stick to a review of broader leadership and operations issues.)
Business as usual means trying to squeeze modest growth out of reduced expenses, increased billable hours, and hourly rate increases. That is how it has always been done, right? But think about this. Everything that clients are telling us, and every market trend is confirming, that law firms cannot count on more hours and higher rates for long-term growth. The business as usual strategy is out of alignment with client preferences and the clear shift is to use value as the primary driver of client satisfaction. For some law firm leaders, modest short-term growth is fine. It might get them through the balance of their term as managing partner, or, in some cases, sustain the firm long enough for them to retire. Bold leaders need to do more.
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