Law Firm Management

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Whether the frequent gripe is true that 'associates today don't want to work hard and pay their dues like we did,' what is certainly true is that a number of forces have conspired to make equity partnership less attainable and less desirable in many firms than it used to be. As the typical law firm career path becomes more fluid, less traditional and less predictable, law firm leaders and associates alike are struggling to come to terms with what the changes mean for recruiting, retention, professional development, promotion, capitalization, individual contribution and compensation, just to name a few of the many question marks.

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In 2008, despite some law firms feeling the brunt of the economic woes besieging the country, many are still in the hunt for marketing talent. It should come as no surprise that when you combine that temptation with the general dissatisfaction felt by most, you have so many willing to take the leap.

IS DIVERSITY A PREFERENCE OR A VALUE ADDED? AS someone who has operated extensively on both the buyer and seller sides of the legal profession, I'm naturally prone to preaching the "understanding your client" doctrine as the key best practice for all marketing and business development efforts. While I've taken some pains, in this publication and elsewhere,to define what "understanding your client" actually means, it is important to remind ourselves that the process of getting…

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Who's doing what; who's going where.

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Last month, we reviewed what a partner scorecard is and why keeping score is important. This month we review how to tailor a scorecard to your individual firm's goals.

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Money. Every firm has it. But unfortunately, some people want to take what doesn't belong to them, and they may seek out ways to target your firm's cash. The elements of motive, opportunity and rationalization are present in nearly every scheme. Eliminating or mitigating any of these factors will make it more difficult for a fraudster to target your firm. In a tightening economy, it is more crucial than ever that you remain diligent about protecting assets. The identification, implementation and testing of internal controls over cash receipts and disbursements is a critical step, because even small dollar amounts taken over months or years can add up and entangle your firm in a costly situation.

(ALMOST) INVISIBLE MARKETING III. This third in a series of Invisible Marketing tactics presents two approaches which are not quite "invisible," but are often overlooked by attorneys. The first is: DURING SPEECHES, HAVE OTHER FIRM MEMBERS IN THE AUDIENCE WORKING THE CROWD. Make sure you introduce your colleagues from the podium and indicate that they and you are availble to answer questions, send featured articles, discuss opportunities, etc. You are there to do more than "educate;"…

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This article is the first in a series about developing a customized scorecard for your firm's partners, specific information to include in the scorecard, tailoring it to your firm's goals, and getting partners to understand the scorecard and achieve greater success.