Four Factors that Bring out the Energies and Talents of Attorneys by Joel A. Rose
T
he difference between success and failure in a law firm can very often be traced to how well four main factors of firm life bring out the energies and talents of its attorneys, namely: leadership, including policy determination and implementation; firm culture; attorney compensation system; and client base. In recent years, law firms have greatly benefited from thoughtful strategic planning retreats and research. While the success of many firms stems from the energy, skill and reputation of founding and second generation partners, at some point the firm must identify which transcends these partners and attracts clients because of its special capabilities. Firms which position themselves through strategic planning are simply operating like any well-run business in an intensely competitive market. The strategic planning process, if well-conceived and implemented, will foster communication, create a sense of ownership and common direction to bind the firm, help it withstand adversity, and achieve longevity and success; and build emotional equity, in addition to financial equity. The strategic planning process allows firms to re-focus on teamwork and investment in the long-run, even though this investment may reduce short-run profits. Firms must recognize that they cannot build a longterm continuous stream of business in one year and that they are not static. Internal and external forces change law firms, i.e., key clients and influential partners may come and go, economic trends and public policies may change. The glue that holds partners together includes their agreement about those collective values and beliefs about client service, an understanding and commitment about the firm’s mission, direction and goals and partner compensation levels that are competitive with those of peer firms.
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Attorney Journals Orange County | Volume 192, 2022
Formulating the Plan First, the managing partner, or management committee and other partners, must be committed to strategic planning and its implementation. Without this commitment, the strategic planning process will be unsuccessful. Lawyer management should:
Set the tone and methodology to encourage
communications and participation from all attorneys;
Determine what the strategic planning process should be, even if the goal is as simple as getting all partners together for a weekend retreat for fun and interaction to help remind them of why they are practicing law together;
Have the will and obtain the collective support
of the partners to hold them accountable for their actions or inactions relating to developing and implementing strategic plans for the firm, their practice areas and themselves;
Decide
whether to take a “top down” (i.e., lawyer management performs strategic planning with input from the lawyers), or a “bottomup” (each practice area develops plans, with the firm’s strategic plan being the cumulative input from all of the various departments and offices) approach for strategic planning. In the latter situation, department heads and practice group leaders, together with members of their departments/practice groups meet and set realistic and achievable goals, given the expertise, personnel, personalities and level of business in the firm.
