8 TIPS FOR LAW FIRMS TO THRIVE IN 2009
By Beverly L. Weise, M.B.A. and Marci Maniker-Leiter, M.A.
Now, during these difficult economic times, is the perfect time to successfully position your firm for the future and develop a strategy to not only survive, but thrive in 2009. By hiring an outside set of eyes to review your firm’s current business state, you will begin to refocus and develop a game plan to manage today’s realities while looking long into the future. Start thinking about tomorrow, today.
1. Recognize business as unusual
Let go of “sacred cows” and accept that what worked yesterday may not work today – or in the future.
Foster “best practices” in firm management by soliciting creative ideas from your lawyers, paralegals and staff to develop new business and further enhance quality and client responsiveness.
2. Strengthen and expand your client base
Help each person recognize the impact they can have on broadening a more diverse client base through their own individual networks.
Revisit your pricing structures to reflect new realities.
3. Question assumptions
Question your entire business model: from practice areas you offer and industries you target, to recruitment and retention strategies you employ.
Revisit how decisions are made to ensure the best input and analyzes.
4. Use structure to support strategy
Ensure that your firm’s structure supports long term client satisfaction and loyalty.
Review your systems and processes to ensure they support attracting and retaining the best talent.
5. Make the best use of your time right now
Maximize your time, money and energy by setting priorities and keeping to them.
Schedule time weekly with big-picture, future goals in mind.
6. Manage your stress
Encourage emotional and physical health by balancing work with exercise, spiritual renewal and a healthy diet.
Reach out and strengthen your support network of friends, family and colleagues.
7. Instill hope and inspiration
Continually boost firm and client morale to maintain motivation and commitment.
Communicate internally to highlight successes and accomplishments.
8. Turn “smart lawyers” into successful business leaders
Arm your firm leaders with the necessary skill set to effectively manage growing complexity and unprecedented challenges.
Coach emerging leaders to identify and leverage their personal strengths.
Bev.Weise@LeadershipTalentSolutions.com
www.LeadershipTalentSolutions.com
310.306.9898
Excellent advice. Attorneys are trained to follow precedent. This legal training is often counter productive in the business of law. When broadening the client base, look to the most consistent referrer of new clients today: Google. Lawyer(s) and attorney(s) were searched more than 31,000,000 times in March of 09. http://www.marketinglawyers.org is great resource to learn how other firms are expanding their client base.