Secrets of High Performing Firms

Secrets of High Performing Firms

While some of the elements of differentiation among firms are based on factors like geography and history, others are driven by actions firms have taken to change (or preserve) their competitive position. Based on our work with high performing firms, we see four broad themes that drive superior performance.

Strategy in Volatile Times

Strategy in Volatile Times

While law firms have been necessarily preoccupied with shorter term operational requirements, ongoing evolution in the legal industry and the broader economy continues to challenge firms to rethink their strategy and overall competitive position. Many firms recognize the need for establishing a more current and coherent long term direction, but they also find the idea of long term strategic planning daunting in the midst of tumultuous change. How should law firms seek to develop a strategic plan in such a volatile environment?

Managing Into Headwinds

Managing Into Headwinds

As we head into the second half of the year, economic headwinds appear to be getting stronger. Demand through Q2, particularly for corporate work, is down, albeit only modestly. Citibank’s mid-year report indicates a 0.6% average decline in demand. Expenses are on the rise, due to higher attorney headcounts and the gradual shift towards a return to office. We have written before about managing through headwinds, along with the lessons learned from previous downturns, and it is time to revisit that topic.

The Problem of Partner Disengagement

The Problem of Partner Disengagement

Now, more than ever, law firms are struggling with partner engagement. While some might argue that partner engagement was lagging pre-pandemic, remote work, re-prioritization of personal and professional goals, and approximately two years of a surge in demand for services have exacerbated the problem. Many partners today are mentally opting out of remaining informed about and participating in firm strategy and partnership level management discussions. What are the challenges and risks associated with partner disengagement, and how should firms try to solve it?

Accelerating Progress on Gender Equity in Law Firms

Accelerating Progress on Gender Equity in Law Firms

The issues of gender equity and diversity have been major topics of discussion in law firms for decades, but in recent years law firms have begun to focus more critically on these issues, and in particular on increasing the number of women and diverse lawyers within partnership ranks and leadership. While there are bright spots, progress remains slow.
In this Insight, we are focusing primarily on gender equity at law firms, but many of the challenges and proposed solutions apply to diversity more broadly.