Aspirational Strategy

 John F. Kennedy, Inaugural Address, 1961

When John F. Kennedy spoke these words in 1961, he was not simply acknowledging the scale of the challenges before him and the country, he was framing the willingness to pursue a vision that could take years to realize. For leaders of today’s law firms, Kennedy’s words offer a strong reminder: meaningful progress requires an aspirational vision and strategy.

In an environment defined by increasing segmentation of the legal market, elevated competition for talent, rapid technological advancement, and shifting client expectations, law firms must resist the temptation to build strategies that are safe, short-term, and easily achievable. Incremental progress has its place, but it will not suffice in a market where the pace of change continues to accelerate. The firms that thrive in the next decade will be those that set bold, forward-looking goals and launch a plan to make progress against the goals.

Many firms approach strategy with pragmatism. They focus on achievable goals — modest increases in revenue and profitability, measured expansion into new markets, and incremental improvements in efficiency. These plans are comfortable and realistic, and appeal to risk averse lawyers and leaders. For partners who are reaching the end of their careers, it means less disruption and change. Yet these plans may not result in a firm that is positioned to compete effectively at the end of the planning period.

Complacency is one of the greatest risks facing law firms today. For many firms, the recent past has been very positive: robust client demand, strong lateral hiring, and for most firms, meaningful growth in firm financial performance and profitability. In our strategy work, we ask partners a question about the degree of change they think the firm requires over the next 3-5 years. In many firms, the vast majority (as much as 85-90%) of partners express the view that only minor changes are required. However, in firms that have made bolder strategic moves already, that percentage can be much lower, indicating a greater awareness of market pressures and a degree of comfort with a more aggressive strategy.

An aspirational strategy may ask a firm to stretch beyond what feels comfortable. It paints a picture of what the firm could become if it fully aligned its talent, culture, and resources behind a compelling vision. Importantly, aspiration does not mean naivety or ambition for its own sake. Rather, it means aiming high enough to drive material change — to force new ways of thinking and working.

Progress against a bold plan is likely to deliver greater long-term value than the full achievement of a modest one. For law firms, where partnership structures can foster risk aversion and short-termism, aspiration serves as a way to build energy, momentum, and shared purpose.

An aspirational strategy begins with a vision of what the firm looks like 5 or even 10 years in the future. While the execution plan may cover a shorter time period (e.g., 3 years), the vision can have a longer time horizon, which allows for bolder thinking. The vision is not a single sentence or a tag line, it is a picture of the firm’s competitive position, key differentiators and “known-fors”, and value proposition for clients. The vision should be inspiring to the firm’s lawyers and staff, since building a case for change starts with inspiration.

Developing and successfully executing on an aspirational vision and strategy share several defining features:

1. Understand Market Forces

While it is impossible to predict the future, it is important to look ahead at where the market is going. Three years ago when ChatGPT was launched, few in the legal industry would have predicted the traction AI would get, particularly over such a short period of time, and the likely transformational impact on the practice of law. As Peter Drucker said, “The greatest danger in times of turbulence is not the turbulence itself, but to act with yesterday’s logic.”

Soliciting input and insights into future demand from clients of the firm can be a useful source of insight as the direction of their business and evolving legal needs should be considered in the firm’s vision and strategy.

2. Look in the Mirror

It is critical to be realistic about the firm’s current position. Recent robust billing rate increases have certainly contributed positively to increased profitability but have sometimes masked declining demand from key clients or practices. Getting behind the high level numbers to see where there might be challenges which need to be considered in strategy is critically important.

It is also important to understand the aspirations of the firm’s talent base. As noted, some firms are change oriented and embrace change, while others are satisfied with where the firm sits today. These results shouldn’t necessarily drive the firm’s aspirational strategy, but certainly provide insight on the challenges the firm might face in implementing an aspirational strategy.

3. Build on Strengths Where Appropriate

The most successful strategies reflect a firm’s distinctive capabilities and culture. Aspirational goals resonate when they build on genuine strengths and a shared sense of purpose. However, it is important to ensure that the firm’s strengths of today align with clients’ needs of tomorrow. That doesn’t mean a firm needs to exit a practice that has a limited runway but does require thought about how to either leverage that strength into new areas, or build new areas of strength.

Of course, there are times when exiting a practice is appropriate. Practices that create conflicts, create a drag on profits, or confuse a firm’s brand may be candidates for exit. Strategy is as much about deciding what you aren’t going to do as what you are going to do, although this is particularly hard for partnerships to execute.

4. Be Willing to Take Risks and be Flexible

Pursuing an ambitious plan means accepting that not every initiative will succeed. What matters is creating a culture that values experimentation and learning. Firms should encourage partners and teams to pilot new ideas, measure results, and adapt quickly. Often this requires adapting partner compensation models to support partners who invest in new initiatives so that they aren’t penalized for making investments that align with the firm’s strategy.

Firms cannot always wait for certainty before acting. Leading firms invest early in areas that align with their long-term vision, whether that is key talent, technology platforms, or brand positioning. While patience is required for these investments and firms need to have a realistic timeline for success, they also need to learn when to exit a strategic initiative. Strategy should not be static. The most dynamic firms treat strategy as a living process, adjusting course as the market evolves.

5. Communicate with Clarity and Purpose

Partners and professionals need to see how their daily work contributes to the firm’s strategy and goals. Strategic communication is not a one-time rollout but an ongoing process. Leaders who articulate the “why” behind the firm’s aspirations, and who share progress along the way, build trust and engagement.

Clear accountability — through metrics, timelines, and ownership — helps ensure that aspiration does not dissolve into abstraction. Regular performance tracking, supported by data, reinforces focus and transparency.

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While maintaining the status quo appeals to many partners and professionals, it can be an unintentional strategic decision to fall behind. The firms that will thrive in the future are more likely to be those that choose progress over the status quo. They recognize that while the vision and strategy may never be fully complete, each step forward brings the vision closer to reality.