Setting Strategy – What Works for Law Firms?
We continue to see firms use a variety of approaches in setting strategy. These approaches vary along two principal dimensions: 1) level of partner input and 2) level of organizational process applied.
Defining a National Strategy
Based on our experience, there are at least three different paths to a national strategy, depending on a firm’s practice position, practice mix, and client base.
Measuring the Unmeasurable
Law firms must seek out more rigorous tools to measure and evaluate each partner’s qualitative contributions.
But We’ve Always Done It This Way …
Every firm likely has a sacred cow or two or three. The challenge, and the opportunity, is to make sure those sacred cows continue to serve the firm well over time.
What is the Meaning of Equity?
Equity in law firms carries many meanings. The key to promoting a sense of fairness in partnership thinking about equity is to better define the expectations of full equity owners, while creating space for those high value partners contributing in more individualized ways.
