Insights
The Insights series draws upon our collective consulting experience to address topics that we consider of current interest to the senior management of law firms.
Managing Volatility
Volatility has become more common in the legal industry and firms must be prepared to deal with the consequences. As we potentially head in to tougher economic times, leaders need to be thinking ahead and managing proactively.
Key Success Factors in Partner Compensation
While many firms have fine-tuned their partner compensation systems over time, compensation remains an evergreen topic within partnerships, and one does not have to look hard to find ways to further improve a system.
Insights from Baker McKenzie’s Chief Strategy Officer
This month we are debuting our interview series. We will periodically interview leaders in the legal industry who bring fresh perspectives that are sure to be of interest to our readers. We kick off with Julia Hayhoe, the Chief Strategy Officer at Baker McKenzie.
Tomorrow’s Stars
The confluence of industry-wide change and demographic transition begs the question: Who will be the owners of law firms of the future? Not only will the composition of firm partnerships differ in terms of size and demographics, these law firms will be competing in an unprecedented environment requiring a different ownership skill set than the one which worked for firms 20-30 years prior.
Business Cycles and Law Firm Strategy
In today’s world, business cycles are moving more quickly. Firms need to be aware of how these cycles will impact demand for the firm’s services. Understanding how your practices are positioned and what that means for investment, divestment and management is critical.
A Better Balance Between Democracy and Strong Leadership
As law firms continue to face a rapid rate of change in the legal industry, strong leadership will be critical to agile and effective decision-making, and too great of an emphasis on democracy will hamper firms in their efforts to compete and adapt to the changing marketplace. By defining the appropriate leadership criteria and selection processes and investing in partner consultation and leadership development – firms can better balance historically democratic partnership models with the stronger leadership models required to succeed in the future.
Successfully Executing Law Firm Strategy
Most law firms today do a relatively good job developing and articulating competitive and thoughtful strategies. But successfully executing those strategies remains a challenge for many law firms.
What Really Differentiates Law Firms?
Many law firms are focused on differentiating themselves from competitors. But what separates one firm from another in the eyes of the client, talent or the market? Years ago, many firms cited culture or quality as the characteristics of their firm which distinguished it from others. However, in today’s legal industry, most clients view quality as ‘table stakes.’
