Certainly over recent years there has been a strong focus in all types of organizations, law firms included, in developing and then harnessing the power of a shared purpose.
Until recently, law firms have seen little need to innovate…Of course, those days are long gone, and while most law firms today recognize that it takes more than being a great lawyer to be a market leader, and a follower strategy isn’t necessarily a winning one, only a limited number of firms are seriously innovating.
Law firms don’t appear to be outperforming other businesses on this metric.
There is a fascinating irony about partnerships. While the notion of partnership is founded on the concept of shared interests, many firms undermine these interests with a laser-like focus on short-term results in the form of maximizing profits per partner.
As firms seek to gain competitive advantage in a persistently flat market, allocating scarce…