Managing Financial Performance in Law Firms

Many partners are as uninterested in the day-to-day management of their firm as they are unwilling to be managed by others. While this in turn creates a gap between the managers and those being managed,it is generally true that the more successful a firm is, the narrower the gap has become.

It has been wisely said that the best way of managing people is one at a time; but, however focused, charismatic or financially literate the managing partner might be, he cannot be everywhere at once. In order to achieve performance and manage towards targets, therefore, the task of management must be spread throughout the firm so that all partners have some role and share of responsibility for the people in their teams, groups and departments.

To accomplish this, we suggest that well-managed firms, regardless of size, should follow six general steps..