While much time is dedicated to recruiting and retaining associates, developing business and streamlining operations, is there an on-going effort to assure that partners are aligned, collaborative, productive and motivated? Does management have a pulse on the partnership and an awareness of issues that need to be addressed?
I have read several articles suggesting law firms should consider appointing independent board members to assist with governance and accountability, in a similar vein to corporations. The objective of this article is to explore the value of the appointment of a “Board Advisor” whose role is to provide expert support and advice to the governing […]
Partner integration signifies that partners are working, both individually and as a group, in a manner that optimizes firm performance and is in consonance with their expectations.
Clients are facing increasingly complex demands posed by the rapid advance of technologies, the economic and regulatory environment, the geographic spread and dynamic change within their markets and disruptive events, such as the current pandemic. Worse, many firms are less collaborative than they think they are.
Firms can easily lose the focus on integration, an intangible asset, while they are busy dealing with the tangible issues of day to day operations, developing business, serving clients and controlling finances. It is better to manage integration than recover from disintegration.
Changes will involve valuation issues, be it the valuation of firms or shares in them. While traditional methodologies of valuation may be used as comparative benchmarks, they do not necessarily focus on the real value involved in any transaction.
A compilation of the four-part “Law Firm Resilience” series focusing on: Financial Resilience; Operational Resilience; Commercial and Client Resilience; and People Resilience.
Four recommended areas of focus for firms undertaking a broader approach to practice – and how they will help improve your competitive edge.
Periods of crisis, with sudden disruption to normal working life, create massive potential obstacles to engaging and supporting your people. This requires firms to make some rapid changes.
How you work and communicate with clients in times of crisis is the ultimate test of both your firm’s immediate adaptability and its long-term resilience.