October 13, 2006
Keeping the Law Firm Together Depends On….
Friedrich Blase with Edge International penned an article appearing in the September issue of Law Practice Today titled “Beyond Today's Income – What Constitutes a Firm's Future Earnings Potential?” It is a great question but a difficult read. It is a question that is always on the mind of every partner and every partner candidate in the firm.
Answering that question in an ongoing fashion is a central function of firm leadership. Fail to answer it, and the firm loses the glue that binds the law firm together. Blase puts it this way:
“Eventually, all the potent partners realize that their firm has no positive answers ……..” “Their firm, they have decided, does not have enough future earnings' potential. As one administrator of a demised law firm's estate put it brutally, "Left behind are the old, the fragile and the idealists."
The word vision is often used when discussing the role of law firm leadership. While that vision is not exclusively financial, financial aspects must be a part of it. The leader’s role must include not only the steps to assure sound future financial performance but the steps to build internal confidence in that future.
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