October 31, 2006
Law Firms Succeeding on Purpose
Law firms that set objectives, measure performance, and hold people accountable outperform others. And the difference is big. Partners in the top performing 25 percent of midsized law firms earn twice as much as those in the next highest 25 percent.
That was one of the points Stephen Collins, Juris, Inc. CEO, made in his opening remarks before the 300 attendees at the 21st annual educational conference of Juris Users International Group on October 27, 2006.
There are two ways to be successful—by accident or on purpose. Accidents do happen, but accidental success seldom lasts. You lose at life’s lottery just as quickly as you win. What is the old saying—“Easy come, easy go.”
Lasting success is achieved through purposeful determination. The steps for building long-term success as a law firm are the same as those followed by other well run businesses:
- Engage in structured Strategic Planning
- Have leaders agree on core beliefs
- Practice budgeting and goal setting
- Engage in benchmarking and competitive intelligence
- Measure performance against budgets, goals, and benchmarks
- Lead through constant communication
- Hold people accountable:
- Recognition
- Compensation
- Promotions
- Terminations
Magic happens when people pursue a common set of goals bound together by a core set of beliefs—but it doesn’t happen by accident.
Morepartnerincome.com is sponsored by Juris, Inc. For information about Juris® products and services for increasing law firm performance and partner income, go to www.Juris.com.
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Filed under Management by Tom Collins