January 18, 2007

Mechanics of Structured Planning for the Law Firm

11:41 am
This post contains content viewable to subscribers only. Registration is free and gives you access to exclusive articles not found anywhere else, including interviews with managing partners and practice-specific articles written by attorneys specializing in the industry. Subscribe now to gain access to this content.

Related posts

Permalink Print Add Comment

Filed under Planning, Subscriber Content by Tom Collins

Leave a Comment

Subscribe without commenting

September 15, 2006

The Making of a Successful Law Firm Business

10:37 am

We know that alone improves performance. But combine with goals and plans to achieve those goals and the whole ball game changes. Planning, goal setting, measuring, and accountability go hand in hand with increased management and teamwork. The resulting culture in such sets those firms and their performance completely apart from those firms who are not similarly engaged.

Yet only about one-fourth of midsized firms report that planning is a key component to their mode of operation. Why should you be one of those? Per-partner income for those firms is twice that of the next best performing 25 percent of firms and seven times that of the lowest performing 25 percent.

What do you need to do to become part of that top performing group? 

  • Engage in the planning process
  • Set
  • Develop plans for achieving those goals
  • Measure progress and hold people accountable

Doing the above will require adequate management and foster a team culture.

The above per-partner income information comes from the recently published Law Firm of midsized U.S. . For more information or to purchase the publication, go to Juris Survey.

Morepartnerincome.com is sponsored by , Inc. For information about ® products and services for increasing law and partner income, go to www.Juris.com.
 

Related posts

Permalink Print

Filed under Management, Planning by Tom Collins

March 13, 2006

Moving Beyond Eat-What-You-Kill Compensation Plans

11:32 am

Related posts

Permalink Print

Filed under Compensation by Tom Collins

January 20, 2006

Time Management Tips for the Law Firm Managing Partner

11:26 am

I mentioned my C drawer in a prior post and promised to write about it in a future post. This is it.

 

I believe that the most important aspect of time management is what you don’t do. Granted, serving clients and accountable to ethical rules and calendar mandates face a different problem than most of us. I can’t address that area, but I can talk about the portion of time that devote to their management duties.

 

Managing time is more about what you do not do than it is about being efficient at doing things. It is the classic battle of two concepts, effectiveness and efficiency. Effectiveness is more important because it is about doing the right things. Efficiency is about doing things faster even if you are doing the wrong things. Likewise, one of the greatest timesavers around is the word “no”. You have to pick where you invest your time. Saying no when you are asked to volunteer, attend, etc., means that time is still available.

 

An effective manager takes the time to identify the 4 to 8 main things that the success of their area depends on in to firm-wide . Once you have decided those main things, delegate the responsibility for achieving them to yourself and delegate as much of everything else to everyone else.

 

Let me get back to the C drawer discussion. If your day is like mine, the mail dropped on your desk is no small task, nor are the e-mail messages that are waiting for you when you arrive in the office and keep pouring in as the day goes on. Don’t forget the faxes and express deliveries that arrive as the day progresses and the folks lined up at your door.

 

All that stuff is confirmation of Parkinson’s Law—work expands to fill available time. Since time is the most valuable thing you have, you have to constantly fight that natural progression. You have to delegate, ration, and most importantly of all, you have to diligently simplify and eliminate.

 

The time management technique used by most people involves prioritized to-do’s—dividing them into A’s, B’s and C’s, for example. My point is: C’s do not deserve your time. And for effectiveness, you should not allow anything to be a B. Items are either A’s that deserve your attention or they are not. C’s should go in your C drawer in case they come back later as A’s. However, you will quickly learn that most C’s never rise again, and by ignoring them, you have used your time effectively.

 

For efficiency, handle everything just one time. That means handling “A” with a no-return policy. Take care of it or solve it; don’t just treat symptoms. Most A’s turn out to be opportunities with a few problems thrown in. Most C’s and would be B’s turn out to be problems that usually get resolved, are of little consequence or seldom reoccur. Excellent managers concentrate on opportunities. They operate on the basis that not all problems deserve to be solved, and of those that do, most don’t need to be solved by them.

 

Concentrate on the “main things” your success depends on¾that is where the payoff is. That is where increases in per-partner income come from. Those B’s and C’s are for people who major in minors and get great satisfaction from accomplishing tasks of little importance just for the rush of checking something off of their to-do list.

 

Now, I recognize there is a problem in the above approach. Sometimes your C is someone else’s A. Depending on who they are, it will have to be your “A” too. That is just life. Nothing is perfect.

 

P. S.    You will need to empty your C drawer periodically. Don’t be tempted to revisit the contents. They go in the trash. They have been out of sight for some time. They haven’t come up again. They are not “main” things.
 

 

 

Related posts

Permalink Print

Filed under Management by Tom Collins

January 16, 2006

Keeping the Law Firm on Track

11:48 am
This post contains content viewable to subscribers only. Registration is free and gives you access to exclusive articles not found anywhere else, including interviews with managing partners and practice-specific articles written by attorneys specializing in the industry. Subscribe now to gain access to this content.

Related posts

Permalink Print

Filed under Planning, Subscriber Content by Tom Collins

January 12, 2006

Minimizing Sub-Optimization Within the Law Firm

10:33 am

It happens in every law firm. The tail has a tendency to wag the dog. It is called Sub-optimization and it cuts into partner income.

 

Sub-optimization is when the interest of certain departments or individuals drives actions and rather than the of the organization as a whole. It is as if the organization chart has been turned upside down.

 

I hesitate to tell you how often I have spoken before groups of law firm accounting or administrative personnel and had someone in the audience remark, “We don’t want our to know they can do that.” That confession is sometimes followed by a chorus of support from a portion of the audience. Their interest in maintaining their work routine without disruption was in control of their actions. They would withhold information about tools and capabilities already available to you through your existing law office because your use of those tools might disrupt their established routine.

 

Sub-optimization is a naturally occurring tendency in any organization. Sub-optimization is most intense when the organization fails to effectively communicate the of the entire organization. It is lowest when the organization has communicated each area’s role in pursuing those objectives. People need to know where the organization is going and how they are expected to contribute to that journey.

 

The law firm needs to be one team pursuing common goals with a common set of .

 

Surveys indicate that less than 16% of all have a written . That does not mean that the partners do not have a about the direction and goals of the firm. Partners meet frequently, and while some disagreements may exist, there is considerable unity among partners about where they want the firm to go, how they want the firm’s clients to feel about the law firm, and the efficiency and effectiveness of the law firm as a team.

 

If your firm doesn’t have a formal plan that can be communicated to the firm’s team, work with the other partners to fashion a statement of direction and expectations for how the law firm wants to be perceived by its clients and others. Document and communicate throughout the firm, how each area is expected to contribute to the accomplishment of that road map to the firm’s future. When you do so, you give your administrative team and your associates a good feeling about their and how their performance contributes to the firm’s goals and mission.
 

Related posts

Permalink Print

Filed under Management, Planning by Tom Collins

August 19, 2005

Salesmanship in the Law Firm

10:58 am
If your firm's would-be rainmakers are uncomfortable in the sales role, you need to change the message. The mission is not to sell the firm’s services. It is to build helpful relationships based on a sincere interest in the prospect’s —a where you are available to discuss problems and unmet needs. When that happens, the rest is easy.
 
The following sentence appeared in an article by Marie-Anne Hogarth published in The Recorder and was later reprinted on Law.COM:
 
Benson-Smith says selling doesn't come naturally to a lot of . But that's why some may be so successful at it. "Like the best salespeople," she says, "they would never dream of introducing something that wouldn't solve a problem for their client."
 
Gigi Benson-Smith is a and communications manager in Jones Day's San Francisco office. Her comments expose the secret behind the success of great salespeople. No salesperson worth their salt sells a product or service. They build relationships—then provide value, supply needs and find solutions. The principle is the same for expanding the business of the law firm.

 

Related posts

Permalink Print

Filed under Marketing by Tom Collins

August 8, 2005

Don't Bet the Law Firm. Get help!

11:00 am
Since posting the item on launching a new legal specialty last week, I haven’t been able to get the danger of doing so out of my mind. Starting a new business venture and that is what it is, or acquiring another firm is risky business. If you ask around, you will find out that the success rates are not high. That doesn’t mean that you should do neither. Depending on the firm’s , doing so may be a wise or essential move. However, most firms would be embarking on something for which they have no prior business experience.
 
Given that, I want to introduce you to a management concept called the “no-cost consultant”. Essentially, when the benefit from using a consultant exceeds the cost of their advice and guidance, their services are “free”. I can’t think of a better time to seek the help of an expert than when you are considering “going where you have never gone before”. An acquisition or launch of a new legal specialty that goes wrong can cost you the “farm” as the saying goes.
 
In yesterday’s posting, I highlighted Tom Clay’s article that answered the question, “What do you need to know to launch a new legal specialty?” While the article is good, it is still just a one and a half page article. I would strongly encourage a firm looking to acquire or start up a new specialty to engage the services of a consultant like Tom Clay or one of his associates at . Get the advice and assistance of people who have been through the process with other firms. Remember if the benefit of their advice and assistance is greater than what you paid for their services, then they will not have cost you a dime. They will have been “no-cost consultants”.
 
Don’t bet the law firm. Get help. As a , Tom Clay’s e-mail is tsclay@altmanweil.com and, of course, ’s Web site is http://www.altmanweil.com.

 

Related posts

Permalink Print

Filed under Blog by Tom Collins

June 23, 2005

Sub-Optimization

12:33 pm

A leader’s role is to get everyone moving in the same direction. Sub-optimization has everyone pulling in a different direction — their own.

I’m in Los Angeles at the 2005 West Coast edition of Legal Tech. Down on the exhibit floor, vendors get to see examples of sub-optimization every day. For software vendors, it goes something like this. An attorney stops in their booth to complain about something important to them that they have been told the program doesn’t do. Usually the software does it and has been doing it for years. You show the attorney and they ask when you added that ? That is when the attorney realizes he has met the enemy and it resides within his or her own firm.
 
I hesitate to tell you how often I have spoken before groups of administrative and accounting managers and had someone in the audience remark, “We don’t want the to know that". That confession is followed by a chorus of support from the rest of the audience.
 
Sub-optimization is when the interest of individual departments or chieftains drives actions and rather than the of the organization. In this case, the accounting and administrative area didn’t want any complications disrupting their routine or making their more difficult or complex.
 
 Sub-Optimization.JPG
 
Unfortunately, sub-optimization is a naturally occurring tendency in any organization. It is most intense when the organization fails to communicate effectively the of the entire organization. It is lowest when the organization has given each department or functional area its own role in pursuing those objectives. People need to know where the organization is going and how they are expected to contribute to that journey.

 

Related posts

Permalink Print

Filed under Firm Culture, Management by Tom Collins

May 5, 2005

I65 North

10:32 am

The planning process plays another important role. It is a tool for the firm’s to unify the law firm. With the team on the same track, individual day-to-day begin to move the organization forward in the same direction, i.e., toward the law firm’s agreed upon . I refer to this as “I65 North”. 

 
I65NR.JPG
 
I65 North conveys a lot to the team. It is a shorthand way to sum up all the things agreed upon as a team regarding the firm’s plan for the future. The simple statement, “Okay folks, let’s get back on I65 North” doesn’t require a lot of explanation. Its meaning is clear. I65 North clearly conveys the of the firm’s owners and managers–“we are going north on I65”.  As long as you obey the rules of the road and are not reckless so as to endanger others or move so slowly that you obstruct those behind, you can travel at your own speed but you cannot go South, East or West. I65 North conveys the concept of our common direction (goals, objectives, strategies and tactics) and the rules of the road (policies, procedures, ethics, standards, etc.) all in one short phrase.
 
I65 North is a that the business of the law firm is a journey and that the leader’s is to get all of the firm’s people traveling in the same direction.

 

Related posts

Permalink Print

Filed under Management, Planning by Tom Collins

Page 1 of 11