Page 6 - Strategic Planning for Law Firms
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SECTION 1
SECTION 2
Table of Contents
What is Strategic Planning? ....................................................................................................... 2
What is a Strategic Plan? ...................................................................................................................................... 3 The Why Is More Important than the What.................................................................................................... 4 Why Do Companies Craft Strategic Plans?..................................................................................................... 4 What Can Law Firms Learn from this Process? ............................................................................................ 4 Why Should Law Firms Craft Strategic Plans? .............................................................................................. 5 Strategic Planning is Acutely Important.......................................................................................................... 5 Strategic Planning Makes the Difference between Success and Failure .............................................. 5 Delayed Strategic Planning May Be too Late to Save a Firm...................................................................... 6
Resistance to Strategic Planning............................................................................................... 8
“We don’t want to spend money on a consultant.”........................................................................................ 9 “We’re too busy to commit busy lawyers to do this.” .................................................................................... 9 “The firm is doing fine without one.”.................................................................................................................. 9 “It’s too much work.”............................................................................................................................................... 9 “It’s too theoretical.”.............................................................................................................................................. 10 “It takes too long.”.................................................................................................................................................. 10 “We won’t get buy in.” ........................................................................................................................................... 10 “We can’t come up with concrete goals.”....................................................................................................... 10 “There is no accountability.” .................................................................................................................................11 “It’ll get shoved in a drawer and collect dust.”................................................................................................11 “It’ll be a waste of time.”.........................................................................................................................................11 “Nothing is going to happen.”...............................................................................................................................11 “It’s the flavor of the week.” ..................................................................................................................................11 “You’re doing this to get me in line or push me out.”....................................................................................12 “You’re not going to listen to my concerns.”...................................................................................................12 Other concerns. ...................................................................................................................................................... 12
Barriers to Strategic Planning..................................................................................................14
Partnership Agreement .......................................................................................................................................15 Firm Compensation System................................................................................................................................15 Other Written Agreements..................................................................................................................................15 Fear from Unprofitable or Overcompensated Partners ...........................................................................16 Fear from a Firm Administrator of the Burden of the Plan .......................................................................16 Partners Who Think They Are Too Busy to Participate...............................................................................16 Does the Firm Understand its Financials?...................................................................................................... 17
Where Does Your Firm Stand?..................................................................................................18
Firm Check-Up.........................................................................................................................................................19 Firm’s Purpose .........................................................................................................................................................19 Firm’s History ...........................................................................................................................................................19 Firm’s Financial Well Being ..................................................................................................................................19 Firm’s Culture ...........................................................................................................................................................19 Firm’s Leadership.................................................................................................................................................. 20 Firm’s Turnover...................................................................................................................................................... 20 Hiring and Retaining Young Lawyers ............................................................................................................. 20 Retaining Rising Stars ......................................................................................................................................... 20 What Do Your Rising Stars Perceive about Your Firm?..............................................................................21 Do Your Rising Stars Feel They Have a Future at Your Firm?....................................................................21 Firm’s Clients ............................................................................................................................................................21 Firm’s Successes.....................................................................................................................................................21 Firm’s Failures ..........................................................................................................................................................21 Firm’s Business Development............................................................................................................................22 Firm’s Marketing Efforts......................................................................................................................................22 Firm’s Compensation Model...............................................................................................................................22
SECTION 3
SECTION 4
