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Worldview Archives
“But it’s not my job…”
...or is it?
The inability to answer this question can be costing your law firm significant losses in terms of efficiency, operating expenses, morale, and lost opportunities.
Three Advantages that Small Law Firms Have in the Competition to Recruit and Retain the Best Legal Talent
The post-pandemic era of the mid-2020s has emphasized three things that small law firms must -- and can -- do to to attract and retain top legal talent.
Rethinking Performance Metrics
Old paradigms about how to measure performance might be preventing, rather than motivating, your law firm's success.
Law firms thrive on the quality of their legal services and client relationships. In this context, qualitative goals, not just rigid numbers, are more indicative of progress and can have greater diagnostic value in detecting and addressing problems before they become crises.
Associate Career Management: a Critical Strategic Issue for Small and Midsize Law Firms
Does your law firm have a documented career management strategy for your associates? Is it more than "each year, we pay them a little more."
The truthful answer for the vast majority of small and midsize law firms, everywhere in the world, is "no."
There are few issues in law firm management that have greater strategic importance for law firms today.
Metrisiphobia
Why are some lawyers afraid of performance measurements?
In many cases, it is because the management of the firm doesn't understand, and therefore fail to communicate, the benefits and advantages of better performance measurement for each lawyer.
Three Things to Think About Now as You Think About the Future
Law firm leaders and planners — indeed, all lawyers — are right to be concerned about the future of the legal profession. We can expect significant changes, powered by increasingly sophisticated client expectations and the more powerful service delivery capabilities of advanced technology, to redefine what a "law firm" will look like and how it will operate in the 2020s...
...which are only a few months away.
“Eating” Without “Killing” Each Other: A Performance-Driven Lockstep Model for Lawyer Compensation in Law Firms
In a previous posting in this blog, we pointed out how an “eat what you kill” system of partner compensation can introduce toxic elements into a law firm, which frequently counteract any motivating effect on lawyer performance.
This short article outlines the features of an alternative to "eat what you kill" compensation in law firms. It works well in any size law firm, but is especially suited to small and midsize firms.
“Salary Plus” Compensation Structures to Promote Better Partner Performance in Law Firms
In a previous posting in this blog, we pointed out how an "eat what you kill" system of partner compensation can introduce toxic elements into a law firm, which frequently counteract any motivating effect on lawyer performance.
This short article outlines the features of an alternative to "eat what you kill" compensation in law firms. It can work well in any size law firm, but is especially suited to small and midsize firms.
Partner Compensation: a Small Law Firm’s Biggest Risk?
Smaller law firms have much less tolerance for poor management. The loss of just a few clients or even one partner can have a disproportionately larger impact than in a larger firm.
One of the biggest risks to a small law firm — and one that is frequently overlooked or, in some partnerships, deliberately ignored — is its partner compensation system.
Setting Goals That Are Worth the Effort
Success starts when you have a goal?
Not necessarily.
Success is likely only when firms make the choices that are right for them.
You have decided to change your partner compensation system. What’s the next step?
It sometimes seems as if there is an almost infinite range of structures and options for partner compensation systems in law firms. Choosing among them can be a challenge for anyone.
The biggest challenge for most law firms, however, is actually making the change, once they have decided what it will be.
Evaluating Associate Evaluations: Three Questions that Partners Must Ask
As the new year begins, many law firms are looking at their performance evaluation standards and procedures for associates. This is more than just another "HR exercise."
Our firm has identified a clear, direct, and positive correlation between the quality of performance standards for associates and the overall financial performance of a law firm. As profitability and competition become more challenging for most law firms, many are concluding that it is time to get serious about associate performance.
Practicing Law in the Dark
Do you really know how profitable your practice is?
Do you know which factors are most important to your profitability?
For a surprising percentage of lawyers and law firms, the honest answer to each of these questions is "not really." They are practicing law in the dark.
It is not surprising that they frequently stumble over obstacles and fall into holes that other law firms easily avoid.
Looking Back to Look Forward
As law firms begin a new fiscal year, whether in January or at some other point in the calendar, most of them overlook one of their most powerful and reliable planning resources, last year's performance. Year-end financial data and the collective experiences of a firm's partners can help detect the probable causes of serious, often chronic, strategic, financial, and operational issues.
“Zero-Tolerance” Profitability: Do you always make money for your partners?
"Hyman Roth always makes money for his partners."
Forget for a moment the somewhat less desirable business practices of the Miami-based gangster Hyman Roth in The Godfather Part II. Can you say the same thing about each of your partners? Can they say that about you?
This is the fourth in a five-part series of posts that focuses on profitability in small law firms and solo practices.
“Zero-Tolerance” Profitability: Why are we doing this work?
Have you ever been tempted to discontinue some of the services that your law firm offers? That could be one of the most important things that you can do to improve your firm's profitability.
This is the third in a five-part series of posts that focuses on profitability in small law firms and solo practices.
Bad times? Good opportunities!
Law firms in some regions of the world are going though uncertain times.
At Walker Clark we believe that uncertain times can be the best times in which to invest some time, intellectual effort, and — yes! — even some consulting fees in getting a crystal clear understanding of two issues.
Partner Compensation: a Symptom or a Cure?
Partners in law firms sometimes tell me that their biggest problem is partner compensation. As one lawyer told me recently, "It is the only thing that is holding us back."
There can be a lot of truth to this statement.
Three Suggestions for Planning for the New Year
For law firms about to begin their 2015 fiscal year, this is when they should be putting the finishing touches on their business plans and marketing plans for the new year.
This post offers a few suggestions on business planning and marketing planning. If you adopt even one of these ideas, you will significantly improve the probability of successful results.
Seven Keys to the Future of Independent Law Firms in Asia
The effects of globalization of legal markets pose a unique set of risks and opportunities for independent law firms in Asia.
This brief article outlines seven observations of Walker Clark LLC members, some of whom have more than 20 years’ experience advising Asian law firms on strategic and operational matters.
