What Strategies Should Law Firms Be Focusing On Now?

I would suggest one simple killer strategy that firms should being doing already, which is even more critical during tough economic times. Interview all your top clients and find out what issues are “keeping them up at night”. Then help your clients focus on these issues and resolve them. They’ll thank you for it with more work and market share. This strategy will also help you avoid losing your top clients to other hungry firms approaching them during this period.

Tough times like these lead to many opportunities for smart firms. Another great strategy is to pick up star partners from your competitors in lucrative practice areas you want to grow. These folks are available now since it’s slow, and not normally available in regular economic times. When the economy returns, your new star partners will help your firm dominate your market space and greatly enhance future profitability.

Leadership Skills Needed

If I had to pick one key skill which can have the most impact on the profitability of law firms, it would be Leadership. I distinguish leadership from management in that leadership involves inspiring and motivating others to do what’s best for the firm, while management focuses on execution and efficiency. Lawyers often confuse the two functions, and focus on counting pencils and cutting staff instead of leading others and dealing with key issues holding back the firm.

There are many good books and materials on the subject of leadership, so firms should start by building a leadership library now. Hold inhouse leadership seminars for all partners and associates and provide one-on-one leadership training for those in leadership positions. This is just a start, as much more can be done here.