Law Firm Management Starts with Analysis
Without a thorough analysis of facts we only have a point of view, a gut feeling, instinct. It is true that these can get us a long way in business. However, relying purely on opinion and intuition can result in opportunities missed and serious problems unseen.
"Not everything that can be counted counts, and not everything that counts can be counted." - Albert Einstein, Physicist
In every area of law, finance and management are crucial. However, the specific requirements of any individual firm practicing the law - finance, business development or management - will always be unique. So we always begin with a deep review of the firm’s management information, often supplemented with interviews and questionnaires with the firm’s key people.
For example, being outstanding lawyers is certainly a necessary condition for running a successful law firm, but it is far from sufficient. We therefore use a short questionnaire for analysing the competencies of the key people in a firm, which we call the LMR survey. We simply ask people to rate themselves and their partners as Lawyers, Managers and Rainmakers.
Through this review process we can gather a remarkably accurate picture of the firm’s issues and challenges, often in a very short time-frame.
Once the analysis is complete, the next step is diagnosis and recommendation, the insight.
For firms facing difficult markets, declining revenues and tighter profit margins, the imperative is to get back on track. That means, whatever the specific area of law, finance comes first.
For those firms currently in a strong position vis-à-vis rivals and potential competitors, the question is how to stay independent and grow from strength to strength. For the successful law firm management and business development are key.
Through our in depth reviews we have helped over 60 firms understand what direction to take next and you can read more about that in the next step in our process, "Insight."
If you would like a conversation about how we can help you achieve your own unique objectives, please contact us.
"I never guess. It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts." - Sir Arthur Conan Doyle