Barry Wolf on the Importance of Introducing Business Principles to Law Firm Management

Barry Wolf on the Importance of Introducing Business Principles to Law Firm Management

It’s no longer the case that firms can rely on just the growing demand for legal services. They need to institute business principles in order to obtain market share and win out the competition. Many of the senior lawyers are used to the old days — law firms were just a partnership and not really run as a business. So the challenge is marking sure that you can communicate with those lawyers and explain to them, and they understand why these changes are necessary. The first thing to get started started is to know yourself, is really do a self-assessment. We actually engaged an outside consultant. We wanted a third-party assessment to determine for us where our strengths were, where our weaknesses were, where our growth opportunities were, and where we really could add value. Convincing the partners and getting the buy-in to all 300 partners was the next step, and a very important step because our assets are our lawyers. Most importantly, it is about communication. For the first five years of my job, I actually met one-on-one with every single partner in the law firm. In addition, we had a town hall meeting with the associates in every single office of the firm and a town hall meeting with the staff, and really telling them how important this was to them at senior management at the firm that the culture be maintained and enhanced. Demand is stagnant; it is hyper-competitive. Just doing what you did last year, what you did two years ago, you’re gonna end up failing and slipping behind because in this competitive marketplace, there are going to be other firms who do adopt these business principles, who are going to take business away from you. So if you just stand still and don’t adapt, you’re actually not just going to stand still, you’re gonna fall behind.

You May Also Like

About the Author: Oren Garnes

Leave a Reply

Your email address will not be published. Required fields are marked *