Post #776 – Saturday June 17, 2017

I’ve Been Busy Writing

My sincere apologies to friends in my tardiness with updating my Blog.  By way of an excuse and as an apologetic offering, here are links to some articles and materials that I hope you find useful and interesting – a summary of my most recent writings:
 

NEW REPORTS, ARTICLES AND WHITEPAPERS

Law Firm Strategic Planning And Deployment:
A Report On The State of the Art
[Forbes Report]
World-class motivational expert and author of Natural Born Winners, Robin Sieger, once said, “planning is as natural to the process of success as its absence is to the process of failure.”  That said he forgot to add that planning doesn’t mean a heck of a lot if nobody bothers to oversee or implement those meticulously formulated aspirations.  Such is the world of law firms and their strategic planning efforts as exposed in a survey legal consultant Patrick McKenna and I conducted for presentation at the recent Ark Group/Bloomberg Chief Strategy Officer’s Summit in New York City.  We canvassed and received detailed feedback from 68 firm leaders, mostly from AmLaw ranked firms, on their approach to strategic planning and their specific responses to 18 questions covering everything from who was involved in developing their current strategic plan and how long it took, to how satisfied they were and the one thing they would change with respect to their efforts in the future.  We found that . . .
https://www.forbes.com/sites/davidparnell/2017/06/09/law_firm_strategic_planning_report/

Becoming Fearless: Facing Uncertainty in the Legal Market with Confidence and Insight
[Thomson Reuters White Paper]
Today’s legal market is rife with situations that could be seen as fear-inducing. This is not to say that leaders in today’s legal market are paralyzed by concerns. No, indeed those leading today’s legal businesses are savvy, educated, and bold in many respects. But the comfort of the status quo can sometimes make exploration of the unknown appear undesirable, or even intimidating.  Today’s legal leaders know about pushing fear aside – in their jobs every day they identify and mitigate risk, weigh options, and handle a myriad of issues, big and small, that hinge on their ability to put aside fear of change, fear of the legal market, and fear of meeting their clients’ needs – and simply do their jobs with confidence and insight.
http://static.legalsolutions.thomsonreuters.com/static/pdf/fearless-whitepaper-legal.pdf 

When Two Must Work as One: The Challenges in Sharing Leadership
[Legal Executive Institute column]
From my work with leaders of major law firms over the years, one of the inherent problems of having two professionals sharing any senior leadership role starts with role clarity. Indeed, the need for developing role clarity is not easy when most firms do not even have a formal written job description for their Chair or Managing Partner positions. The job of leading a law firm may certainly be demanding enough for two professionals; but the test is selecting the right two people to share the role. From my vantage point I have witnessed multiple examples of attempts to split the firm leadership job that led to clashing egos and crippling power struggles, especially if one of these two partners conceals any ambition for holding the position alone.
http://legalexecutiveinstitute.com/mckenna-sharing-leadership/

Becoming A Visionary Law Firm: Developing Board Foresight
[LegalBusinessWorld article]
Nearly every law firm of any significant size will have a Board of Directors or Executive Committee comprised of partners elected by their peers, for some predefined term.  Some Boards are primarily concerned with providing oversight on the activities and actions of their management team (managing partner, management committee and administrative professionals) and some are actually charged with developing the firm’s formal strategic plan or direction such that the management team can then focus primarily on implementation.  In either scenario, your elected Board is a valuable resource . . . if used properly.
http://www.lbw2017us3.legalbusinesslibrary.com/html5forpc.html?page=0 

Preconditions To Setting-Up Your Own Advisory Board
You don't always have to go it alone or rely only on the intuition of your colleagues. A good number of professional firms have formed an advisory board to counsel the firm leader and/or the firm’s elected board on various aspects of their business – everything from operations to personnel to planning for growth. 
https://www.linkedin.com/pulse/preconditions-setting-up-your-own-advisory-board-patrick-j-mckenna

How Having An Advisory Board Can Add Value
If you are like many Firm Leaders you probably belong to one or more peer organizations where you can network with fellow professionals. But, what I’ve learned is that you may not feel comfortable sharing your most sensitive or pressing management challenges, or discussing competitive opportunities among those same peers.  Having your own advisory board can supplement those peer networks and relationships.
https://www.linkedin.com/pulse/how-having-advisory-board-can-add-value-patrick-j-mckenna

  

NEW BOOKS CONTRIBUTIONS

Measuring and Managing Performance for Law Firms
Lawyers are no strangers to performance metrics: from billable hours to PEP statistics and hours billed. However, firm-wide performance metrics are hard to tackle – not only are the numerous aspects often intangible and difficult to measure, but they can differ between firms, practice areas, and individual roles.  Ark Groups new book - Measuring and Managing Performance for Law Firms offers an in-depth overview of the metrics and key performance indicators (KPIs) that firms can employ to effectively measure and manage their workforce and firm-wide performance.
https://www.ark-group.com/product/measuring-and-managing-performance-law-firms-0#.WTrAIVeE1OE

Managing Your Legal Organization: Global Insights
[Published in India]
A compendium of thought pieces by global management experts and conversations with leading Indian Senior Law Firm Partners.
https://www.amazon.com/Managing-Legal-Organisation-Global-Insights/dp/9352682564/ref=sr_1_1?s=books&ie=UTF8&qid=1496790661&sr=1-1&keywords=ISBN-10+9352682564
 

Rise of the Legal COO
For law firms considering restructuring their business to meet the demands of a highly competitive market, hiring an experienced chief operations officer (COO) is sure to be a consideration.  However, the reassignment of duties and shift in perspective this appointment will require may prove challenging for some firms. Finding the perfect match for a firm’s unique culture and requirements is a difficult yet essential task.  With input from a number of current law firm COOs and executive directors, alongside some of the most respected and sought-after consultants working in the legal space, Rise of the Legal COO examines the scope and variety of the legal COO role and how the challenges and demands of the position have altered as law firms have evolved over the last two decades. 
https://www.ark-group.com/product/rise-legal-coo#.WTrBUleE1OE

Recruiting and Retaining Lawyers:
Innovative Strategies to Attract, Develop and Retain Legal Talent
The competition for talent that leading experts started to describe in the 1990s has now become a reality in the legal profession. Like most industries across the globe, the legal industry is facing a shortage of exceptional people. Although in some jurisdictions there are more lawyers than the market can absorb, the reality is that the number of lawyers with the right skills is limited and that organizations are fighting to attract and retain the best professionals in a legal market that has become globalized and where mobility is now the norm. The ability of law firms to adopt innovative and tailored recruitment and retention strategies for their size, culture and market has become a strategic priority and one of the biggest determinants for a firm’s competitive success.  This practical handbook, coordinated on behalf of the International Bar Association, explores the opportunities and challenges for adopting effective recruitment, development and retention strategies.
http://www.globelawandbusiness.com/books/recruiting-and-retaining-lawyers-innovative-strategies-to-attract-develop-and-retain-legal-talent

The Changing of the Guard: Selecting Your Next Firm Leader - 2nd Edition
[My Newest Book]
Fully revised and updated in 2017, with exclusive NEW content and even more contributions from current firm leaders, the second edition of The Changing of the Guard: Selecting Your Next Firm Leader is packed with useful exhibits, thought-provoking questionnaires, and advice direct from new, current, and past firm leaders, this is a straightforward, step-by-step guide to leadership succession planning, which will help firms establish what they want their future to look like – and find the best person to lead them there. 
https://www.ark-group.com/product/changing-guard-selecting-your-next-firm-leader-2nd-edition#.WTrA6leE1OE

Post #775 – Thursday, June 15, 2017

Technology is Constantly Accelerating

Every year, it’s getting faster and faster, developing and expanding exponentially.  And when it does this, it also impacts the pace of change.  For example: 

• Here is What Is Happening Online in Only 60 Seconds:

149,513 emails are sent

3,300,000 posts are added to Facebook

3,800,000 searches are conducted on Google

65,972 photos are uploaded to Instagram

448,800 tweets are posted on Twitter

1,440 posts are added to WordPress

29,000,000 messages are sent via WhatsApp

500 Hours of video are uploaded to YouTube

 . . . All in the time it took you to read this!

The world has fallen in love with social media and now automatically turns to online platforms to research and buy products and services.  Meanwhile, across the globe, the United Kingdom has the fastest mobile internet speeds, averaging about 26 megabits per second (Mbps). The data — which was pulled from Akamai’s State of Internet report — shows that Germany (24.1 Mbps) and Finland (21.6 Mbps) round out the top three spots.  The United States failed to make the top 25 and secured the 28th spot at 10.7 Mbps.  OUCH!

• And Here is The Next Trillion Dollar Industry

Virtual Reality is going to create an opportunity like we’ve only seen twice before. First there was the Internet. This was a trillion-dollar opportunity. It’s still ongoing, but the Internet is the present — not the future. The app store was the second trillion-dollar opportunity. The entire ecosystem of smartphones and tablets and the cloud and applications moved computing into our hands. And now the third trillion-dollar opportunity has finally arrived: virtual reality.

This year, 2017, for virtual reality is like 1994 for the Internet. The first commercial AI headsets will be launched. The chips are being developed. The storage is getting prepared. The entire infrastructure for the third trillion-dollar opportunity has been created in the past 20 years. Many of the companies creating the technology and hardware are private. Which ones will be the winners?

Post #774 – Wednesday, March 22, 2017

The Spring-Summer Issue of International Review Magazine is Now Available

Two of the articles contained here are the result of a collaboration with my good friend and colleague, David Parnell whose regular Forbes column is avidly read by leaders throughout the legal community.  The Burning Issues Facing Firm Leaders in 2017 and Leaders Get the Behavior You Tolerate are the product of extensive surveys we have conducted during the past six months and should provide you with intersting data and substantive counsel.

With Becoming The Firm of Choice, I am pleased to feature an excerpt from a new book (by the same title), authored by old friends Robert Lees and August Aquila.  I commend both this article and their new book as insightful and very worthwhile reading. 

From coping with the stress involved in looking like you know what you are doing to the enormous time demands imposed by partner requests, The Five Challenging Paradoxes of Firm Leadership identifies the top tensions that every leader has to contend with at some point in their leadership role.

Get Your Clients To Do Your Talking offers some practical advice for how you can meaningfully differentiate who you are and what you have to offer clients.

Our final selection, When A Firm Leader Hangs Up The Crown, represents an except from the newly revised and expanded second edition of my The Changing of The Guard: Selecting Your New Firm Leader, destined to be published in April 2017.

Click on the cover to download your complimentary PDF copy of this magazine

Post #773 – Wednesday, March 22, 2017

The Challenges Inherent in Assessing Firm Leader Performance

In a recent article I was reading, the former chair of Hinshaw Culbertson wrote about How To Evaluate Law Firm Leaders.  While I concur with the overall theory of his message that law firm leader should receive feedback, from my experience it is critically important to recognize that there are some real-world hurdles to implementation.

To Read the rest of my article in Legal Executive Institute - Click here  

ALSO, in an article I wrote some years back (2010) Evaluating Your Performance As A Managing Partner, I wrote “There is an old adage in managing a client’s expectations that states, whether we like it or not, we are going to be measured.  If we take a very passive approach the measuring stick against which we will be measured will be exclusively a creation of our client.  Alternatively, we can help create and shape the measurement criteria.”  My message was that as the firm leader you should take the initiative and I provided a quick-and-easy sample of 29 evaluative factors that any firm leader could use to elicit feedback from their colleagues. 

Post #772 – Wednesday, March 22, 2017

Delighted To Have Contributed to a Number of New Books

Rise of the Legal COO – published by Ark Publishing
For law firms considering restructuring their business to meet the demands of a highly competitive market, hiring an experienced chief operations officer (COO) is sure to be a consideration.  However, the reassignment of duties and shift in perspective this appointment will require may prove challenging for some firms.  Finding the perfect match for a firm’s unique culture and requirements is a difficult yet essential task.  With input from a number of current law firm COOs and executive directors, alongside some of the most respected and sought-after consultants working in the legal space, Rise of the Legal COO examines the scope and variety of the legal COO role and how the challenges and demands of the position have altered as law firms have evolved over the last two decades. 

For more details - https://www.ark-group.com/product/rise-legal-coo#.WK4R-VeE1OE

Recruiting and Retaining Lawyers: Innovative Strategies to Attract, Develop and Retain Legal Talent  - published by Global Law and Business.
The competition for talent that leading experts started to describe in the 1990s has now become a reality in the legal profession. Like most industries across the globe, the legal industry is facing a shortage of exceptional people. Although in some jurisdictions there are more lawyers than the market can absorb, the reality is that the number of lawyers with the right skills is limited and that organizations are fighting to attract and retain the best professionals in a legal market that has become globalized and where mobility is now the norm.  This practical handbook, coordinated on behalf of the International Bar Association (IBA), explores the opportunities and challenges for adopting effective recruitment, development and retention strategies.

For more information - http://www.globelawandbusiness.com/RRL 

Post #771 – Wednesday, March 22, 2017

Is There A New Science To Teamwork?

As a very long time subscriber and member of your HBR Advisory Council I cannot tell you how shocked I was to read your March-April cover article: “The New Science of Teamwork.”

“NEW?”  Are you kidding me?  Where in the world do the folks at Deloitte get away with suggesting that anything in this supposedly research based article is “new” other than modified labeling of their four primary styles and a fancy product name: “Business Chemistry.”

Back in 2002, when Dr. David Maister and I authored our book, First Among Equals: How To Manage a Group of Professionals, we devoted a 22-page chapter, “Deal Differently With Different People” to (these same) four distinctive work styles and provided in-depth guidelines to assist our readers in understanding and working with each.  But even more importantly, we cited our primary source, the extensive research of Dr. David Merrill (Personal Style and Effective Performance, St. Lucie Press) whose work on this subject was first published over 35 years ago.

For these authors and the folks at Deloitte to make claims that they have built this assessment tool and that it is the product of over 190,000 individual assessments is, in my opinion, a blatant infringement in intellectual integrity and I guess goes to prove the adage that if one waits long enough the old becomes the new once again.  Very Sad!

This is a copy of the letter I recently sent to HBR Magazine - https://hbr.org/archive-toc/BR1702

Post #770 – Wednesday, January 18, 2017

What Leadership Messages Are You Sending?

One of the more profound things I’ve learned and try to pass along to new leaders (be they managing partners or practice heads) is to “act like you are on stage at all times… because you are!”  Everything you do and say will send messages, set a tone, establish expectations and communicate direction about what is of priority to you.

With that in mind, you need to carefully orchestrate what symbolic acts you may want to execute to create a lasting impression and convey what you stand for in 2017. In other words, you need to always think through the following items.

Read the remainder of my latest column on Legal Executive Institute.

Post #769 – Wednesday, January 11, 2017

What Do You Know About BlockChain?

In 2015, Virgin’s Richard Branson hosted a “blockchain summit” on his private Caribbean island.  In that same year, while addressing a Conference of managing partners and legal marketing professionals, I asked the audience, how many of them had heard about BlockChain and to my surprise not a single hand was raised.  And that has been the pattern throughout all of 2016 whenever I broach the topic with some group of lawyers – including in December when I raised the topic again amongst the partners of a significant I.P boutique.

Well, for what it’s worth, I received a note the other day from Gerald Celente, Publisher of The TRENDS JOURNAL, updating me on a few of the latest developments.

Groups ranging from Wells Fargo to the London Stock Exchange are getting ready for a blockchain-based future.  Overall, more than $1.5 billion has been invested worldwide in blockchains’ possibilities so far.  Goldman Sachs has put $50 million into startups creating their own blockchains.  And the U.S. Federal Reserve, the Bank of England and the Bank of Canada have all announced plans to examine the pros and cons of digital currencies.  Perhaps as early as this year, your bank or investment manager could be managing your money with blockchains.  But blockchains will reach beyond banks — it’s good for much more than logging payments. They can be used to validate the security of anything with value.

Gem, a blockchain entrant, has partnered with Capital One and healthcare giant Philips to smooth and speed payments for medical insurance claims.  The Cambridge, Massachusetts, company Learning Machine has partnered with MIT’s Media Lab to create a blockchain that stores and verifies academic degrees and professional certifications. A college graduate can store diplomas and certificates electronically on a smartphone.

In June, the U.S. Department of Homeland Security gave a $199,000 grant to Factom, a company in Austin, Texas, to figure out ways to use blockchain designs to maintain the integrity of the so-called internet of things.  With every device connected to every other one through the internet, the potential for hackers and malware skyrockets. Blockchains may be a new tool for cybersecurity.  And with a grant from the Bill and Melinda Gates Foundation, Factom is setting out to apply blockchains to secure electronic medical records as well.

It’s not only about keeping snooping insurance companies from prying into your health history.  There’s also the problem that medical records in developing countries or remote regions aren’t always accessible and sometimes not updated quickly.  Blockchains resolve those problems.  Using the blockchain’s options, people could decide who may see their medical records. People could even have ready access to their own records, instead of wrangling with a doctor before getting a look.

Major companies are betting big on blockchaining’s future.  To set a standard, more than 30 major companies — including Hitachi, JP Morgan and Intel — have formed Hyperledger.  That project aims to settle on a general-purpose blockchain structure that can be used by any enterprise in any industry. IBM already has chipped in tens of thousands of lines of software code to the venture.  These companies, like so many others, invest in the effort because they foresee the benefits.

I believe that Blockchains will transform the way we exchange value in our digital, cyber-insecure future.

Post #768 – Friday, December 23, 2016

2016 Year End Review

I’m often asked about my consulting practice, what kinds of assignments I get called in on, for what sized firms; what I’m currently researching and writing about, and just generally how I spend my professional time.  As always, at this time of the year, I looked back over my various activities.  With some of these items (like clients served) activity is not a sufficient measure; results and the client’s satisfaction are really what counts (and to that end, you can find over 100 client testimonials and endorsements throughout this web site).  But for purposes of looking at where one’s time is invested, here is what my 2016 looked like:

CLIENTS / FIRMS SERVED

• Geographic Locations:
86% U.S. Based
14% International (Europe & Asia)

• Nature of Assignments:
26% developing / implementing strategic plans
62% governance and leadership issues
12% client relations and marketing counsel

• Firm Size Range:
29% firms of over 500 attorneys
14% firms of 300 to 500 attorneys
29% firms of 100 to 300 attorneys
21% non-legal client firms
  7% corporate legal departments

SPEAKING ENGAGEMENTS

• Participated in Presenting at 7 Webinars
Law Firm Succession  - Ark US Events (May)
Addressing Performance Issues – Ark US Events (July)
Practice Leadership – Association of Legal Administrators (August)
Succession Planning – CPA Leadership Institute (October)
Pricing Different Practices Differently – Ark US Events (November)
Create High Performance Practices – Ark US Events (November)
Effective Groups – Leadership Excellence (December)

• Participated in 5 Conferences, Workshops & MasterClasses
Co-facilitator – First 100 Days Masterclass   (Atlanta in January)
Facilitator – Practice Group Leaders Workshops (San Francisco in February / Chicago in August)
Facilitator – Managing Partner Forum Boot Camp  (London in March)
Presenter – Managing Partner Institute  (Los Angeles in April)

THOUGHT LEADERSHIP

• Contributed Chapter to 1 New Book:
Inovativni Pravnici - Proceedings From CCE Conference about Innovations in Law (E.conomia, Czech Republic, 2016)

• And Acknowledged As Contributing Source:
How to Become The Firm of Choice: Win the best clients, Recruit the best people, Increase profitability by taking your firm to the next level - - August J. Aquila and Robert J. Lees (CPA Trendiness, 2016)

• Authored or Contributed to 24 Articles in Publications including:
AmericanLawyer.com
Forbes
Law.com
Leaders Excellence Journal
Legal Business Insider newsletter [UK]
Legal Business World Magazine
Legal Executive Institute
Of Counsel – Legal Practice and Management Report

• Two new issues (Spring & Fall) of my INTERNATIONAL REVIEW 24-page glossy magazine were produced and distributed to 1800 firm leaders.

• Wrote and posted 12 different articles covering leadership and strategy issues on my LinkedIn site.

OTHER ACHIEVEMENTS 

• Appointed as a Faculty Member for the MBA Workshop Series conducted by Leaders Excellence at Harvard Square.

This is an online executive development program consisting of highly interactive sessions with MBA topics, at MBA level, by MBA faculty and guest star leadership experts; designed for those seeking cross-functional management and leadership development. Each workshop consists of 1 hour of effective online lecturing and is presented LIVE in our online study rooms in order to provide you with inspirational ideas, penetrating insights, and practical advice from MBA faculty and leadership experts. If requested by the professor, each workshop can be prolonged up to 30 minutes.

• Profiled in the 35th edition of The Writers Directory – as published by Gale / Cengage Learning.

• Have now received over 150 “UNSOLICITED” LinkedIn Endorsements for my strategic expertise from firm leaders and senior professionals in major firms including:

Allen & Overy (Europe); Baker & McKenzie (Asia); Barnes & Thornburg; Dickinson Wright; Faegre Baker Daniels; Fasken Martineau (Canada); Fragomen Del Ray; Gordon & Rees; Gowlings (Canada); Jackson Lewis; Kutak Rock; Linklaters (Europe); Mayer Brown; Miller Canfield; NautaDutilh (Europe); Nelson Mullins; Shook Hardy & Bacon; Skadden Arps; Thompson & Knight; and Wyatt Tarrant.

To all of my valued clients, colleagues and friends, I want to say THANK YOU for allowing me to spend time with you; for your confidence, your commitment and your fellowship.  I wish you and your families the Very Best in 2017

Rant #767 – Tuesday, October 25, 2016

Law Firms Suffer The Behavior They Tolerate

93% of AmLaw 100 firms have experienced bullying, a lack of respect, and “me-first” attitudes among their ranks, despite 87% of them reporting how important it is to have written value statements sufficiently specific to ensure behavior that is consistent with those values.  In the first of a series of Leader’s Pulse Surveys, consultants David J. Parnell and Patrick J. McKenna find from the survey results of 124 responding firms (both in and out of the AmLaw 100) that partly to blame is that only one in four firms “have any clear and tough sanctions for behavior that does not comply with their values”. Further, firm leaders tolerate bad behavior among their partners, and often among those who may be considered their higher performing colleagues.

What Kinds Of Bad Behavior?

The top five most common detrimental behaviors that firm leaders cited, say Parnell and McKenna, include: “bullying behavior and lack of respect” (by 89% of respondents); “not being a team player with a ‘me-first’ personal agenda” (84%); “poor matter management habits like getting in time, etc.” (80%); “failure to achieve work quality standards” (76%); and “negative attitude infecting others” (69%).

Among the AmLaw 100 respondents, while these top five were the same, there was a three-way tie at the #1 spot with “poor matter management habits like getting in time, etc.”; “bullying behavior and lack of respect”; and “not being a team player with a ‘me-first’ personal agenda” – all scoring at 93%. 

Parnell and McKenna reported that there was no shortage of additional examples of bad behavior raised by numerous leaders: “blocking the advancement of others and acting out”; “failing to share credit and failing to treat staff with respect”; “not managing files to a budget”; “big egos engaged in internal empire building”; “failing to address and support diversity issues”, and even “general poor behavior: the ‘- - - hole factor’.”

Fear Of Addressing The Problem

“It is our view,” say Parnell and McKenna, “that a significant number of firm leaders feel deeply uncomfortable with confronting the inappropriate behavior of their colleagues, thereby delaying or even preventing intervention altogether.”  By way of supporting evidence, their survey results indicate that when firms were asked whether discomfort among leadership in challenging detrimental actors has been strong enough to delay addressing the problem, they were told that that was indeed the case in 41% of the firms – about which, they opined, “if we think about it, is a pretty tough question for many leaders to hear, given that they may have to admit some degree of failure.”

The authors of the survey went on to say, “We then went even a step further and inquired as to whether that ‘discomfort was strong enough to altogether prevent leaders from addressing the problem’, and had a surprising one out of four firms – 22% – freely admit that that was the case.”

The consultants report that a very telling observation came from one managing partner who said, “Any of the above could be actionable,” regarding the detrimental behavior elaborated upon in the survey, “but typically is limited to consideration in compensation for partners. However, the status of the partner and the amount of billings appears to affect what action, if any, is taken.” 

When asked about how they might confront bad behavior if-and-when they do, the survey uncovered that 82% of leaders would “first confront detrimental actors – one-on-one”, but with some reporting “not as often as we should” and “our less well managed groups and offices just ignore it until someone else has to deal with it.”

The Effectiveness Of Current Methods Of Intervention

So just how effective are those leaders who do confront bad actors within the firm? Many will see little real change in behavior!  In fact, sadly, the consultants were informed by 47% of the firms that “our detrimental actors have been repeat offenders despite intervention.” Some of these firm leaders reported a range of responses from “the intervention is often tepid and carried out by the wrong people” to “these actors repeat but less frequently and less severely.”

The consultants conclude: “What is clear to us is that law firm leaders, in order to protect their important cultural and competitive standing, need to not only more actively encourage behavior consistent with their stated firm values, but to also confront those acting out quicker and with more effective methods than they seem to be doing currently.  As one firm leader expressed it best, ‘These kinds of problems don’t go away on their own and they certainly don’t improve with age.’”