Post #808 – January 15, 2019

 

Strategic Challenges That New Firm Leaders Face

The recent announcement from Baker McKenzie that their global chairman would be taking a medical leave due to severe exhaustion took many by surprise.  But Paul Rawlinson is far from alone, among firm leaders that I have worked with over the years, in having to contend with a position that has grown ever more demanding with challenges that are usually not fully recognized when first taking on the role.  Most lawyers have NO idea what the huge scope of this job entails (ever seen a job description?), how much exhausting travel can be involved, how much time it really requires, how lonely it can be at the top, and how ill prepared many new firm leaders are when they assume office!

https://www.legalbusinessworld.com/single-post/2019/01/14/Strategic-Challenges-That-New-Firm-Leaders-Face

Post #807 – January 2, 2019

 

Conducting A Strategic Review Versus A Strategic Plan

I believe that instigating a strategic review is very different from initiating a strategic plan, but the two often get confused.  I see too many firms thinking that they are developing a strategic plan when they are really investing their time in conducting a strategic review.

How is a strategic plan different?

https://www.linkedin.com/pulse/conducting-strategic-review-versus-plan-patrick-j-mckenna/

Post #806 – December 30, 2018

Happy New Year

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 2019.

Post #805 – December 10, 2018

Life As A Firm Leader

Here are some interesting stats obtained from my working with and researching the activities and feelings of firm leaders:

• During the average day,
53% - of time is spent in meetings, usually lasting from 1 to 2 hours
33% - of time is spent with direct reports
61% - of this is all in face-to-face communications
23% - engaging with my internal colleagues
20% - managing my stress levels

• 41% of Firm Leaders would admit to feeling some stress every day, with another 33% feeling stress a couple of times a week.

• The key areas where Firm Leaders believe their role is more difficult that they might have expected include:
50% - driving change
48% - developing my senior team
40% - balancing long and short-term priorities 

How does this fit with your experience?

Post #804 – November 20, 2018

Another Great Issue of Legal Business World Magazine

The latest issue include the following articles:

• CodeX and the Future of Legal Tech, Riyanka Roy Choudhury

• Strategic Challenges That New Firm Leaders Face, Patrick J. McKenna

• Identity for All | A Crisis in Demand of Input from the Legal Industry, Aileen Schultz

Are law schools adapting to the paradigmatic transformation of the legal professions, and how to measure it? Javier de Cendra

• Growth in the Legal sector, Katie McLean

• The Hummingbird Lawyer. Managing time efficiently can generate an additional hour of availability each day, Richard G. Stock

• The Legal Education Gap, Lucy Endel Bassli

• Legal Tech and Innovation in South Africa, Themba Mahleka

• "A Millennial's Perspective on how law firms can retain Millennials" or talent …? Mary Bonsor

• A ClariLegal interview with Russ Dempsey, Associate General Counsel at AIG, Cash Butler/James Johnson

• Your Personal Legal Brand: Why You Need One and How to Begin Creating, Jaimie B. Field, Esq.

• Taking a leadership role on data security, risk and governance, Shauna Maguire/Siska Lund

Download your PDF copy: https://docs.wixstatic.com/ugd/b30d31_e90efc88cd6d4441a1205d17ff1debb2.pdf

Post #803 – November 10, 2018

International Review Magazine: Fall-Winter 2018

Our Fall-Winter issue begins with Inside the Corridors of Firm Leadership.  This features the results of the fifth in a series of surveys I’ve conducted with my highly respected colleague David Parnell. 

A Lesson From The Accountants is a collaboartion with an old friend, Neil Gower, and addresses how the major accounting firms exercise good governance practices, perhaps worth emulating.

The Rise of the Micro-Niche provides a further look into how the explosion of data today is forcing professionals to be far more specialized if they hope to develop a “go-to” personal brand.

What Firms Need To Do To Prepare For The Future is an excerpt from the mid-year discussions of LIFT, our international think-tank group collaboration.

Finally, When You Need to Replace a Practice Leader offers some straightforward guidance on how to handle the difficult situation when you have to remove a colleague who is just not doing the job.

Visit the following link to download your copy of my Fall-Winter 2018 practice management magazine: http://www.patrickmckenna.com/pdfs/MIR%20Winter%202018.pdf

Post #802 – November 10, 2018

Legal Leadership: A Handbook for Future Success

I’m pleased to have contributed a chapter to Legal Leadership, a NEW book providing relevant guidance from those on the frontline of law firm leadership and management, to serve as the catalyst for change and the foundation on which a strong leadership practice can be built.

Drawing on their expertise, the authors – ranging from behavioral psychologists to senior management figures and professional coaches – present a wide range of strategies to cultivate as part of a leader’s personal and professional development. 

Whether you are already a member of your firm’s senior management or in a junior position with big aspirations, this text should provide some tools that you can put to practical use.

https://www.ark-group.com/product/legal-leadership-handbook-future-success-0#.W-W9k62ZNE6

Post #801 – November 1, 2018

Two Types of Legal Innovation

My sincere thanks to my good friend, Professor Bill Henderson for his gracious commentary on my S-Curve Strategy Model.

Two types of legal innovation: Type 0 substantive law, Type 1 service delivery (071)

https://www.legalevolution.org/2018/10/two-types-legal-innovation-type-0-type-1-071/

Post # 800 – November 1, 2018

Every New Innovation Can Look Like a Failure in the Middle

In the "middle," you can overspend resources; both time and money, because forecasts are always overly optimistic.  You should expect to have the unexpected pop up that no one knew would be there.  After all, no one has been down this path before.

And the middle is when the critics attack.  Opponents start to notice and will offer favorable comments about the project . . . only when it looks like it might be a winner.

https://www.linkedin.com/pulse/every-new-innovation-can-look-like-failure-middle-patrick-j-mckenna/

Post # 799 – October 20, 2018

The Advent of The Legal Practice’s Micro Niches (Part 2)

Today, firms are facing yet another structural and marketing challenge, that which I have come to call, “Tech-Driven Hybrids.” These are practices that are not simply conventional in that they require a level of expertise that goes beyond any one vertical (e.g., may require regulatory plus tax, plus IP), and they are practices that extend beyond impacting just one industry in that their effect will likely be felt in a good number of different industries.

What are the micro niches in your legal practice? And how can you use them to find new clients and better service your existing ones?

http://www.legalexecutiveinstitute.com/legal-practice-micro-niche-part-2/