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Firm Leadership

Rants, Raves, Rebuttals, Reflections, Revelations & Ruminations


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Post #920


Should Lawyers Have an Ethical Obligation To Be Efficient?

 

I happened upon a insightful post on Artificial Lawyer posing a similar question:

https://www.artificiallawyer.com/2022/02/14/what-if-lawyers-had-an-ethical-obligation-to-be-efficient/#comment-45618

 

What if lawyers had an ethical obligation to be efficient, and that failing to work as efficiently as ‘reasonably possible’ could lead to disbarment and/or financial penalties? One thing is for certain, market change would be hugely accelerated.”

 

This was followed by a lengthy discussion on what is meant by being efficient and what would an efficiency rule look like and how technology might be involved.

 

As you might well expect if you have read any of my rants about this obsession with efficiency rather than effectiveness, I could not contain myself.  So I posted the following:

 

“Ask a group of partners to (anonymous poll) respond to this question: "What percentage of your work could you delegate to a junior to do, given that the junior was trained to do the work with quality?" Now prepared to be shocked by the answer. I have personally done this at retreats dozens of times and the average is about 70%!


Now STOP the bullshit about Efficiency and just impose a non-negotiable rule: "Any client matter that COULD be delegated, MUST be delegated - or your billable numbers will be stripped out of your personal column.”

 

Now I can report that there are a couple of firms that I’m aware of that have imposed this policy knowing that anything short of being this specific about the required behavior will only be gamed by smart lawyers.

 

Could a firm implementing and promoting such a policy win the favor of clients and meaningfully differentiate themselves?  


What do you think? 





Post #919 

 

Going The Next Step: Multidisciplinary Industry Teams

(this is an excerpt from my new book – Industry Specialization: Making Competitors Irrelevant)

 

Many, if not most, of the complex situations for which clients employ professional firms are inherently multidisciplinary. For example, if I am going to build a new commercial real estate park, I am likely to need expert advice on law, finance, tax, economics, engineering, environmental considerations and a whole host of additional disciplines. 

Meanwhile, according to a report by LexisNexis Legal & Professional, the Big Four accounting firms are cornering the market on solutions, rather than advice. 

“Our strategy is very much rooted in the needs of the client to be offered solutions and not just advice,” says Emily Foges, Lead Partner for Legal Managed Services at Deloitte. “The vision for Deloitte Legal has always been that you bring together high-quality legal advice with legal management consulting, legal managed services and legal technology. This way you can provide a complete end-to-end service to the client and achieve the outcomes they are looking for, not just give them advice on those outcomes.” 

Over the course of working with the leader and members of a number of Industry Groups wherein we are discussing and exploring the team’s future growth strategies, amongst a deliberate sequence of questions that I’ve posed, includes this one . . . 

 

May I invite you to read the remainder of this article in the newly released issue of Legal Business World starting on page 38     PDF: https://lnkd.in/ery5p8gZ 




Post #918

 

My Newest Book 

 

“Industry Specialization: Making Competitors Irrelevant” https://bit.ly/3KrrXwf  

I am pleased to report a total online readership of just over 12,000 in the three weeks since it was released, according to metrics just reported to me from Legal Business World.




Post #917

 

Professor Gabe Teninbaum in Today’s Lawtomatic Newsletter 

graciously commented:

 

Patrick McKenna has a terrific new book. 


There are two things I especially liked about it: first, he's been helping law firms become more effective and efficient for a long while, and he shares several anecdotes in the book that support his theories.


Second, it's actionable: there are concrete steps that anyone can take once they've read it.  


https://tinyletter.com/gteninbaum/letters/lawtomatic-newsletter-issue-144





Post #916 

 

How Industry Specialization Can Help Firms Get Ahead


Aebra Coe at Law360 kindly interviewed me on the release of my new book, encouraging law firms to more aggressively approach an industry sector-focused strategy . . .

In the book, titled "Industry Specialization: Making Competitors Irrelevant," McKenna points to the virtues of organizing a law firm by industry group as opposed to practice area and lays out how firms can do so.

According to McKenna, most law firms fall short when it comes to industry specialization.

"For too many of these firms any pretense of having a real industry focus is simply a list of industries displayed on their website, without any recognition that perhaps the clients can discern the difference," McKenna said in an interview with Law360 Pulse on the new book.

Here, McKenna shares his thoughts on how to best approach industry specialization as a law firm and how to market that expertise to clients. This interview has been edited for length and clarity.

https://lnkd.in/gnvty3sj




Post #915 – January 26, 2022


Will More Law Firms Follow This Example?

 

Reed Smith, in looking to add perspectives from outside of the legal industry to guide its strategic thinking, just appointed three business executives to a special independent advisory board.  Apparently this board will work with the global managing partner and the rest of the firm’s senior management team.

In a discussion with American Lawyer’s Dan Packell, I reported that while this may sound “unprecedented” within the legal profession, it is quite common amongst the larger accounting firms. In fact my research indicates that those broad industry groupings most likely to engage in having a formal Advisory Board include Professional Services - 41%; Industrial and Resources – 19%; and Health and Life Sciences – 11%; 
with some 90% reporting a positive impact.

Meanwhile, it’s reported that a number of law firms, particularly in the U.K., have begun bringing on individual independent directors, who are not lawyers, to join their boards.  In published comments, I suggested that the addition of outside advisers would likely help law firms expand their “cognitive diversity” and that the next step for Reed Smith  would be to transition this group, after the board becomes comfortable, making them a natural part of their monthly meetings. Then we’re talking about a significant achievement.” 

So what do you think?  Do we have some more law firms who are ready to join in making this kind of an innovative move?

https://lnkd.in/gVfQ_49n

https://lnkd.in/gYyJZw2u




Post #914 – January 20, 2022


Do You Know the Biggest Mistake Many Firms are Making Today? 

Today, more than ever, prospects are searching for subject matter experts and trusted advisors to help solve their problems. So, for you to be successful, it takes focus, specialization, recognition and authority to stand-out in an overcrowded, highly competitive legal market with risk-avoiding, impatient buyers who can find numerous alternative providers in short order (and I’ll show you the research evidence).

In other words, you need to have a deep understanding of the critical business challenges, speak the language and have experience in solving the pain points of your targeted clients – most effectively by way of having first-hand industry knowledge. 




Read the NEW eBook “INDUSTRY SPECIALIZATION: 
MAKING COMPETITORS IRRELEVANT to learn:


- the 12 best diagnostic questions to evaluate whether you have a genuine industry focus;
- steps to take to form a new industry group; 
- the best ways to have your people explore any industry’s revenue and growth potential;
- 7 steps to take to make your industry group efforts worthwhile;
- common failings that clients observe and discuss amongst themselves;
- 4 different kinds of meetings capable of producing high performance with your industry group; 
- 12 actions to position yourselves as recognized industry thought leaders; 
- 10 actions to effectively monitor industry trends;
- what to do if a chosen industry initiative falters;
- how to utilize sales professionals in representing your industry team to the marketplace; 
- how to develop a truly multidisciplinary industry team;
AND so much more (17 Chapters / 290 Pages)





Here is what a couple of this eBook’s initial reviewers had to say: 

Your content is absolutely on point and reflects much of our experience over the past 8 years after we aligned our firm into industry business units (with full P&L responsibility).
- Paul Eberle, Chief Executive – HUSCH BLACKWELL LLP 

The tone and directness really appealed to me. “Do this, don’t do that. Think about this, don’t forget that” is exactly what is needed and can only come from years and years and the many firms you have seen succeed or fail. No shortcuts, no magic wands but a logical, sustained and committed approach – is what’s called for. 
- Gillian Ward, Global Chief Marketing Officer – BRYAN CAVE LEIGHTON PAISNER 

Find Out How Having A REAL INDUSTRY FOCUS
Can Make A Meaningful Difference to Your Firm’s Competitive Position. 
Download Your COMPLIMENTARY PDF Copy:
  https://bit.ly/3KrrXwf




Post # 913 – January 17, 2022


The Big Four Are COMING For You; So When Are We Going To Learn?

 

Ernest & Young’s EY Law has just laid out some ambitious growth plans for its legal business. It declared that they are aiming to add up to 800 lawyers over the coming 3 years. And upon what are they going to base that growth on, you might ask. Philip Goodstone, head of EY Law, in an interview said, “a “big differentiator” for the firm would be its FOCUS ON INDUSTRIES, including the financial services, energy, renewables including ESG, automotive and manufacturing. And from Alan Murphy who heads EY Law Ireland, comes the observation, “I think the Big Four are capable of being very strong competitors to the traditional law firm model, because I think what the Big Four have to offer makes sense to clients.”

 

What makes sense to clients?  That clients should actually favor firms that demonstrate industry expertise?  Does he not think that his major law firm competitors are not already well entrenched in having an industry focus? Oh, that’s right . . . I guess most really aren’t.

 

This news should serve to raise significant concerns amongst law firms everywhere about the plans of such powerful market players; but that said, are they even paying attention and if they are, do they understand the strategic approach of these firms focusing on client industries?

 

One of the major problems is that law firms and lawyers do NOT understand the intricacies of industries. As but one example, The Legal 500 is seeking submissions for its US Ranking of law firm practice and industry groups. The purpose of these rankings is “to help in-house lawyers and legal teams find the right advisors.” Amongst the list of Industries in which you can enter your firm to be considered include “Environmental” and “Native American Law.” Important areas of practice to be sure, but are these really industries and especially when you cannot help but add “Law” to the title? Then their categorizations go on to include “Media, Technology and Telecoms” . . . all lumped together as one industry? Digging deeper you can find “Cyber Law” (there is that “Law” term creeping in again) and “Fintech” included under this heading. 

 

Meanwhile, following from over 5,000 interviews with top legal decision-makers, my good friend, Michael Rynowecer of the BTI Consulting Group reports that “Understanding Your Client’s Industry is the SINGLE BIGGEST DIFFERENTIATOR among law firms.” 

 

INDUSTRY BECOMES HIGHLY RELEVANT as it becomes a proxy for understanding many aspects of your client’s business – such as: industry terminology; kinds of products and services offered; industry specific revenue sources and revenue recognition issues; common contractual terms; industry specific laws and regulations; typical business practices; types of talent employed; technologies used; and supply chain structure and practices.

 

So WHEN Are We Ever Going To Learn?




Post # 912 - January 13, 2022


Alterity ADR Appointment


Alterity ADR is excited to announce the addition of Patrick J. McKenna to our esteemed Advisory Board. As an internationally recognized author, strategist, lecturer, and advisor, Patrick brings a unique perspective to the Advisory Board. With decades of experience in law firm management and marketing, Patrick’s knowledge and expertise will be a valuable addition.




"I am honored to be included as a member of Alterity's esteemed advisory board, especially because I strongly support and believe in Marcie Dickson’s quest to provide a needed service focused on bringing diversity and transparency to dispute resolution."

Read our announcement here: https://loom.ly/kY9th2Y




Post #911 – January 10, 2022


6 GOALS We All Need to Obsess Over.

 

May I invite you to join me, in giving some thought to -- What am I going to do to . . . 

 

- Raise my visibility?

And I guess that prompts some related questions: What am I doing to ensure that I get asked to appear at conferences and gatherings of the top people in my chosen field or industry? And, what am I doing to stand out from the common herd?

 

- Create new intellectual property that will be of value to clients?

One needs to always do a critical assessment of how much of your fee revenue emanates from services that you did not provide five years ago. In other words, are you building your marketable skills or simply doing the same old shtick for your clients and expecting them to pay higher fees for the privilege. 

 

- Be regarded as THE thought leader in my field? 

When times were hectic the busyness of business trumped everything, but this may be the perfect time to invest in some long delayed, self-development. Is there some CLE that you’ve been putting off registering for or some article that you haven’t had the chance to write?

 

- Provide new ways for clients to retain and apply my expertise?

Turn your rough notes into a speech, your speech into a booklet, your booklet into a workshop. Offer to facilitate one of your client’s meetings. Make yourself so indispensable that you’re irresistible.

YOU need to become a magnet of YOUR expertise.

 

- Expand my client base?

Find three ways to do something that will contribute to your client’s business – help them improve their revenue, perform more efficiently or reduce their risks. That changes the question from “Should we do business?” to “How can I best add value?”

 

- Contribute time to helping others?

The more you help others, the more you’re helped. This is a great time to offer pro bono services, contribute to charities, and provide others with counsel and support.  

 

NOW is the right moment to block out some time to look forward to jump-start your 2022. You can certainly do this alone, but I’d love for you to do this with your team. As we head into our third year of Covid, perhaps it’s time to get the team together and embrace a new way of thinking: We don’t know what will happen next, or how long this will last, and it does NOT matter. We will get through it, step by step, day by day, by coming together and dealing with what’s in front of us.

 

The best predictor of future success is action. Let’s do one thing every week. It doesn’t matter how small those actions are. Doing something—doing ANYTHING—is always so much more important than just talking about it. Together, we just might discover a better way – and a more innovative way – a BOLDER way FORWARD. 



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