Post # 952

What Should Industry Team Leaders Be Responsible For?

I received the following query: “I read how a number of law firms have worked hard to brand themselves as having deep industry focus and how ‘it has been enormously successful,’ but how does one determine what specific leadership requirements / factors / defined expectations will help to generate effective industry group results?”

MY RESPONSE: By way of example, here are 10 specifics that I believe should be articulated as performance expectations for every Industry Team Leader:

• Has responsibility for FULL P&L of their group and will be compensated / bonused based on the performance of the current year compared to past results.

• Has developed with the input of all core members, a formal written strategy for growth, including identifying three market niches that the group is or will be actively working upon to become a DOMINANT PLAYER;

• Conducts one monthly meeting with all core members to REVIEW STRATEGIC PRIORITIES, and provides the written minutes (list of actions showing who is working on what) to the Executive Committee;

• Conducts a further monthly meeting specifically for the purposes of monitoring and discussing new developments and INDUSTRY TRENDS that prompt emerging disruptions or potential opportunities; and prepares an information briefing for clients;

• Engages Core Members by conducing ONE-ON-ONE COACHING sessions with each member every month, that results in specific written and agreed upon action plans to build skills and share knowledge;

• Will have identified specific expertise or SKILLS NEEDED within the group and potential lateral candidates to ensure appropriate depth and diversity of experience going forward;

• Shows evidence of active participation in the industry (meets with industry leaders, attends industry events) and has a formally constituted INDUSTRY ADVISORY BOARD that meets three times a year with the entire industry group;

• Shows evidence of BOARD LEVEL INVOLVEMENT in Industry Organizations and Associations and has identified and mentored at least two other core members to also become involved;

• Displays examples of the group’s collective efforts to help build both the group and the firm’s brand and reputation throughout the industry, including at least a quarterly newsletter, podcast, webinar or other form of timely COMMUNICATIONS;

• Has had published a minimum of three THOUGHT LEADERSHIP articles within recognized industry media and worked to encourage others in the group to also be publishing articles covering proprietary research or new developments within the industry.
 
YOUR TAKE AWAY: I believe that if it is not specific and not measurable, nothing much is likely to happen. So now, how many of these would your Team Leaders, if I were to ask, tell me that this is indeed an expectation that has been clearly set out for them?