Developing Thriving Practice Groups: The Law Firm's Guide to Success

Transcription

1 Developing Thriving Practice Groups: The Law Firm's Guide to Success FEATURED FACULTY: Susan Raridon Lambreth, J.D., M.B.A., Principal, LawVision Group LLC Debra Baker, Legal Vertical Strategies, LLC

2 Speaker Info Susan Raridon Lambreth, J.D., M.B.A., Principal, LawVision Group LLC Susan Lambreth has over 25 years of experience as a consultant to the legal profession. Ms. Lambreth consults on leadership, practice management and strategic issues affecting the future of law firms and the legal profession. She works with managing partners, practice group leaders and executive committees. Ms. Lambreth has helped many of the largest firms in the U.S. implement strong practice group management (including over 30% of the AmLaw 100) and train their Practice Group Leaders. She has trained over 4,000 lawyers, who hold firm or practice management roles, how to lead and manage more effectively and had trained over 500 lawyers and other legal professionals in legal project management. Ms. Lambreth has helped law firms of all sizes improve their profitability and enhance their lawyers leadership and management skills. She is nationally recognized as one of the top leadership and practice management consultants for law firms. Ms. Lambreth is co-author of Achieving Peak Performance Through Practice Management: A Practical Handbook and author of The Practice Group Leader s Handbook for Success. Prior to founding LawVision Group, she was with Hildebrandt International (more recently Hildebrandt Baker Robbins) for almost 20 years, being one of three consultants there for over 20 years, and with Altman & Weil for almost seven years. She chaired many of the Hildebrandt Institute conferences and led several of the most successful roundtables for law firm professionals. Debra Baker, Legal Vertical Strategies, LLC Debra Baker, Esq., helps providers of legal services and products drive revenue through the execution of client-focused business strategies. She serves as chair of the LVS Law Firm Services Group and is author of the blog Law Firm Transitions. With more than 20 years experience working across the legal vertical, Debra incorporates a disciplined, cross-organizational approach to help clients grow their business. Her experience includes senior level marketing positions for both a Global 100 law firm and a leading e-discovery company. An award-winning legal journalist, she covered law practice management and ethics for the ABA Journal. Debra s in-depth experience working with law firm, legal technology, and corporate legal business models brings a multi-dimensional perspective to clients looking to better position their services and products. She has a proven record identifying new markets, targeting clients and building integrated marketing campaigns to generate leads and expand market share. At LVS, Debra advises law firms and legal service providers on how to develop internal programs customized around the needs and expectations of existing clients. Her approach includes the use of financial modeling, market research, competitive intelligence, and client interviews to develop client relationship management programs with metrics built in to measure return on investment. She is a member of the Illinois bar.

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4 C4CM Webinar Susan Raridon Lambreth 1 Typical Roles of Practice Groups Today Empowered to Run the Business Unit Strategic practice group business planning including R&D Business development and marketing Communication and motivation Professional development and recruiting Workload assignment, management and utilization Client/matter intake Quality control/risk management Financial management Knowledge management, processes and use of technology 2 1

5 Example: Daily/Weekly/Monthly Aspects of a Practice Group Leader Job -- Leadership Studying and thinking about the market trends, competition and marketplace changes. Guiding the group in the development of compelling goals. Motivating your group members to participate enthusiastically in group activities. Coaching and guiding your group members (especially partners) into new activities or behaviors Communicating effectively. Your messages. Listening and building trust with your colleagues. 3 Example: Daily/Weekly/Monthly Aspects of a Practice Group Leader Job -- Day-to-Day Management Ensuring that members of the group are providing quality work and service through active review of all open matters. Ensuring financial management of the group reviewing/approving intake (new matter memos, retainers, etc.), supervising collections, analyzing group s financial levers (utilization, realization, etc.). Managing the professional and practice development of all members of the group, including monitoring the personal plans of all the group members. Knowing about the key/major matters being handled by group members the docket/closing dates, the major clients, key issues, etc. Facilitating the development of the group business plan and then, supervising the implementation. 4 2

6 Most Important Aspects of Your Leader Roles at the Group Level Help the group develop clear goals. Clarify roles and expectations. Coach your colleagues and ensure they perform. Communication especially important in uncertain times Motivation Be a role model on firm rules, policies, etc. walk the talk. 5 Why is a Business Plan Important? 6 3

7 Why Is Business Planning Important? It helps you create common goals and direction Creates group cohesion and shared responsibility for the actions needed It enables you to develop a realistic picture of your competitive position in the marketplace Identify current and future client needs Identify skill gaps and other disconnects between market needs and group/team capabilities Facilitate the development of new products and services Enable the group/team more effectively to respond to market opportunities It sets the agenda for managing the practice group It assists you in budgeting and resource and time allocation/prioritization. 7 Why Is A Business Plan Important? (cont.) It encourages collaboration within the firm, rather than balkanization It facilitates communication between firm management and the practice group and between practice groups It is helpful for management of a group but necessary to provide leadership It establishes the goals against which the group leaders and group members can be held accountable 8 4

8 If a strategy does not require hard choices, tough trade-offs and create the need for significant change in the organization, there is a need to question its effectiveness Strategy is about difficult choices and tradeoffs; it s about deliberately choosing to be different. 9 What Does It Mean to Have a Strategy? To distinguish your firm/practice by clearly staking a claim to a competitive position in the marketplace that is defined by the clients you serve, the services you provide, the manner in which you provide those services, and your commitment to the plan. Most firms that do not have a clear strategy are virtually indistinguishable from each other and are therefore forced to compete on price not value. They race to the middle. 10 5

9 Combining Strategy and Planning: A Toxic Mixture Produces 90% planning, 10% strategy Planning becomes a substitute for strategy Organizations lose understanding of what strategy is Reduced capability to think and act strategically The Golden Rule: Strategy first, planning afterwards W. G. Pietersen SC C 4 C M W E B I N AR Debra Baker 12 6

10 The first step to successful practice group management is knowing who you are and what you want to be. To achieve that vision you must commit the time, courage and discipline to build an actionable plan in which people are accountable for its execution. 13 Strategic Framework Vision A picture of what the practice group will look like in three or more years. Mission Describes the group s purpose and activities Values The underlying beliefs that drive the practice group Objectives What your group wants to accomplish Strategy Rules and guidelines to accomplish your mission 14 7

11 Vision Statements What will you be famous for? Short, clear, concise statement of what you aspire to be. Internal statement, not for clients. Sets the direction for business planning. To become the most competitive enterprise in the world by being number one or number two in every business in which we compete. - Jack Welch To be earth's most customer centric company; to build a place where people can come to find and discover anything they might want to buy online. - Amazon 15 Mission: Your Purpose and Activities Why does your practice group exist? Considerations: What do you do? What are your primary services? What key processes and technologies do you offer to improve the delivery of legal services? Who are your main client groups? What are your primary markets/segments? 16 8

12 Values: What drives the way you operate? What is the relationship between what you do and society, your clients, your employees, your community and other stakeholders? Considerations: Why do you do what you do? What are your competitive advantages? What are the unique features of your practice group? What are your philosophical and social beliefs? 17 Objectives Tie to overall firm strategic plan Typical practice groups fall into one of the following categories: Grow Defend Catch Up Turn Around Maintain 18 9

13 Strategies Link business objectives with action plans Need to be specific and realistic Tie to objectives Acquisitions and growth Client-related goals Professional development Technology initiatives New service offerings New pricing strategies Referral networks 19 Practice Group Assessment Factors Internal Past and current financial performance Define service areas Pricing structures Type of work Leverage Areas of expertise/gaps in expertise Review current positioning KM initiatives Technology and other efficiency innovations to improve service delivery External Market Share Trends impacting service areas: - Economic - Political - Social Define the competition and assess strengths and weaknesses Legal trends Market perceptions of the firm Client drivers 20 10

14 Defining your strategy SWOT Analysis Strengths INTERNAL - What are your strengths and how can you build on them to enhance your practice group? Opportunities EXTERNAL - What opportunities exist to grow your practice and how can you take advantage of them? Weaknesses - What are your weaknesses and what can be done to resolve them? Threats - What risk factors exist for your practice and how can you avoid them? 21 How should we be structured to meet our goals and best meet the needs of clients? Business Process Client Insight What does success look like? Vision and Strategy How do our client s make legal services purchasing decisions and how do they perceive us in that context? Market Drivers What are your financial goals and how should you structure your practice to achieve them? Financial Outlook Where are the best opportunities to grow our business? What risks do we need to avoid? 22 11

15 Competitive Capabilities Critical Mass (Breadth; Depth) Cost/Price Technical Expertise Competitive Capabilities Geographical Capability Service Delivery Capabilities Segment Expertise Client Relationships How do we differentiate ourselves from our competitors? What are we famous for? How can we differentiate ourselves? Some mix of these must differentiate the practice group in a meaningful way. 23 Key Points Your practice group needs a business plan, not just a marketing plan. The plan must be developed with input from most, if not all, members of the practice group. For the group to have cohesion, there must be clear, compelling goals that take group activities to accomplish. They must be significant goals not just tactics or ways of operating There should be no more than 3 goals The plan must be based on a thorough and candid market assessment. Trends affecting the group and its clients Competitors and how the group is differentiable in a meaningful way Key organizations for members of the group to be positioned in 24 12

16 Key Points (cont.) There must be an action plan who is going to do what by when and how (with how much money and other resources). Otherwise, it is unlikely to get implemented. The plan should be discussed at every regular meeting and periodically reevaluated usually at least twice a year. 25 A Business Plan is More Comprehensive than a Marketing Plan Practice Management Initiatives Research and development (R&D) Recruiting laterals and new hires Integration Training and professional development Knowledge management Leverage/profitability Team building/esprit de corps Marketing Initiatives Changes in practice or client mix to attract higher value work Existing client relationship management, including client visits, broadening of relationships and cross-selling Positioning of group in targeted business and/or industry niches Targeted association involvement/ be a player Targeting of desired clients by practice type, industry or other factors Credibility builders for lawyers without high profiles Targeting of prospective clients/niches 60% - 70% of the Plan should focus on Practice Management Initiatives 30% - 40% of the Plan should focus on Marketing Initiatives Without practice management activities to differentiate the group, most marketing is not effective must be famous for practices 26 13

17 Sample Goals or Objectives for Practice Groups Market position Become one of top three firms in our region in our practice niches Be recognized as a top firm as ranked by corporate counsel in our markets Be recognized as a firm handling primarily high value work and being the trusted adviser for middle market companies Have more lawyers recognized as best lawyers in our practice area than any competitor in our markets Core clients/client base expansion Be known as one of the top three firms in the energy industry nationally Increase the firm s representation of life sciences companies to 50% of our practice group s clients Increase the market share of business in telecommunications industry by 50% Attract over 30% of the major health care companies in our region Core services Increase our work in mass torts for Fortune 1000 companies by 200% Increase the M&A work for middle market companies to 25% of our revenues Attract 5 significant new product liability clients (over $XXX in annual revenues) Obtain Tier 1 Chambers ranking for white collar defense work in each of our major markets Financial performance Increase the group s revenues to $12 million and increase leverage to Criteria for Group Goals Require action of group, rather than individuals doing own thing Need to be inspiring and uplifting appeal to emotions, not just intellectual Need to be measurable or have specific milestones, rather than be ongoing 28 14

18 Mistakes in Goal-setting Establishing goals that: Are really action steps like add 5 more lawyers Are too broad or not measurable like enhance client service or improve recruiting without a meaningful way to measure the current level and the changes over a period of time Are primarily financial or about group size Not basing the goals on a candid assessment of the firm s position in the marketplace Not setting realistic goals (i.e., pie in the sky goals such as every practice area being in top in the country) 29 Other Mistakes in Plans No assessment of the plan resulting in little energy from group members to implement and/or no meaningful differentiation of the group from the many competitors Few, if any, goals or objectives that are compelling, realistic and measurable Placing too much emphasis on recruiting of a rainmaker or other savior of the practice rather than the talent and hard work of the current group members Failing to have real participation of most group members so they own the plan and are excited about implementing it Too much emphasis on marketing or business development activities rather than practice management activities that would provide meaningful differentiation for the group s business development activities 30 15

19 Key Elements of a Successful Business Plan After the Assessment Is Completed Identification of three to five key differentiators of your group from its major competitors One to three goals or major objectives (not action steps) Activities in the management of the practice through which the practice group can enhance its position or differentiate itself Greater levels of specialization by individual lawyers in the practice Knowledge management Recruiting laterals especially Talent development and management for all levels in the practice group (training, mentoring and more) Staffing of projects/management of the work 31 Key Elements of a Successful Business Plan After the Assessment Is Completed (cont.) Positioning activities Association involvement Client communications Activities to attract new business Existing clients through relationship management and enhancement activities Cross-selling clients of other practice groups New clients through pitches (formal and informal) 32 16

20 Business Plans Actionable plan that defines how you will achieve your strategic objectives. Collaborative process involving your entire practice group Specific, Actionable, Accountable, Measurable Benefits Clarifies the direction of your practice group Creates buy-in from practice group members Provides framework for organizing and managing practice group 33 Measuring Results The more specific the objectives, the easier to measure Establish baseline metrics around areas you want to track Financial New Business Touches Implementations (new services, innovations, pricing structures) Review quarterly Communicate If you can t measure it, you can t manage it. - Peter Drucker 34 17

21 Marketing & business development framework Unique value proposition Differentiation Validation Establishing or creating name recognition in the marketing. Positioning Awareness Pursuit Lead Generation Establishing relationships and pursing new businiess. Identification of qualified targets (existing and prospective) 35 18

22 C4CM Webinar Susan Raridon Lambreth 1 Typical Roles of Practice Groups Today Empowered to Run the Business Unit Strategic practice group business planning including R&D Business development and marketing Communication and motivation Professional development and recruiting Workload assignment, management and utilization Client/matter intake Quality control/risk management Financial management Knowledge management, processes and use of technology 2 1

23 Example: Daily/Weekly/Monthly Aspects of a Practice Group Leader Job -- Leadership Studying and thinking about the market trends, competition and marketplace changes. Guiding the group in the development of compelling goals. Motivating your group members to participate enthusiastically in group activities. Coaching and guiding your group members (especially partners) into new activities or behaviors Communicating effectively. Your messages. Listening and building trust with your colleagues. 3 Example: Daily/Weekly/Monthly Aspects of a Practice Group Leader Job -- Day-to-Day Management Ensuring that members of the group are providing quality work and service through active review of all open matters. Ensuring financial management of the group reviewing/approving intake (new matter memos, retainers, etc.), supervising collections, analyzing group s financial levers (utilization, realization, etc.). Managing the professional and practice development of all members of the group, including monitoring the personal plans of all the group members. Knowing about the key/major matters being handled by group members the docket/closing dates, the major clients, key issues, etc. Facilitating the development of the group business plan and then, supervising the implementation. 4 2

24 Most Important Aspects of Your Leader Roles at the Group Level Help the group develop clear goals. Clarify roles and expectations. Coach your colleagues and ensure they perform. Communication especially important in uncertain times Motivation Be a role model on firm rules, policies, etc. walk the talk. 5 Why is a Business Plan Important? 6 3

25 Why Is Business Planning Important? It helps you create common goals and direction Creates group cohesion and shared responsibility for the actions needed It enables you to develop a realistic picture of your competitive position in the marketplace Identify current and future client needs Identify skill gaps and other disconnects between market needs and group/team capabilities Facilitate the development of new products and services Enable the group/team more effectively to respond to market opportunities It sets the agenda for managing the practice group It assists you in budgeting and resource and time allocation/prioritization. 7 Why Is A Business Plan Important? (cont.) It encourages collaboration within the firm, rather than balkanization It facilitates communication between firm management and the practice group and between practice groups It is helpful for management of a group but necessary to provide leadership It establishes the goals against which the group leaders and group members can be held accountable 8 4

26 If a strategy does not require hard choices, tough trade-offs and create the need for significant change in the organization, there is a need to question its effectiveness Strategy is about difficult choices and tradeoffs; it s about deliberately choosing to be different. 9 What Does It Mean to Have a Strategy? To distinguish your firm/practice by clearly staking a claim to a competitive position in the marketplace that is defined by the clients you serve, the services you provide, the manner in which you provide those services, and your commitment to the plan. Most firms that do not have a clear strategy are virtually indistinguishable from each other and are therefore forced to compete on price not value. They race to the middle. 10 5

27 Combining Strategy and Planning: A Toxic Mixture Produces 90% planning, 10% strategy Planning becomes a substitute for strategy Organizations lose understanding of what strategy is Reduced capability to think and act strategically The Golden Rule: Strategy first, planning afterwards W. G. Pietersen SC C 4 C M W E B I N AR Debra Baker 12 6

28 The first step to successful practice group management is knowing who you are and what you want to be. To achieve that vision you must commit the time, courage and discipline to build an actionable plan in which people are accountable for its execution. 13 Strategic Framework Vision A picture of what the practice group will look like in three or more years. Mission Describes the group s purpose and activities Values The underlying beliefs that drive the practice group Objectives What your group wants to accomplish Strategy Rules and guidelines to accomplish your mission 14 7

29 Vision Statements What will you be famous for? Short, clear, concise statement of what you aspire to be. Internal statement, not for clients. Sets the direction for business planning. To become the most competitive enterprise in the world by being number one or number two in every business in which we compete. - Jack Welch To be earth's most customer centric company; to build a place where people can come to find and discover anything they might want to buy online. - Amazon 15 Mission: Your Purpose and Activities Why does your practice group exist? Considerations: What do you do? What are your primary services? What key processes and technologies do you offer to improve the delivery of legal services? Who are your main client groups? What are your primary markets/segments? 16 8

30 Values: What drives the way you operate? What is the relationship between what you do and society, your clients, your employees, your community and other stakeholders? Considerations: Why do you do what you do? What are your competitive advantages? What are the unique features of your practice group? What are your philosophical and social beliefs? 17 Objectives Tie to overall firm strategic plan Typical practice groups fall into one of the following categories: Grow Defend Catch Up Turn Around Maintain 18 9

31 Strategies Link business objectives with action plans Need to be specific and realistic Tie to objectives Acquisitions and growth Client-related goals Professional development Technology initiatives New service offerings New pricing strategies Referral networks 19 Practice Group Assessment Factors Internal Past and current financial performance Define service areas Pricing structures Type of work Leverage Areas of expertise/gaps in expertise Review current positioning KM initiatives Technology and other efficiency innovations to improve service delivery External Market Share Trends impacting service areas: - Economic - Political - Social Define the competition and assess strengths and weaknesses Legal trends Market perceptions of the firm Client drivers 20 10

32 Defining your strategy SWOT Analysis Strengths INTERNAL - What are your strengths and how can you build on them to enhance your practice group? Opportunities EXTERNAL - What opportunities exist to grow your practice and how can you take advantage of them? Weaknesses - What are your weaknesses and what can be done to resolve them? Threats - What risk factors exist for your practice and how can you avoid them? 21 How should we be structured to meet our goals and best meet the needs of clients? Business Process Client Insight What does success look like? Vision and Strategy How do our client s make legal services purchasing decisions and how do they perceive us in that context? Market Drivers What are your financial goals and how should you structure your practice to achieve them? Financial Outlook Where are the best opportunities to grow our business? What risks do we need to avoid? 22 11

33 Competitive Capabilities Critical Mass (Breadth; Depth) Cost/Price Technical Expertise Competitive Capabilities Geographical Capability Service Delivery Capabilities Segment Expertise Client Relationships How do we differentiate ourselves from our competitors? What are we famous for? How can we differentiate ourselves? Some mix of these must differentiate the practice group in a meaningful way. 23 Key Points Your practice group needs a business plan, not just a marketing plan. The plan must be developed with input from most, if not all, members of the practice group. For the group to have cohesion, there must be clear, compelling goals that take group activities to accomplish. They must be significant goals not just tactics or ways of operating There should be no more than 3 goals The plan must be based on a thorough and candid market assessment. Trends affecting the group and its clients Competitors and how the group is differentiable in a meaningful way Key organizations for members of the group to be positioned in 24 12

34 Key Points (cont.) There must be an action plan who is going to do what by when and how (with how much money and other resources). Otherwise, it is unlikely to get implemented. The plan should be discussed at every regular meeting and periodically reevaluated usually at least twice a year. 25 A Business Plan is More Comprehensive than a Marketing Plan Practice Management Initiatives Research and development (R&D) Recruiting laterals and new hires Integration Training and professional development Knowledge management Leverage/profitability Team building/esprit de corps Marketing Initiatives Changes in practice or client mix to attract higher value work Existing client relationship management, including client visits, broadening of relationships and cross-selling Positioning of group in targeted business and/or industry niches Targeted association involvement/ be a player Targeting of desired clients by practice type, industry or other factors Credibility builders for lawyers without high profiles Targeting of prospective clients/niches 60% - 70% of the Plan should focus on Practice Management Initiatives 30% - 40% of the Plan should focus on Marketing Initiatives Without practice management activities to differentiate the group, most marketing is not effective must be famous for practices 26 13

35 Sample Goals or Objectives for Practice Groups Market position Become one of top three firms in our region in our practice niches Be recognized as a top firm as ranked by corporate counsel in our markets Be recognized as a firm handling primarily high value work and being the trusted adviser for middle market companies Have more lawyers recognized as best lawyers in our practice area than any competitor in our markets Core clients/client base expansion Be known as one of the top three firms in the energy industry nationally Increase the firm s representation of life sciences companies to 50% of our practice group s clients Increase the market share of business in telecommunications industry by 50% Attract over 30% of the major health care companies in our region Core services Increase our work in mass torts for Fortune 1000 companies by 200% Increase the M&A work for middle market companies to 25% of our revenues Attract 5 significant new product liability clients (over $XXX in annual revenues) Obtain Tier 1 Chambers ranking for white collar defense work in each of our major markets Financial performance Increase the group s revenues to $12 million and increase leverage to Criteria for Group Goals Require action of group, rather than individuals doing own thing Need to be inspiring and uplifting appeal to emotions, not just intellectual Need to be measurable or have specific milestones, rather than be ongoing 28 14

36 Mistakes in Goal-setting Establishing goals that: Are really action steps like add 5 more lawyers Are too broad or not measurable like enhance client service or improve recruiting without a meaningful way to measure the current level and the changes over a period of time Are primarily financial or about group size Not basing the goals on a candid assessment of the firm s position in the marketplace Not setting realistic goals (i.e., pie in the sky goals such as every practice area being in top in the country) 29 Other Mistakes in Plans No assessment of the plan resulting in little energy from group members to implement and/or no meaningful differentiation of the group from the many competitors Few, if any, goals or objectives that are compelling, realistic and measurable Placing too much emphasis on recruiting of a rainmaker or other savior of the practice rather than the talent and hard work of the current group members Failing to have real participation of most group members so they own the plan and are excited about implementing it Too much emphasis on marketing or business development activities rather than practice management activities that would provide meaningful differentiation for the group s business development activities 30 15

37 Key Elements of a Successful Business Plan After the Assessment Is Completed Identification of three to five key differentiators of your group from its major competitors One to three goals or major objectives (not action steps) Activities in the management of the practice through which the practice group can enhance its position or differentiate itself Greater levels of specialization by individual lawyers in the practice Knowledge management Recruiting laterals especially Talent development and management for all levels in the practice group (training, mentoring and more) Staffing of projects/management of the work 31 Key Elements of a Successful Business Plan After the Assessment Is Completed (cont.) Positioning activities Association involvement Client communications Activities to attract new business Existing clients through relationship management and enhancement activities Cross-selling clients of other practice groups New clients through pitches (formal and informal) 32 16

38 Business Plans Actionable plan that defines how you will achieve your strategic objectives. Collaborative process involving your entire practice group Specific, Actionable, Accountable, Measurable Benefits Clarifies the direction of your practice group Creates buy-in from practice group members Provides framework for organizing and managing practice group 33 Measuring Results The more specific the objectives, the easier to measure Establish baseline metrics around areas you want to track Financial New Business Touches Implementations (new services, innovations, pricing structures) Review quarterly Communicate If you can t measure it, you can t manage it. - Peter Drucker 34 17

39 Marketing & business development framework Unique value proposition Differentiation Validation Establishing or creating name recognition in the marketing. Positioning Awareness Pursuit Lead Generation Establishing relationships and pursing new businiess. Identification of qualified targets (existing and prospective) 35 18