Here are twelve tips to improve implementation success: It was, but the firm is going through growing pains when it implements. A strategic plan is a flexible, living document—not etched in stone. Retreat At the completion of the strategic planning process, a retreat to consider and adopt the plan is most helpful.
With the information gathered and priorities ranked, it is time to create an action plan. Speak up if you have that bad feeling in your gut.
With the information gathered and priorities ranked, it is time to create an action plan. Results must be measured and communicated.
If this is the case, your business plan should focus on the long-term viability of your practice and envision a seamless succession plan to help the firm retain the clients after your retirement. New partner entries, leadership transitions, future equity adjustments, addressing non-performing partners, changes in compensation, retirement and buyout provisions, etc.
The summary is your hook so be judicious about the material you include. It is probably the main priority of a firm chair in his or her strategic plan. The downside of being in a small town is that it may not have enough business to meet the ambitions of the practice.
These policies are equally important to top professionals evaluating a possible association with the firm. Perhaps a lawyer has left the firm. The Big-City Consumer Practice In larger cities, those with overresidents, the game changes again. I even see this with solos who buy a product but do not invest time and money into training.
The firm has spent months devising its strategic plan. What are the final deadlines and interim deadlines? We might only be able to target certain parts of the city, reach into the less expensive suburbs, or limit our practice area choices. Often, when consensus is hard to achieve, a managing partner operating alone lacks the skills and political capital to effectively manage significant changes.
Essentially, your plan becomes a template for effective and quick decision-making for both high-level issues and routine details. Constant monitoring is critical to hold people accountable, so everyone involved knows who is walking the talk and who is not. Strategic planning may uncover difficult issues and spark differences of opinion.
The best strategic plan will be wasted if it just sits on the lawyers' desks gathering dust. Who are our top clients and what kind of work do we do for them? This document should be short and simple. Assess status and gather facts. Apply old fashioned patience.
DUI is very expensive for criminal law, but perhaps going after drug possession, assault, and domestic disputes will yield quality traffic for less cost. Technology can allow a firm to expand to virtually any place in the world with an internet connection. This is not the time for ambiguity; if your strategy calls for additional associates to service extra work, include this in your strategy.Planning Award for excellence in strategic planning from the Association for Strategic Planning.
John is president of the Strategic Management Association in Chicago and is a contributing editor to the business journal Strategy & Leadership.
How important this is for a legal business plan depends on your long and short term goals, e.g., whether they are to grow a partnership, join a firm, build up a practice that is enticing for acquisition by a larger firm.
A successful small law firm strategic plan should consider a firm’s unique culture and vision, emerging trends in the legal market that might provide opportunities, emerging threats in the market that might dictate a change of course, and any needed operational changes.
Jan 18, · Simple but devastatingly-effective strategic planning for solo & small law firms. If you take your success at all seriously, you really owe it to yourself to watch these four videos in.
With 22 years of experience in firm management and as a legal marketing and brand strategy consultant, Kim brings knowledge of developing and managing strategic-level marketing and business development programs to small and mid-sized law firms. If a small law firm is perfectly happy with its current status and future outlook, then it does not need a strategic plan.
But really, how many firms can claim to be perfectly satisfied? Most small firms want more business and better business. To achieve this goal, these small firms need a strategic plan.Download