STRATEGIC PLANNING FOR LAW FIRMS

Lex Mundi Conference June 2005

Outline

• Feedback on your questionnaire

• Brief overview of strategic planning

• Responses to the most important issues raised by you

• Group discussions in your 3 groups

• Report back from each of the groups• Panel comments

• Closing remarks

End

9.5010.1510.3010.4010.45

Feedback on your responses to the strategic planning questionnaire

• 44 responses

Ø 36 had conducted strategic plans

Ø 8 had not

• Detailed summaries – at end of session

Feedback Highlights• Used a strategic planning model – 64%

• Partner involvement in planning All partners – 58%Less than a quarter of the partners – 25%

• Associate involvement in planningAll Associates – 25%Less than a quarter of the associates – 64%

• Developed goals and objectives – 100%• Developed detailed action plans – 75%• Had regular follow up meetings – 58%

• Handout

Most important issues to cover

• More effective follow up/implementation (10 firms)

• How to do strategic planning/improve what we have done (10 firms)

• Other issues:

Ø Partner buy-in (3 firms)

Ø Recruitment/retention issues(3 firms)

Ø Retirement issues (2 firms)

Ø Succession planning/career management (2 firms)

Strategy Planning for Law Firms

• Strategy Planning for Law Firms - Booklet

Ø Basic guide

Ø Refine process for those whohave done it before

The Essence of Strategy Planning

Strategic PlanPresentState

FutureState

Mission, Goals and Objectives – StrategiesAnd Action Plans – Tactics

Diagnosis and Review

VALUES

VISION

What strategy planning is not

• It is not the solution to all your current day to day problems.

• “Everything is wonderful”

Improving implementation

5 key principles:

1. Less is better than more

2. Build strong buy-in to the plan

3. Strong firm leadership

4. Management time to work on implementation

5. Build accountability into the ongoing management process

Less is better than more

• The key to planning is to find those few issues – the 3 – 5 goals that will take you from where you

are to where you want to be.

• Implement these - you can always do more at a later stage

• Day-to-day issues consume change energy

Change Energy

Build strong buy in

• Involve as many partners as you can in the planning process

• Consult with them as much as you can

• If they own the plan it will be implemented

• If they don’t own the plan they may actively work against its implementation

Strong firm leadership

• Leadership of the firm has to be present

• Important decisions have to be made about change or improvement

• Leadership has to stand up and be counted

• Leadership has to push to implement

• Leadership has to stay the course when things get tough

Management time to implement

• Implementation is what counts

• Need to understand that it takes time away from daily activities

• Must have capacity to implement - professional staff, full time management

• Associates for action plans

Build accountability

• Agree up front to quarterly accountability sessions

• Appoint champions for each goal, team leaders and owners for each action plan

• Monthly updates of progress

• Quarterly reviews3 months after completion of your plan report your progress

• Full annual reviews

Case studies to illustrate these principles

• Specialist insurance boutique

• Large full services law firm

Conclusion

Group sessions

• In groups of ten - select 10 to work with in your section – small, medium and large firms.

• Select 1 - 2 insights from your discussions.

Topics

Ø Small firms – Less is better than more

Ø Medium size firms - Build accountability into your management process

Ø Large firms - Build strong buy-in to the plan

• Complete by 10.15

• Hand down your written comments to end of the row

Report Back

5 minutes for each of the 3 groups

• Small firms

• Medium firms

• Large firms

Panelist comments

• Dick

• Rob

Concluding remarks