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Firm Leadership

Rants, Raves, Rebuttals, Reflections, Revelations & Ruminations


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Post #803 – November 10, 2018

International Review Magazine: Fall-Winter 2018

Our Fall-Winter issue begins with Inside the Corridors of Firm Leadership.  This features the results of the fifth in a series of surveys I’ve conducted with my highly respected colleague David Parnell. 

A Lesson From The Accountants is a collaboartion with an old friend, Neil Gower, and addresses how the major accounting firms exercise good governance practices, perhaps worth emulating.

The Rise of the Micro-Niche provides a further look into how the explosion of data today is forcing professionals to be far more specialized if they hope to develop a “go-to” personal brand.

What Firms Need To Do To Prepare For The Future is an excerpt from the mid-year discussions of LIFT, our international think-tank group collaboration.

Finally, When You Need to Replace a Practice Leader offers some straightforward guidance on how to handle the difficult situation when you have to remove a colleague who is just not doing the job.

Visit the following link to download your copy of my Fall-Winter 2018 practice management magazine: http://www.patrickmckenna.com/pdfs/MIR%20Winter%202018.pdf



Post #802 – November 10, 2018

Legal Leadership: A Handbook for Future Success

I’m pleased to have contributed a chapter to Legal Leadership, a NEW book providing relevant guidance from those on the frontline of law firm leadership and management, to serve as the catalyst for change and the foundation on which a strong leadership practice can be built.

Drawing on their expertise, the authors – ranging from behavioral psychologists to senior management figures and professional coaches – present a wide range of strategies to cultivate as part of a leader’s personal and professional development. 

Whether you are already a member of your firm’s senior management or in a junior position with big aspirations, this text should provide some tools that you can put to practical use.

https://www.ark-group.com/product/legal-leadership-handbook-future-success-0#.W-W9k62ZNE6



Post #801 – November 1, 2018

Two Types of Legal Innovation

My sincere thanks to my good friend, Professor Bill Henderson for his gracious commentary on my S-Curve Strategy Model.

Two types of legal innovation: Type 0 substantive law, Type 1 service delivery (071)

https://www.legalevolution.org/2018/10/two-types-legal-innovation-type-0-type-1-071/



Post # 800 – November 1, 2018

Every New Innovation Can Look Like a Failure in the Middle

In the "middle," you can overspend resources; both time and money, because forecasts are always overly optimistic.  You should expect to have the unexpected pop up that no one knew would be there.  After all, no one has been down this path before.

And the middle is when the critics attack.  Opponents start to notice and will offer favorable comments about the project . . . only when it looks like it might be a winner.

https://www.linkedin.com/pulse/every-new-innovation-can-look-like-failure-middle-patrick-j-mckenna/



Post # 799 – October 20, 2018

The Advent of The Legal Practice’s Micro Niches (Part 2)

Today, firms are facing yet another structural and marketing challenge, that which I have come to call, “Tech-Driven Hybrids.” These are practices that are not simply conventional in that they require a level of expertise that goes beyond any one vertical (e.g., may require regulatory plus tax, plus IP), and they are practices that extend beyond impacting just one industry in that their effect will likely be felt in a good number of different industries.

What are the micro niches in your legal practice? And how can you use them to find new clients and better service your existing ones?

http://www.legalexecutiveinstitute.com/legal-practice-micro-niche-part-2/



Post # 798 – October 5, 2018

The Advent of Micro Niches (Part 1)

There was a time when we simply organized our law firms vertically, by the same subject matter we studied in law school — a corporate practice, a litigation practice, a labor and employment practice and so forth.  So that today, we tend to think of the typical labor and employment practice as highly commoditized with practitioners doing low-value work for highly discounted fees.  In the real world, however, those looking at the trends, monitoring the pace of change, and exploring where new client needs may be, are discovering the answers might be in highly-specialized micro-niches.

What are the micro niches in your legal practice? And how can you use them to find new clients and better service your existing ones?


http://www.legalexecutiveinstitute.com/legal-practice-micro-niche-part-1



Post #797 – October 1, 2018

Everything You Need To Know Has An Expiration Date

As a professional one of the things we tend to ignore and overlook is that everything we know has an expiration date.  In an earlier era, many professionals retired having practiced in the same area, having attained competency and then spent their time doing pretty much the same thing from the day they entered their profession.  Today, continuous learning and skill building are conditions precedent to maintain a healthy career.

Read this entire article: https://www.linkedin.com/pulse/everything-you-know-has-expiration-date-patrick-j-mckenna 



Post #796 – September 15, 2018


For A Truly Different Perspective on The Big 4

There is a lot of buzz throughout the legal profession as of recent, regarding the threat coming from the large accounting firms.  However, it should be noted that the Big Four accounting and audit firms – KPMG, Deloitte, EY and PwC – are in trouble like never before.  They face a multitude of existential pressures all at once.  First, traditional accounting has been hit with a series of major (and expensive) auditing scandals, such as TBW-Colonial and Lehman Brothers in the US; Carillion in the UK; and the Guptas in South Africa.

One result is widespread concern that the current style of auditing has become a hollow ritual that provides little assurance for investors, lenders and employees.  Regulators are talking about forcibly breaking up the Big Four in the UK, taking antitrust action in Italy, and pulling back from relying on the firms to advise the government in Australia.  In China, the government is creating new firms to take on the Big Four in the marketplace.

Changing times are bringing a range of disruptions: Technologies — such as digital analytics, cognitive AI, big data and blockchain — are rapidly making old forms of auditing obsolete. A new era of transparency (including a culture of hair-trigger leaking) is undermining services that depend on secrecy, such as Big Four tax avoidance services; think Lux Leaks, Paradise Papers and Panama Papers.

Within the Big Four sphere, tensions have been mounting, including increasing conflicts between advisory services and auditing as firms enter new fields, such as marketing, law, real estate and IT.  And the #Metoo movement has exposed a darker underside within the firms’ cultures.  Finally, the limitations of the Big Four’s thinly capitalized international franchise structures make it difficult to change direction, or to make large investments in IT and IP. Without conventional corporate structures, the firms can’t raise capital easily.

That’s not to suggest that they are not a threat to the legal profession only to cite some of the external changes that the Big 4 are having to contend with.  For more on this subject, check out the writings of Professor Ian Gow at the University of Melbourne.



Post # 795 – August 22, 2018

New White Paper: The State of Law Firm Leadership 2018

In new white paper published by Thomson Reuters Legal Executive Institute, authors Patrick J. McKenna and David J. Parnell delve into what it takes to be a law firm leader today, culling valuable insight from a survey of law firm leaders and identifying some key issues related to the role of being firm chair or managing partner.

The white paper is based on a comprehensive 30-question survey, distributed in June and July to a group of about 300 law firm leaders, many among the Am Law 100 and 200 ranked firms.  The data uncovered some surprising and potentially valuable findings, according to the authors.

For example, they found that many leaders of America’s largest firms who are managing multi-million-dollar businesses are too often thrust into the role with minimal planning time and no clear job description.  “They’re given next to no formal preparatory training and are expected to either sink or swim,” the authors write. “ Further, they’re expected to approach the end of their term with no precise parachute or exit agreement in place when they decide to step down or retire.”

Not surprisingly, the survey found that a majority of today’s law firm leaders — no matter the firm size — see the challenges they are facing as far more complex than even just a few years ago, and a percentage of them reported feeling “almost overwhelming at times.”

You can download a free copy of the “State of Law Firm Leadership 2018” white paper here.
http://www.legalexecutiveinstitute.com/white-paper-law-firm-leadership-2018



Post #794 – August 22, 2018


Law Practice Management 2.0 Conference

 

Join me October 4th at the University of Chicago, Gleacher Center.  We will begin by exploring how one might organize new ‘tech-driven hybrid’ groups like Blockchain or Synthetic Biology; hear directly from panels of highly-experienced Practice Group Leaders and Chief Practice Officers; participate in an interactive exercise with the LEADING EXPERT in the field of “virtual distance;” hear first-hand, from the professions’ leading client research firm concerning why some practices thrive and others dwindle; and conclude our day by venturing outside the comfortable corridors of our profession to hear from one of the most distinguished leaders in the accounting world.

https://www.ark-group.com/sites/default/files/PracticeManagement%202018_Chicago_OCT%204_1.pdf


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