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Post #551 – Saturday, July 9, 2011
NEW Group For Law Firm Leaders Growing Quickly
 Since my posting of last Friday, our Law Firm Leaders group has grown from its inaugural 35 members to over 55 members with 62% representing leaders from firms of 100 to 300 lawyers; 16% from firms of 300 to 500 lawyers and another 19% coming from firms of over 500 attorneys.
Our most popular discussion thus far has evidenced over 10 responses to this question: What is Your Very Best Piece of Advice To Your Successor?
My question of each of you: As you think back over your years of service as a managing partner, as you think about some of the leadership lessons that you’ve learned (perhaps some through trials of fire), what one important suggestion, idea or piece of advice would you offer that individual (and assume it's your best friend) who becomes your successor.
Law Firm Leaders is the ONLY group on LinkedIN exclusively for, and populated by, firm chairs, managing partners, and a few qualified executive committee members. If you, or any law firm leaders you know, are not members please feel free to encourage them to make an inquiry and join us.
Post #550 – Friday, July 1, 2011
A NEW LinkedIn Group For Law Firm Leaders
During this past week I am pleased to have launched Law Firm Leaders - the ONLY group on LinkedIN exclusively for, and populated by, firm chairs, managing partners, and a few qualified executive committee members. I am especially pleased to have welcomed our first thirty-five (35) inaugural members. Our membership hails from primarily U.S. firms of over 100 lawyers in size, and this is a “closed” group, which means that it is “member-only” with none of our discussions being visible or searchable on the Web.
Our initial ponderings this week consisted of discussions on topics like:
> The TransAtlantic Elite
> Do You Think This Business Model Offers Any Real Competition To Your Firm?
> What Are You Doing To Encourage Innovation?
> How Have You Effectively Used Symbols or Symbolic Behavior to Leverage Your Leadership Priorities?
> Obtaining Advance Consent From Your Partners
If you, or any law firm leaders you know, are not members please feel free to encourage them to make an inquiry and join us.
Post #549 – Friday, June 24, 2011
First 100 Days For New Firm Leaders
According to an announcement made last week:
Mark S. Stewart will succeed Arthur Makadon as chairman of Ballard Spahr, effective July 1. Mr. Makadon, who has served as chair of the firm since 2002, will return to the full-time practice of law. Mr. Stewart will be Ballard's first full-time chairman, in keeping with an ongoing trend among larger firms where there is a need for a full-time chief executive. The Philadelphia Inquirer, 6/19/11
I’m delighted to extend my very best personal wishes to Mark – “Here's wishing you a leadership tenure filled with growth and exciting new challenges.”
 I know full well that Mark is prepared to take on those challenges because he was one of the over fifty new firm leaders who graduated from our last First 100 Days master class.
According to the (unsolicited) comments of one other firm leader, a full year after attending one of our sessions: “Your program really did help me to prioritize my goals and objectives for the first 100 days. As I look back, I really didn’t know what I didn’t know leading up to taking on this new responsibility as the Managing Partner. The guidance and suggestions I took away from the seminar (and reading materials) were extremely helpful. I had a much better understanding of what to expect. I really do appreciate all of your help.”
There are still a few seats left for our next scheduled session at the University of Chicago on Thursday, July 21st. If you, or someone you know, is about to take on this very challenging role, you might want to suggest that they have a look at this program.
Post #548 - Sunday, June 19, 2011
The Trend Toward Having Co-Managing Partners
Co-managing partners have become more common as law firms struggle to find partners who aspire to be full-time managers. Yet embracing shared leadership brings its own challenges.
 Here is a provocative scenario: You are in your early fifties, a successful practitioner and in the midst of your best revenue-generating years, when your partners ask you to take on being the firm’s next managing partner. Your initial term is four-years, with an option to renew for additional terms; but you are going to have to give up a substantial portion of your practice to manage and lead your firm. What do you do?
In November 2010, I surveyed and heard from 92 law firms on this and other issues related to firm leadership. My research was a repeat of a survey I conducted six years earlier. The most striking difference was the time spent dedicated to full-time management of the firm. In 2004, 24 percent reported managing their firms on a full-time basis. By late 2010, only 9 percent claimed that their management/leadership roles were full-time. All indications are that this decrease in full-time effort is one consequence of our protracted recessionary conditions. Today, even firm leaders are increasingly sensitive to their partners seeing them make a billable contribution.
My research also shows that leaders who relinquish their practices to assume management responsibility may be in a tough spot when their leadership role comes to its conclusion. Only 23 percent of firms have some form of ‘parachute provision’ or other compensation formulas to help lawyers ease-out of their management roles and back into full-time practice.
What this seems to be stimulating is a growing trend of more firms gravitating towards having co-managing partners. Having co-managing partners who continue to practice law, even while having firm leadership responsibilities, would allow each individual to keep his/her hand in the practice and maintain client relationships against that day when they may return to practicing full time. Perhaps of equal importance in some firms, it provides a measure of credibility that may be needed in dealing with partners.
Now we face a different challenge!
To read this complete article - download the PDF.
This article first appeared in CBA PracticeLink for Law Firm Leaders
Post #547 – Wednesday, June 8, 2011
Hurdles To Executing Your Strategic Plan
 Whenever I think about the effort that is required to go into implementing your firm’s strategic plan, I’m reminded of a particular business book title that grabbed my attention when I first saw it . . . Hope Is Not A Strategy! To effectively transform your best intentions into best practices, there are several common hurdles that you need to overcome. Thinking through the following will help you make the leap.
1. Move seamlessly from strategizing to implementing.
This is, from my experience, the most significant hurdle. Planning is not doing. Unfortunately, some partners believe that implementing the strategy and “getting their hands dirty” is beneath them. They act as if implementation is something best left to the non-legal professionals in the firm. This view holds that one group does the innovative work (“the strategizing”), and then hands the ball off to lower levels. If things go awry, the problem is placed squarely at the feet of the “doers,” who somehow couldn’t implement a “perfectly sound” plan.
Strategy and execution should be mutually dependent and cyclical in nature – the results of developing your strategic plan then drive your implementation efforts, which then requires that you think through the strategic implications. This is why execution needs the active engagement of those very same partners that came together to work on developing your strategy in the first place. In other words, it should be absolutely mandatory, when you first begin your strategic planning, to have those who agree to serve on your Strategic Planning Committee understand that they will also be required to serve when your Planning Committee transforms into your Implementation Committee. I have discovered repeatedly, that if the partners who formulated the strategy have no responsibility for executing the strategy, it threatens knowledge transfer, commitment to sought-after outcomes, and the entire implementation process.
2. Have a single point of ownership.
You need to make sure that you clarify specific accountabilities for each strategy and initiative. Each and every member of your Implementation Committee (formerly your Strategic Planning Committee) needs to voluntarily take ownership for being the liaison on some action element and take responsibility for ensuring that they pull together the right partners and people throughout the firm to execute that task. This doesn’t necessarily mean that they have to roll-up-their-sleeves and do it (that can be their choice), but it does mean that they are accountable for seeing that it gets done.
3. Do away with “should”
For many firms, a pervasive problem in executing strategy is the existence of ambiguous wording, measurements and tracking mechanisms. Whenever I review some firm’s prior strategic plan, I am always taken back by reading goal statements like: “We intend to clearly distinguish ourselves and rise above the pack.” Or, how about this for a meaningful strategy statement: “We should create a highly visible positive image in the markets in which we are determined to be a first choice” or “We should systematize cross-selling of practice areas by facilitating identification of client opportunities.” All of these are perhaps very noble in principle, but without any hint of HOW it’s going to get done. Without clarity, strategic execution becomes directionless work. Morale and support quickly erode. Alternatively, with clarity, you can create tasks and routines that keep incremental actions moving forward with holistic purpose and accountability.
To read all eight (8) suggestions and the complete article - download the PDF.
The above represents my latest column for Slaw.ca Slaw identifies itself as “a cooperative weblog on all things legal.” Slaw has been publishing for five years and gets 30,000 unique visitors and about 100,000 visits every month. For the past two consecutive years it has been the winner of three different awards as the best legal blog. I’m honored to have been asked to become a regular columnist and invite you to comment on my latest meandering.
Post #546 - Wednesday, June 8, 2011
The Structure of The Economy Is Changing
The structure of the US economy has certainly changed over the past ten years and even more dramatically over the last three years. As evidence, I received the following statistics from my favorite investigative economist:
Consider the fact that total employment fell by 2.6 million jobs since the year 2000 while local, state, and federal employment grew by 1.8 million. In 2001, 14 million were employed in local government and 17 million in manufacturing. Ten years later, 15 million are employed in local government and 12 million in manufacturing."
The growing legions of federal employees are doing their best to jumpstart the economy, as the following chart clearly shows:
The number of limousines owned and operated by the federal government has doubled over the last three years. The booming federal limousine trade is good for the limo industry, which is also good for related industries like limo driver uniform vending, sun-roof installing, crystal whiskey decanter manufacturing, automobile insurance and perhaps, personal injury lawyers.
Two hundred new limos in three years isn't going to turn the economy around overnight . . . but I guess some might say – “it’s a start.”
Post #545 – Saturday, June 4, 2011
The Extraordinary Managing Partner
 A new book entitled The Extraordinary Managing Partner: Reaching the Pinnacle of Law Firm Management, authored by John Michalik, Executive Director Emeritus for the Association of Legal Administrators has just been released.
In a recent discussion about the book, John says:
Although this isn’t the first book written about managing partners, I think it is perhaps distinctive in the level, depth and diversity of its research. For books of this sort, surveys of managing partners are always necessary and important but for The Extraordinary Managing Partner the initial survey was sent to 200 principal administrators, hand-selected for their experience in working with various managing partners over significant periods of time. The surveys led to follow-up in-person administrator focus groups of six to 12 people in a number of cities including Boston, Minneapolis and Seattle; one-on-one interviews with a number of managing partners; and a critical series of interviews with some outstanding principal administrator-managing partner teams. I suppose if I had to put the finger on something that stood out in terms of exceeding anything I had expected or suspected, it would be how little other lawyers (partners and associates) generally know about what the managing partner in their firm does and experiences in the position.
(And I know that this comes as no surprise to those who read this blog or remember my Post #506 and recent survey of 92 firm leaders)
What I found of particular interest (in a self-serving way) is that John conducted multiple surveys, questionnaires, focus groups, and interviews as part of the project research for this book. A total of 75 managing partners and 160 law firms were represented in his work. One of the questions John asked was: “How does a firm or an individual address the educational needs involved in becoming an extraordinary managing partner?” John goes on to state, “There are some focused paths to learning the traits, abilities, approaches and behaviors that are very much law firm managing partner specific. That includes a number of intense top-line programs . . . a strong, current representative example includes that offered by . . . Patrick McKenna”
It would appear that my First 100 Days: Master Class For The NEW Managing Partner was one of only a couple of programs identified by a number of John’s survey respondents. Our next session is scheduled for Thursday, July 21 at The University of Chicago.
Essential reading for anyone who is serving as a managing partner in a law firm, or simply interested in acquiring additional understanding of what is involved in law firm management, and the third in the Extraordinary Series, this book provides - from a variety of knowledgeable perspectives - what it takes to move beyond doing “very well” to being a highly effective and extraordinary law firm management leader.
Post #544 – Thursday, May 26, 2011
The Slowing Economy
I can barely keep up. One news report tells me things are getting better. The next tells me they are getting worse. Take employment for example. First you hear that there was a “surprise jump in initial claims for unemployment benefits” – and then you are told in another report that the "stock market was boosted by a good jobs report" – employment had gone up!
 So what's the real story? The real story is one that is quietly being manipulated. Every time it opens its mouth, the feds come along with duct tape. The real story is that there is far too much debt in the system; that most of today's reported 'growth' is a mirage, and that the mountains of bad debt need to be erased. The feds want to shut it up . . . they want to lend more money . . . and then simply pretend the problem will go away.
Unfortunately, we are not getting a fair analysis. There's nothing new about that. No one in the popular media predicted the recession that was clearly upon us, and the economic downturn wasn't even recognized until well after the average guy on the street knew things were bad. We have some very poor-quality economic reporting right now. The economy has not been as strong as advertised. Yes, there has been some upside bouncing in certain areas, but it's largely tied to the government's short-lived stimulus programs.
The real story may well be that is spite of what last week’s LinkedIn IPO might indicate, the entire world economy is slowing down. Emerging markets are being forced to try to control inflation. Europe is worried about what happens when Greece defaults - which is inevitably coming. And the US is suffering from the worst housing slump in its history. Prices are down 33% and more than one out of four homeowners is already underwater. Prices continue to fall at the rate of about 1% per month.
This latest bit of information is worth a pause. The total value of US housing is about $20 trillion. So, a 1% loss equals $200 billion. That's $9 billion every working day. And, housing starts have never been this low. Right now, they are running around 500,000 a year. We are at the lowest levels since World War II - down 75% from 2006, and it's getting worse. I mean the bottom bouncing has turned down again. We are already seeing a second dip in the housing industry. There has been no recovery there.
Here is one more fact to toss in front of you. In 1980, US federal, state and local debt per person declined at the rate of $2 per working day. As recently as 2000, debt declined again - at the rate of $4 per day. But never have we seen anything like this. Government debt per working person is now increasing at $115 per working day. And that does NOT include the build-up in social welfare obligations.
A lot of people look closely at and follow the consensus of economists, which is looking at (or at least still touting) an economic recovery with contained inflation. I'm contending that the underlying reality is a weaker economy and rising inflation (see my Post #531 and #527). I think the expectation of rising inflation is beginning to sink in. Given another month or two, I think you'll find all of a sudden the economists making projections will start lowering their economic forecasts.
And, what is the government's response to this grim state of affairs? Austerity? No way! As Warren Buffet once remarked, "If you've been in a poker game for 30 minutes and you don't know who the patsy is, you're the patsy."
Comment Received:
Here what the Wall Street Journal said this week:
"White House and congressional officials said that they were moving closer to a budget deal that would make a 'down payment' of more than $1 trillion in cuts to federal deficits over the next decade."
How do you like that? The feds claim to be getting serious about cutting spending, right? One trillion . . . but over 10 years? How serious is that? When you are running trillion-dollar plus deficits EVERY YEAR? If deficits were to continue at the rate of the last three years, this proposal would mean additional debt of only $14 trillion rather than $15 trillion.
We can all do the math. Add a few more $1.5 trillion deficits to the national debt. In 5 years you add debt equal to 50% of GDP. Add that to the existing debt and round off at $20 trillion. Now figure an interest rate of 5%. Presto! You've wiped out two thirds of tax receipts on interest alone. And every Member of Congress can see this train wreck coming, but all they do is talk.
Post #543 – Monday, May 16, 2011
On Being A Visionary Leader
 Read any business text on what is required to become a good leader and you will soon be told that you need to have ‘a vision.’
These authors seem to perpetuate this view that firm leaders are required to be visionaries. Meanwhile, I keep asking professionals to please identify one managing partner they know that has everyone in their firm excited and enthusiastically supporting their vision. In three decades of working with professional service firms I have never seen a true example of a visionary leader.
And that is not to say that it isn’t theoretically possible, I just haven’t seen it.
One of the problems with visionary leadership is that visionaries tend to narrow their attention onto those phenomena that appear relevant and supportive of their visions. They can, therefore, appear impatient, dismissive and intolerant of any information or ideas that may appear to challenge or question their vision (“don’t confuse me with the facts”). Any ideas or questions that appear to complicate the goals can be ignored, and those who dare raise such questions will likely be quickly dismissed as simply being ‘resistant to change.’
While having a vision may be nice, in a complex world visions require a psychological sophistication that many of us mere mortals lack. A true vision contains a paradox in that it is not an expression of truth, nor is it necessarily right, but your vision must be treated as though it was right. The thing to consider is that a true vision requires that you have a view of the future that isn’t supported by evidence.
Now, I don’t know about you, but my academic education in psychology taught me that an individual having visions . . . unsupported by evidence . . . was usually a clear sign of someone who had lost touch with reality!
Post #542 – Monday, May 16, 2011
If It Weren’t So Painful, It Might Be Funny
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