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Post #182 - Thursday, March 29, 2007
Managing Partner Confidence
Following on an idea that I initiated back in 2004 (but couldn’t get my partners enthusiastic about continuing), a group led by Dan DiPietro, client head at Citi Private Bank’s law-firm group announced (at the NorthStar Leadership Conference that we were both speaking at last week) their new Managing Partner Confidence Index. Kudos Dan!
Apparently Dan’s group sent surveys to managing partners at some of America’s biggest law firms, and got about 110 responses.
 A few of the results:
• Managing partners are bullish on revenues, with most expecting revenues to increase by at least five percent.
• 85 percent of respondents foresee an increase in total hours billed in 2007.
• Most law-firm leaders say their expenses will rise by at least five percent, a trend largely driven, DiPietro told us last week, by hikes in associate salaries.
• And, 8 percent of those surveyed, say they’ll reduce the number of partners.
Now this bullishness is certainly a marked departure from my earlier posting today, claiming that anyone paying even a little attention can’t help but notice the stunning array of problems that are menacing the global economy. Stay tuned. I think things are about to get interesting!
Here are several slides from Dan’s study.
Post #181 - Thursday, March 29, 2007
“The Intractability of The Situation”
That is the term Paul Volcker, a former Chairman of the Fed, used to describe things, meaning, simply, that the underlying problems can’t be fixed. What problems you ask?
In the Middle East, for example, even if we pull all our troops out today, the situation won’t settle down for years . . . or maybe even decades. And each day of turmoil will cost the U.S. more tens of millions in direct and indirect costs - and keep the global economy in a state of chronic worry over energy supplies.
Then there’s the collapsing housing bubble. For years a galloping real estate market was the primary driver of our economy. Now real estate is hobbling on three legs and has become the primary driver of personal and corporate bankruptcies.
Even more serious is the 6 trillion or so U.S. dollars in increasingly twitchy foreign hands. Hardly a day goes by without some government or another announcing plans to diversify out of the dollar. And no wonder, given the record levels of personal and government debt in the U.S.
And it gets worse. Over 20% of the U.S. population - the baby boomers - are now beginning to retire, and most of them have nowhere near enough savings to enjoy their senior years. So they’ll be absolutely dependent on the Social Security and Medicare promises they’ve been hearing all their lives. Financially, these promises are impossible to pay.
As we approach the beginning of the second quarter, anyone paying even a little attention can’t help but notice the stunning array of problems that are menacing the global economy.
Post #180 - Sunday, March 18, 2007
Declaration of Revocation
The following message was received this weekend from John Cleese (of Monty Python fame) addressed to the citizens of the United States of America. It is here for you to download in its entirety and intended to inject a touch of levity into your weekend activities . . . meanwhile here are a few excerpts:
 "In light of your failure to elect a competent President of the USA and thus to govern yourselves, we hereby give notice of the revocation of your independence, effective immediately.
Her Sovereign Majesty Queen Elizabeth II will resume monarchical duties over all states, commonwealths, and territories excepting Kansas, which she does not fancy. Your new prime minister, Tony Blair, will appoint a governor for America without the need for further elections. Congress and the Senate will be disbanded.
A questionnaire may be circulated next year to determine whether any of you noticed. To aid in the transition to a British Crown Dependency, the following rules are introduced with immediate effect:
• The letter 'U' will be reinstated in words such as 'favour' and 'neighbour. Likewise, you will learn to spell 'doughnut' without skipping half the letters, and the suffix 'ize' will be replaced by the suffix 'ise'. Generally, you will be expected to raise your vocabulary to acceptable levels. (look up the word "vocabulary").
• You will learn to resolve personal issues without using guns, lawyers, or therapists. The fact that you need so many lawyers and therapists shows that you're not adult enough to be independent. Guns should only be handled by adults. If you're not adult enough to sort things out without suing someone or speaking to a therapist, then you're not grown up enough to handle a gun.
• The Former USA will adopt UK prices on petrol which you have been calling gasoline-roughly $6/US gallon. Get used to it.
• The cold tasteless stuff you insist on calling beer is not actually beer at all. Henceforth, only proper British Bitter will be referred to as beer, and European brews of known and accepted provenance will be referred to as Lager. American brands will be referred to as Near-Frozen Gnat's Urine, so that all can be sold without risk of further confusion.
• Further, you will stop playing baseball. It is not reasonable to host an event called the World Series for a game which is not played outside of America. Since only 21% of you are aware that there is a world beyond your borders, your error is understandable.
Thank you for your co-operation"
Post #179 - Monday, March 12, 2007
A Worthwhile Read
 An e-mail this morning from Stephen Denyer, European Regional Managing Partner for Allen & Overy (whom I will be joining at an event in Munich in September) directed me to have a look at an article on the home page of their web site entitled: Profit Per Equity Partner As A Measure of Success, authored by the firm’s Senior Partner, Guy Beringer from their London Office.
In the article Guy cautions that the legal profession has unwisely put itself in a position “where a single financial measure, profit per equity partner (PEP), has been adopted as the sole measure of success.” Then throughout the piece, Guy makes some good points:
• The principal problem with PEP as a metric is that our clients have very little interest in it. It shows them a profession which is preoccupied with its own narrow financial interests and which appears to have forgotten that the service of the interests of clients is the starting point and the finishing point of any firm's existence.
• An improvement in profitability which is based on sustainable workflows from major global clients is a very different proposition from an improvement in profitability dependent on ever-shrinking numbers of equity partners.
Guy argues that PEP should be replaced with “measures that take account of sustainable profitability, client satisfaction and staff motivation.” I will leave it to you to determine for yourself whether you are convinced.
Post #178 - Saturday, March 3, 2007
Turn Gripe Sessions Into Brainstorms
Here’s an interesting little tid-bit from a friend of mine over in London who recently retired from having been an officer and director for Warner Records Europe.
Apparently one of the practices that Edgar Bronfman Jr. the CEO of Warner Music Group made popular was to fly to every major location and hold town hall meetings. He would introduce himself, tell everyone why he bought the company, and what his vision was. He followed that up with regular town hall meetings.
“He conducted what we call his roundtable discussions, where every other month he would meet with 15 or 20 of his people, and hold completely confidential two-hour sessions. He held them in New York, Los Angeles, Nashville, London, other European cities, and Hong Kong. He would usually start off with a 15-minute soliloquy on where he thought the company was headed and what he want to accomplish from the meeting. Once the discussion started, it was very free-form. Everything that happened in that conference room remained confidential within the group. So if people have criticisms that involve a more senior person in the company, nobody gets threatened, which is both informative and also builds a feeling of trust between everyone and their senior leadership.
It's a little like going to an AA meeting. You make a pledge and ask them to honor their commitment. As it turns out, because you give people that freedom, it doesn't turn into a gripe session. Instead they give you ideas about how to make the company better. There are waiting lists now for these roundtables.”
Post #177 - Saturday, February 24, 2007
Watts Happening Now?
 As mentioned in my post (#157) on October 31, every so often I get a little note from futurist, author and fellow provocateur, Watts Wacker updating me on a few of the most recent trends and developments. Here’s the latest:
* The fraud and waste in the American war effort in Iraq has begun to be revealed and the sight is not pretty. Forget that the $100+ billion (in aid alone) has not even taken the Iraq infrastructure to its prewar social infrastructure levels . . . the U.S. Government can't "find" about $40 billion. With Democrats in control of the house(s) this subject will only get far more coverage throughout the year.
* If you need to update your passport (U.S.A.) be prepared that each one now issued has an RFID chip inside. The chip is in the back. I took a hammer to mine . . . forget about using the microwave, your passport may catch on fire.
* The new library at Chicago State has no human access to books . . . robots get whatever you want for you.
* The top 5% of hospitals in the U.S.A. have 28% fewer deaths than other ones. You can read the report by Health Grades. Meanwhile, nurses now top pharmacists as the most trusted professionals. Actually, vets also top medical doctors who have dropped to 4th. Engineers have passed clergy for 6th and 7th place. Oh, dentists hold number 5.
Gee . . . wonder where accountants, lawyers and consultants scored?
Post #176 - Tuesday, February 20, 2007
Attend The Law Firm Leadership Institute
If you are looking for an exciting program to educate emerging law firm leaders on what counts in the leadership of the firm,; to engage new and existing law firm leaders in taking on new responsibilities within the firm; and to help law firm leaders embrace the management skills that are necessary for the continuing success of your firm, you may want to look at the newest offering from NorthStar Conferences scheduled for March 21 in Los Vegas.
Click here for a PDF copy of the program.
Post #175 - Monday, February 19, 2007
Hotel And Office
Kudos to our friends at S. J. Berwin LLP in London who were featured in Fortune magazine recently. The firm’s newest digs were designed to specifically cater to the workaholic tendencies of busy solicitors. Apparently the partners wanted the building to be a display case for clients, a hive of visible activity within the firm, and showcase busy lawyers at work from within their sheer glass offices.
Instead of the usual staff cafeteria there are multiple cafes and a takeout deli, plus the services of an in-house dietitian to advise the lawyers on eating for peak performance. A generously sized canteen offers huge screens on which England’s World Cup matches can be watched.
In addition, sleep pods are available for naps, there is a gym with yoga and Pilates classes, and ample bicycle racks and showers encourage compliance with London’s emphasis on alternate transportation.
All very similar in style to my office . . . at least similar in that the London office of S. J. Berwin and my office both have work desks!
Post #174 - Monday, February 12, 2007
How Do You Demonstrate Your Firm Is Unique?
On a recent visit with the Vice-President and General Counsel of a $4 Billion Corporation, I noticed a rather interesting magazine (and one that I was totally unfamiliar with) in his small reception area. Leaders is an international magazine that deals with the broad range of leadership thoughts and issues.
Flipping through this particular issue I happened across a one-page interview with Martin Frederic Evans, the presiding partner at Debevoise & Plimpton in New York. Founded 75 years ago, Debevoise has approximately 650 lawyers practicing in New York, Washington DC and six offices in key financial centers in Europe and Asia.
While the interview did not identify the author, the interviewer asked only three questions. It began with a very insightful question – "Many large-scale firms operate in the same practice areas as Debevoise & Plimpton. How do you demonstrate that your firm is unique?" Here is how the particular presiding partner responded:
It is a challenge to differentiate among law firms, but sophisticated clients recognize that there are different sets of skills and expertise that various firms can bring to bear, and different levels of quality and integration among firms. While many firms have strong practices, firms do have identifiable areas of expertise and preeminence. So while differentiation is hard at a great distance, clients do understand that our quality, expertise, global service delivery, and comfort in certain markets set our firm apart. In the big picture, firms may look the same, but take a closer look and you can see real differences.
 Now I don’t know if this presiding partner had the benefit of knowing what questions would be asked in advance, or whether as I have often experienced, the interview was actually conducted via e-mail with no time pressures whatsoever, but I thought the response rather weak. When I deferred to the General Counsel I was visiting for his opinion on the article and specifically on the response to this question, the only answer I elicited . . . was two fingers down the throat.
So how might you answer this same question?
Post #173 - Tuesday, January 30, 2007
Creativity Award
We were notified the other day that our beyond KNOWING book (IBMP, 2000) won an Honors Award for outstanding design from the International Design Competition called ‘Creativity Annual Awards 2006’. We are told that the design work will be featured in the Competition’s Annual Book this year. Not too bad for a seven-year old design and speaks volumes for the creativity of one Byron Dowler, the head of Coastlines Creative Group.
Byron also handled the design work behind Herding Cats and for First Among Equals – which was probably a first for Simon & Schuster in allowing an outside graphic artist design the book cover of one of their offerings.
In honor of the award, I would be pleased to send a complimentary copy of beyond KNOWING: 16 Cage-Rattling Questions To Jump-Start Your Practice Team to anyone who sends me an e-mail requesting a copy. You can then judge for yourself whether the content holds its value as well as the design seems to have.
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