The current economic woes ironically present law firms with an opportunity to create a leaner and fitter business for when the economy recovers. Let's look at them.
- Partner performance
Address ways of getting partners to meet higher levels of performance by introducing an effective performance management process for partners, which they buy into and which works for your firm, going beyond being a mere form-filling exercise.
- Delivering business development
Partners need to have and be held accountable for delivering a focused business development plan in which they uncover clients' needs and show them how real value can be added, in short cross sell and tap ones existing client base for opportunities.
- Build loyal teams
Leadership is vital in difficult times to this end attracting and retaining the best talent should be top of the agenda. If reducing headcount is unavoidable, do so in the most humane way.
- Make good use of downtime
Knowledge sharing, developing new products and services, building market profile and developing stronger client relationships will all pay off. If partners and staff have more time on their hands, see it as an opportunity to invest in meaningful projects which will generate returns later on.
Article on LawGazette.co.uk