Yes, all law firms fit into our four types model.
I’m sure you think you’re different, most do before we start talking, but they quickly find themselves in the model.
Every industry, including lawyers, has strugglers. Strugglers need help for various reasons, from a lack of professional support to trying to attract the wrong client base. Most have their head buried in the sand, trying to dig themselves out. This approach generally makes the situation worse. Many think it would be better to retreat and practice law for another law firm. That notion may well be very true for some. The majority need to identify their issues and rethink their approach. Partner coaching is the starting point.
More than fifty per cent of law firms feel stretched. Everyone is working to their limit and being asked to do more. The first signs include the abandonment of priorities. Then the client’s experience suffers. Sloppy mistakes become emotional minefields, blame becomes commonplace, and accountability is lost. The longer this continues, the more likely it is that your best people will leave. You need a ‘better tomorrow’ plan to reshape the business and give everyone confidence in your leadership.
All law firms are malleable but can only stretch so far. Are you willing to watch your law firm break and then try to pick up the pieces? Partner coaching helps reset goals and instils confidence to find a way out of the maze.
‘Satisfied’ law firms represent around 25% of the market. Simply put, everything is okay. The business continues year in and year out. The yearly profit and loss statement hovers within a narrow band. The bills are paid, clients are content, and change is unwelcome. In my experience, this false Nirvana only lasts so long.
Increased competition cascades the satisfied into the struggling. A few new clients or losing a key person will have them stretched almost overnight. Making crucial decisions when you have been comfortable for so long is difficult. Many make poor decisions in a rush to get the business back on track, further complicating their situation. Seek professional advice from a coach who can help steady your fall.
Fewer than one in ten law firms are Stars. Stars shine brightly, consistently exceeding client expectations with an engaged team hungry for success. Stars are on an upwardly mobile track, seeking higher market share, inhaling clients from the stretched and the struggling. Stars demand innovation and clever strategies. They lead industry change reshaping the future for all other law firms. Stars can burn out quickly without control and need outside mentoring from a coach and an advisory board.
Did you find your law firm within this summary? Is it okay to continue doing what you’re doing, or is it time to rethink your approach to running your business – your law firm?