Law firm strategic plans tend to start much the same with commitments to delivering extraordinary service to clients with extraordinary lawyers and action items variously emphasizing innovation and growing the pie. Unfortunately, and in light of the current circumstance we and our clients face, these documents may read as relics from another age entirely. Consider ditching the relic or revising it inside of 60 days and thereafter updating it on a quarterly basis so it and its core action items become common currency within the firm.
How you do this will vary from one firm to the next, but involving a small group of committed and informed lawyers and professional staff is a great start. The goal of this working group is to map out the organization’s goals over the next 12-24 months, what strengths the firm will capitalize upon and how, what weaknesses it has and what it will do to fix them (be aggressive but realistic), and define for everyone what makes the firm truly different from the competition. And, make it short!
If the strategic planning process does nothing more than force a clear-eyed examination of what truly differentiates the firm from others, it’s a win. Here’s why. Today a client is likely looking to cut expenses. If a client asks what makes the firm different from X, Y and Z, we want to make sure we have a concise, meaningful answer. And, the answer obviously needs to reflect what we understand the client’s needs and goals are (heaven help us if we do not know).
Communicate with the entire firm team about the strategy, what the action items are and how they are measured. Reporting back is a must. Amid the upheavals and disruption folks are experiencing, it is reassuring, even comforting, to have a plan in place with firm leaders regularly updating everyone on progress, or even lack of progress (what’s the hurdle and what can be done about it).
Today’s discouraging news – like a water leak – threatens to widen any organization’s cracks and weaknesses. Consigning the old strategic plan to the trash, tuning it up, or drafting a new one that is authentic, short, readable and relevant to the firm’s situation affirms a firm’s grasp on its destiny, engendering confidence, which in turn telegraphs to clients and prospective clients.