Roy is a frequent CLE speaker and consults with firms and individuals nationwide. Strategic planning requires an investment in nonbillable hours, which are not rewarded by most law firm compensation systems.
They envision hours spent with a high-priced consultant who spouts arcane business jargon and then presents obvious recommendations. The time period is usually dependent on how fast the industry is moving, so for industries that change more slowly, longer range planning is possible and desirable.
It involves maintaining relationships with existing clients as well as creating new relationships with prospective clients. As a result, strategic planning often takes a back seat to client matters. Re-shape the organizational culture to be more adaptive to the changes the strategic plan requires.
The focus is on billable hours and production. Their counterparts at larger law firms have staff to manage the firm, so that the lawyers can concentrate on clients.
In other words, these attorneys envision a complete waste of their time and money. Law firms should not try to accomplish too much, too soon. In addition to his consulting practice and global speaking he has been featured and published in over different magazines and industry publications.
Do we have the right leadership? To be more thorough, use these questions to trigger discussion.
But for small companies, the winning recipe may be precisely the opposite. How do we achieve X outcome, given Y situation? It is also critical for making revisions. Effective strategic planning is the linchpin for your long-term business success.
It starts off with a communication to all levels of employees informing them that a Strategic Planning process will be undertaken. How can we distinguish our firm from our competitors?
Plan in the hallway: Thus, strategic planning not only forces small law firms to consider the future, it also motivates them to proactively tackle lingering problems that have been holding them back. Long-term planning can slow them down and kill this advantage.
As your business grows and you are faced with difficult decisions everyday, you need to take a look at your strategic plan.
In addition, the following obstacles are at play: Regarding external issues and trends: Some of these issues may be longstanding problems that have not yet reached crisis level, but have been neglected for too long. They will communicate to all employees how their engagement will help ensure success in the execution of these strategies.
Many organizations tell their employees to be more innovative. This requires a high involvement and commitment on the part of employees to spend the time required on the projects. They will of course disagree. When it comes to inclusiveness, there are no hard-and-fast rules.
For example, if you plan to eventually open five stores, you can build supply chain relationships based on your intention of eventually doing considerably more business with these suppliers.Strategic Planning for Law-Firm Success and Growth By Guest on March 9th, “Practice Management: Plan to Grow,” by Ed Finkel, was originally published in the March edition of the Illinois Bar Journal.
Strategic Planning for Small Law Firms Posted Jan 13 by Roy S. Ginsburg in Articles with 0 Comments Pressed for time and averse to business jargon, solos and small law firms may be overlooking benefits of strategic planning that include more and better business over the long term.
Previous research on strategic planning in small firms shows that only between 30 and 50% of small businesses conduct any sort of formalized strategic planning, such as by means of written vision. planning defined, why it is important in law firms, a brief history of strategic planning in law firms, the “do’s” and “don’ts” of effective law firm strategic planning, the key to successful planning - successful implementation, integration.
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Strategic business planning and success in small firms Usually, a time horizon of about three years is used to define st rategic planning in .Download