Law Practice Management Asked and Answered Blog

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August 2017

Aug 16, 2017


Book Writing as a Business Development Strategy for Attorneys

Question: 

I am a partner in a eighteen attorney law firm in Jacksonville, Florida. Our business development committee is requiring all attorneys to submit annual personal business development plans and become more involved in business development. I have been thinking about writing a book. Is such a goal worth my time investment? I welcome your thoughts.

Response: 

While writing a book is not terribly difficult, it takes time and commitment and it will consume some non-billable hours. However, as David Maister often states,”attorneys should consider their billable time as their current income and their non-billable time as their future.”  In other words non-billable time is an investment in your future – the long-term. I believe that authoring a book is an excellent way of building your professional reputation and brand and it will pay dividends in the long-term. Authoring a book can create opportunities that could change your whole life.

When I wrote my book I had 142 non-billable hours invested in the book and I had some content available from past articles that I had written over the years. Often a good starting point is to start writing articles around a particular topic/theme and later tie them together in a book. This is a good way of taking “baby steps.”

During the writing process, authoring a book may seem like anything but freedom. However, it is a trade-off. Work for the book now and it will work for you later.

Your published book can generate income for years while you are doing something else. In addition to financial rewards, other payoffs for writing a successful book include:

While your law firm may be doing all the right things to build the “firm brand” I believe that each attorney must build their personal brands as well. Clients advise us that they hire lawyers – not law firms. This is not totally true as in many cases the law firm’s brand may get the firm on a prospective client’s short list – but after that it is more about the lawyers handling a client’s matters. This is why prospective clients ask for the bios of all the attorneys in the firm.

Writing a book can assist you in achieving your business development goals but it is a long-term investment and not a quick fix.

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John W. Olmstead, MBA, Ph.D, CMC

Aug 08, 2017


Law Firm Strategic Planning – Reasons for Investing the Time to Develop a Strategic Plan

Question:

I serve on the management committee of our sixteen lawyer firm in Columbus, Ohio. We do not currently have a strategic plan and been discussing whether we should spend the time developing one. However, we are not sure what a strategic plan would do for us or why we should invest the time in developing one. We appreciate any thoughts that you may have.

Response: 

One of the major problems facing law firms is focus. Research indicates that three of the biggest challenges facing professionals today are: time pressures, financial pressures, and the struggle to maintain a healthy balance between work and home. Billable time, non-billable time or the firm’s investment time, and personal time must be well managed, targeted and focused. Your time must be managed as well.

Today well-focused specialists are winning the marketplace wars. Trying to be all things to all people is not a good strategy. Such full-service strategies only lead to lack of identity and reputation. For most small firms it is not feasible to specialize in more than two or three core practice areas.

Based upon our experience from client engagements we have concluded that lack of focus and accountability is one of the major problems facing law firms. Often the problem is too many ideas, alternatives, and options. The result often is no action at all or actions that fail to distinguish firms from their competitors and provide them with a sustained competitive advantage. Ideas, recommendations, suggestions, etc. are of no value unless implemented.

Well designed strategic plans are essential for focusing your firm. However, don’t hide behind strategy and planning. Attorneys love to postpone implementation.

A strategic plan is useless unless it is used. Don’t create a plan and simply file it. You must actively work your plan. Involve everyone in the firm, delegate action items, and require accountability. Consider it a living document – revise it – update it – change it as needed. Refer to it weekly and incorporate action plan items into your weekly schedule.

Use your plan as your roadmap to your future.

Good luck on your journey.

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John W. Olmstead, MBA, Ph.D, CMC

 

Aug 02, 2017


Associate Attorney Career Track in a Small Law Firm

Question: 

I am the owner of a five-attorney estate planning practice in Denver. I have four associate attorneys of which three have been with the firm for over twelve years. Last year an associate that had been with me for many years left the firm and started his own practice. I thought I was paying him well by virtue of a competitive salary and discretionary bonus in additional to other benefits. I do not want to lose other seasoned attorneys. What should I do to provide more incentives for them to stay with the firm?

Response: 

Our experience as well as research over the years by our firm and others has demonstrated that the following, in priority order, are the key drivers of associate attorney job satisfaction:

  1. Satisfaction with immediate manager or supervisor
  2. Opportunities for training
  3. Satisfaction with team and coworkers
  4. Opportunities for career growth
  5. Compensation
  6. Opportunities for promotion

While compensation often is considered the primary factor related to associate satisfaction, I often find that opportunities for career growth and promotion play a significant role. Associates do leave law firms for less money for career growth and promotion opportunities in other firms or in some cases starting their own firm.

A key tool that law firm’s should be using for managing attorneys is a well-defined career path/track. The critical components of a career track include well-defined levels, roles and responsibilities at each level, promotion criteria, and compensation plans for each level. Typically these are outlined and documents in a career advancement program policy document. For example:

  1. Levels. Each attorney level within the firm (partner, non-Equity partner, principal, senior associate, associate) should carry a specific and clear title.
  2. Roles and Responsibilities. For each level, the typical roles and responsibilities should be clearly documented including client service work as well as business development and administrative responsibilities.
  3. Promotion Criteria. For each level in the firm, the criteria for promotion to that level should be outlined in the career track or career advancement program policy document. These criteria are often tied to competencies (knowledge, capabilities, and experience of the attorney), tenure as well as other factors.
  4. Compensation. A compensation plan should be developed for each level. (salary, bonus, benefits, and other perks)

I suggest that you give some thought to developing such a program. As you start with levels you will have to do some soul searching and confront the most burning issue – is partnership an option for associates in your firm – do I want partners –  and go from there.

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John W. Olmstead, MBA, Ph.D, CMC

 

 

 

 

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