Welcome to The One Minute Manager. Our goal is to provide you with quick tips that will enhance the success of your practice. Within 60 seconds you will gain an idea that will increase your profitability or simply ease the burden of a difficult management issue. We hope you will find this a valuable resource.

View our PAST ISSUES

The One Minute Manager . . . . .

The signs of buckling down are evident as law firms prepare for the inevitable impact of poor economic times. Associate and staff layoffs, demoting equity partners, and offering buyouts to partners over 50 years of age are recent news items emanating from the United States. The sense is that the deadwood will once again be cleared as marginal firms fail to provide an effective management response.

Frankly, such harsh measures should be an on-going exercise if management has identified long term fundamental issues. Underperformance has no place in a quality law firm regardless of the economic conditions. Practice areas or specialties that are declining due to predicable market forces also need to be redirected to areas of growing demand.

However, to slash in response to recession periods can have long term financial and cultural consequences. Economic downturns typically run for periods of less than 18 months. Those firms that make rash cost cutting moves will be weaker during the recovery with costly rehiring and diminished spirit.

A slow down is a time to take advantage of the unique legal marketplace. Unlike most businesses, the client base is very fragmented. Even the largest firms have a small fraction of the total marketplace. If you presently have five percent of the available clients, then you can double your business by capturing an additional five percent - this still leaves 90% of the client potential untouched.

All of this growth is available to you even in the most difficult economic times. The business development possibilities within your firm are unrealized if you have not encouraged or trained your lawyers with effective consultative selling skills. Converting prospects to clients is a learned skill that can make growing the firm satisfying and rewarding for both the individual and the firm. Just consider the possibilities if client origination came from a broader range of partners and not just a few select rainmakers.

(Our consulting practice has developed the Business Builder Program in response to client requests for skill training especially developed for lawyers. Please call me for more details.)