I recently wrote an article, "In the Nick of Time," for a UK journal called

Managing for Success, and it was then reprinted by the UK-based Law Society Gazette. The article focussed on a number of rescue remedies that firms in the early stages of financial difficulty could consider, a combination of which could be harnessed to help firms improve or recover.

Contact the author, Nick Jarrett-Kerr

 

In our line of business we often get called in to firms to assist with the development of strategy or key systems. This may be for the organisation as a whole, a division in the firm or even a support-services area. It may focus on growth, achieving market dominance in an industry sector or sometimes may be defensive or aimed at fixing problem areas.

Less frequently, we are approached for assistance where a firm has found one or other system is malfunctioning. This seems to happen less regularly as many firms assume that once a system or strategy is in place it will somehow automatically happen, be implemented and get results. Usually, not enough attention is given to implementation, partly because firms and leaders feel they can and should do this in-house - it then goes off the rails as those charged with implementation lose interest or become distracted by other important things. At this point in discussions with clients I like repeating this passage - which I think has its origins in the Buddhist Dhammapada or the Hindu Bhagavad Gita:

We are what are deep driving desires are

As our deep driving desires are so is our will

As is our will so is our deed

 

So simple, yet so true. It is also very relevant for strategy and key systems in any firm. Part of the 'deed' in this passage is rigorous implementation, review, reporting, motivating, highlighting successes, communicating, keeping it all very much alive. I also regularly tell clients that they will get more out of forthright reviews of such key systems then they did out of the original exercise - this has proven to be true time and again. My advice is to carefully analyse or stress-test each strategy and system to enquire:

• is it still relevant? Are the strategies right? Are they understood and supported by key players in the firm?
• is it being actively managed and implemented? Is there real commitment and energy behind this? (Without it, little is likely to be achieved.)
• does it warrant a full review and revamp?
• have successes been highlighted and communicated?
• are the right people still involved, or is a change or fresh blood needed?

Based around this thinking I was delighted recently to be invited to assist one of Australasia's leading insurance firms in the complete review and re-structure of their partner contribution criteria, performance management and support system and remuneration structures. What was impressive is that they had already done this on no fewer than three occasions in recent years, including with the help of two external consultants, but were still not satisfied it was delivering what they wanted. I love seeing this attitude from leaders. It is akin to that highlighted by Jim Collins in Good to Great amongst what he identified and called "Level 5 leaders" - who, despite success, display a ferocious resolve to keep getting better and making sure all systems are getting better and better results. No resting on laurels for them.

I suspect there are a lot of key systems and processes out their gathering dust and not getting the results they should. Maybe now is a good time to dust them off and apply the blowtorch to them. 

The New Strategy: Be a Law Firm of  Artists!

"The connection economy rewards the leader, the initiator and the rebel." -- Seth Godin

  

 

Named as the "ultimate entrepreneur for the Information Age," by Business Week nearly a decade ago, Seth Godin offers a fresh take on corporate strategy in his recent book, The Icarus Deception. He argues that our new digital economy rewards art, not compliance. For Godin, art is not what you create - it's an attitude.  

 

The "artist's attitude" is typified by someone who is creating change, restless if things are standing still and disappointed if they haven't failed recently. The author argues that these are actually the behaviors that most likely make you safe going forward. There's a warning: "Those places that felt safe - the corner office, the famous college, the secure job - aren't."   

 

Why should the legal profession heed this message? The answer can be found in Godin's observation that in the new world order, "Quality is assumed." In other words, high-quality work and competence are abundantly available in the global legal marketplace and clients have their pick from many exceptional providers of legal services. Skill and expertise, as the lead strategy, may not be enough to retain a client or bring in new work. In Godin's words, "Good work at a reasonable price is assumed and widely available." 

 

In addition, image that is exemplified by high-end bricks and mortar are becoming less important. In the past, the high-end location and office décor helped clients to trust. Today, the initial impression of who you happen to be may not be physical, but virtual.  

 

What should the new focus be? Godin has an answer: "The connection economy rewards the leader, the initiator and the rebel." And what's scarce are "trust, connection, and surprise."  Being "artistic" creates the spark that not only keeps your clients loyal by maintaining interest and connection - it also leads them to talk about your firm to others.  

 

It's not your reception area, letterhead, logo, website, report covers and Ivy League degrees that now create trust. It's the "bridge between people that generate value," and those bridges are built by art. Godin points out that art is interesting and at the same time threatening because it moves you out of your comfort zone and there is a much higher risk of failure, because its innovative and new.   

 

What's the bottom line for the legal industry? Create a law firm "that's worth connecting to." This leads to stories about your firm that spread.  It's fostering a willingness to "put it out there" and accepting that there is some risk in doing that.

 

You must also be an initiator and a creator to do this. Godin makes the case that conservatism is the bane of the new economy, and that only having the courage to try to be extraordinarily different will mean the difference between survival and stagnation, or growth and decline.