Will you be ready for 2030?
Are you even ready for 2022?
One of the great lessons for the legal profession that emerged from COVID-19 Pandemic is the importance of operational readiness -- the ability of a legal services organization and each of its members to respond to new challenges and opportunities that fast-changing business and professional environments are presenting. It is an irreplaceable component of resilience.
We recommend a three-point operational readiness checklist for all of our clients, regardless of size, practice specialties, or location:
1. When was the last time, if ever, that your law firm or law department did a deep analysis of your ten key management systems to ensure that each one can continue to meet the needs of your organization and your clients?
Our Walker Clark Comprehensive Management Systems Review is a highly cost-effective way to diagnose weaknesses in your business and professional operations before they emerge as crises. It will also identify opportunities for greater efficiency, productivity, and (for law firms) sustainable profitability that you might have overlooked. Finally, and perhaps most importantly, the Comprehensive Management Systems Review will recommend practical improvements that will produce the best return on your investment of time, resources, intellectual energy, and ongoing management attention. Click here to learn how Walker Clark can help, what's involved, and what you can expect.
2. Does your compensation system still meet the needs of your business and each person?
If it has been more than five years since you last looked at your compensation system, the answer probably is no.
Most law firms and law departments can only guess at the answer. The risks are particularly high -- and also ofter very subtle -- with law firm associates. Even if associates are paid well, most law firm compensation systems do little to incentivize the development of professional expertise and business skills that associates need to become ready for partnership or other senior leadership positions, as well as to provide a fully-satisfying professional experience in the meantime. As recognized world-wide experts in lawyer compensation structures and systems, we can help you find the best combination of features and incentives to provide the motivation your lawyers and your organization need. Click here to learn more about how Walker Clark can help your law firm or law department build compensation plans that not only motivate and reward, but also deliver long-term strategic value.
3. Do your governance and decision making structures and practices reflect the current realities of your practice and professional culture?
If not, you really cannot expect them to meet your needs going forward. In fact, they probably will become an increasingly frustrating obstacle.
For partners and other leaders in law firms, has it been more than five years since you reviewed and updated your partnership agreement, by-laws, operating agreement or similar "constitutional" documents? For in-house counsel, when was the last time, if ever, that you conducted an integrated, diagnostic examination of how you and your colleagues make management decisions in response to the needs of the senior leadership and other internal clients in your company? In today's legal services environment, brilliant ideas and good intentions are not enough. Legal services organizations must also have a flexible, durable structure for well-informed executive decision making and highly cost-efficient implementation. Our Walker Clark Governance Review can help your law firm or law department achieve that by asking questions and probing issues that are customized to the particular mission, strategic goals and business objectives, and management structures and practices of each organization. Click here to learn more.