EMBRACE A BOLD VISION TO MEET THE IMPERATIVES OF THE 21ST CENTURY

In my forty six years in law, there’s never been a moment like this.  

Firms are preparing to resume normal operations after a period of totally remote working.  The phenomenon of “resuming” creates a unique chance for firms to take a fresh look at how they operate.  A chance to make those improvements that have been sitting on the drawing board.  A chance to make their firms all they can be, and need to be, to meet the imperatives of the 21st century. 

The moment is uniquely conducive to progress.  All firm personnel have just experienced how well different models work.  They enjoyed the greater flexibility, they embraced the greater responsibility, and they gained increased confidence in modern technology tools.  

And clients are expecting change.  They, too, have learned from the WFH experience.  And they now must recover from the negative economic impact the pandemic had on their businesses.  They need better, faster, and less expensive service more than ever,  

So, what path will law firms choose as they resume?   Will they simply return to business as usual?  Or will they reset, choosing a better and more modern path?  We are about to see. 

“What would you do, Ralph?”

In a video interview with Joe Calve for the Corporate Counsel Business Journal last month, Joe asked me, “What would you do if you were leading a law firm today?”   “I’d make the most of this moment,”  I responded.  Reflecting further on Joe’s question, I believe I would pursue five initiatives:

  • Create a comprehensive, integrated information hub
  • Embrace “Legal Technology 2.0”
  • Modernize the operating model
  • Increase diversity and inclusion
  • Double down on client relationships

I think law firm leaders should seriously consider such an action plan.  In my next few posts I’m going to talk about each of my ideas, phrased as recommendations to law firm leaders.  I’ll address the first one today, preceded by thoughts on how to approach the reset these recommendations will entail.
Continue Reading Law Firms Should Seize This Unique Moment

AN OPPORTUNITY TO ENHANCE RELATIONSHIPS, INITIATIVES, AND HUMAN CONNECTION

This is my fourth post on law firms and the Coronavirus Crisis.  This week I’ll examine how firms can make themselves stronger in the long term, by actions they take during the crisis.

This post was inspired by a question Bob Ambrogi asked me on his show, Law Insights,  earlier this month: “Do you think there are any silver linings in this crisis,” he asked.  I answered yes and offered a couple of brief examples.  

I think the crisis actually creates a number of significant opportunities to advance firm interests, including to: 

  • Strengthen vital relationships
  • Activate institutional resources
  • Address projects that need attention 
  • Achieve a shared sense of accomplishment

Strengthening Vital Relationships

Law firms have a number of vital relationships, including, specifically, with their people, their clients, their suppliers, and their communities.  In each case there is a mutuality of interest and dependence. The healthier and stronger those relationships are, the healthier and stronger the firm is.

In a time like this, the way people interact with each other matters.  Nearly everyone is under stress, and uncertain about the future. They notice who seems sincerely to care about them, and who does not.
Continue Reading Potential Silver Linings: Making Firms Stronger for the Long Term By Actions During the Crisis

THE TRADITIONAL MODEL WILL CHANGE IN FIVE FUNDAMENTAL WAYS 

I wrote last week about law firms’ increased focus on innovation, the market forces behind it, and why it is important to the overall modernization of legal services.  

I believe this innovation effort will inexorably lead to five fundamental changes in the law firm business model.  Each change will have an impact on the others; once one changes, the others will necessarily adapt. 

Here’s how I think it will work:

Innovation Is a Search for a Better Way

To innovate is “to make changes in something established, especially by introducing new methods, ideas, or products.”  In legal services, innovation involves re-examining the established way of doing things and finding better ways that new methods, ideas, and tools make possible. 

Innovation is a search for a better way. A search that is motivated by a realization that the traditional way is no longer satisfactory.  It works, but not well enough.  It fails to draw adequately on the new reality of what is possible.  It is falling short of what the market is now demanding.

As they proceed to innovate, firms are finding that their business model needs to adapt to make a better way possible. 
Continue Reading Innovation Will Change the Law Firm Business Model