At the heart of Catalyst is our philosophy “You build for tomorrow”. In 2007 we wrote our first article on the need to build for tomorrow. Our advice has changed very little since that article. In our many years of mentoring and designing law firms, we have never had a client fail when they have this single statement as their core philosophy. From these articles I would offer this sage advice over and over again.
Having spent over half a century working both in and with law firms, I feel I have had a front row seat watching the evolution of the law practice. Experience has forced lawyers to see that there is the practice of law, and then there is the business of the law practice. To sustain a profitable law firm you have to change or be left behind. You have to embrace the fact that the law firm is a profitable business and adopt the best business practices for it to succeed.
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Today’s technology is tomorrow’s obsolete. Client demographics are changing. Client needs are expanding. Generational workforce diversity is creating new ways to manage and operate. New issues of law can drive different scopes of practice. Social media has changed the face of marketing forever.
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If the downward economy taught us anything, it is that you must redefine how you operate today’s practice to a futuristic practice starting now! Catalyst started taking a hard look at what was or wasn’t working to achieve a sustainable profit. We started running many financial and practice projections putting in many variables going forward. We then added in the factors we thought would come into play fifteen years down the road. We realized that for our clients to be successful in say 2025, they had to let go of the past, recognize that today is fleeting, and begin to transition to a law practice that will be ready to meet the futuristic needs of the 2025 law firm.
We found that most lawyers believed and with some accuracy that technology was going to drive the future, and they tend to focus on what investment to make. We continually caution that today’s shiny nickel is probably tomorrow’s throwaway penny. We instead recommend-ed that you create a vision of your law practice in 2025.
Before you can plan how to change you have to know what the vision is for the law firm. For example, will the practice areas be the same or do you anticipate new areas of law that you can get ready for now. Will the client base that the firm has now, change or be different? What kind of needs will the firm have to meet the rapidly changing way the Courts operate? Will the partners want to transition to different roles based upon personal needs and desires for retirement? What will your workforce be like to support the needs of the firm?
With building a defined vision for how the leadership of your firm wants its 2025 law practice to look, you should then do a Needs and Assessment (SWOT Analysis) of the firm. This hard look is the beginning of a strong strategic plan for the firm. The strategic plan will be a fluid, always changing, based upon events going forward.
From the strategic plan, you should develop short-term business plans (one to two years in length) with benchmarks and accountability for change.
This is not done overnight. Our experience has been with firms we work with that it can take one to two years to bring it together and start moving forward. It requires a strong commitment from the leadership of the firm with a buy-in from the rest of the Firm’s members.
The question you must ask yourself, either as an active law firm owner or one contemplating opening a practice, is where you want to be in ten to fifteen years. This involves not only a hard look at your firm, but also a hard look at the personal goals and needs of current owners. Build the firm to meet those needs and be competitive and you will have a sustainable and profitable law firm in 2025.
Present Day:
• Where do you start? Easy. With Commitment.
• Draft your vision
• Create a purpose for your firm
• Design a plan
• Creating benchmarks to get you where you want to go
• Hold everyone accountable including yourself
If you don’t build for tomorrow you will be left behind.
