Jack was slightly surprised by the firm’s decision.  He had been the executive director of a mid-size successful firm for almost a decade and knew the firm’s strengths, challenges, and personalities. After the departure of several valued attorneys, and faced with falling revenue, he reached-out to us for a more comprehensive solution. Unfortunately, we were not to work with his firm, “We’ve never asked our partners to do business development or anything like this before. The committee just wants to try a new marketer who can update our bios,” he stated somewhat incredulously. He understood that marketing couldn’t fix the problem. The firm already had a new website, and this would be the third marketer in four years. The fact is firms of all sizes are seeing enormous pressure to change in response to the marketplace’s increased competition for clients and talent. Ultimately, the firm lost several more rainmakers, is now less than half its size, and Jack has left.

It’s a conversation that we hear and have all too often. Firms founded upon traditions of excellence, the “Bigs” and the boutiques, award winning firms and lesser known firms, have all been thrust into the unknown, and many are waiting to see what will happen before making any significant changes. It can be a fatal mistake.

Are you curious to know what firms that are thriving in this new landscape are doing in comparison to those who are hunkered down or drowning? Here are a few observations:

1. Revenue Performance – Successful firms aren’t wasting time assuming the problem will right itself, waiting on things to “go back to normal,” or thinking they need a different person in a key role. They aren’t spinning their wheels trying to get marketers to do things that only partner-business development can do, or worse, changing the title of the marketing officer to the business development officer and thinking everything’s covered. Vibrant firms have figured out that revenue generation isn’t primarily a function of marketing. Successful revenue generation starts with (and will always require) partners’ business development efforts, followed by aligned firm-level marketing, and both are driven by leadership and accountability.
2. Culture – You don’t have to win the “Best Place to Work” award, but it’s kind of hard to keep successful rainmakers, business developers, diverse personnel, hard workers, or anyone who’s relatively decent if your primary guidance on firm culture is to have a “no a-hole” rule. The increasing complexity of business means you are likely to interact with a variety of people who aren’t the client but who are stakeholders, influencers, or gate keepers. It’s doesn’t matter if you aren’t convinced of the business case for diversity, if one of them happens to be. Forward-thinking firms are intentionally shaping their culture, investing in talent development, and focusing on getting diversity and inclusion right instead of just checking the box.
3. Leadership – The consistent factor of firms with the most financial success is having skilled leadership at the helm (McBassi & Company). No more passing the mantel of managing partner like a game of hot-potato. These leaders’ primary role isn’t to manage the firm’s benefits, finances, or other administrative functions. Leaders in competitive firms of all sizes provide vision, direction, accountability, and take on the responsibility of firm success. They know it is their job to inspire, equip, and empower their people to drive firm success, and they are driving leadership and professional development skills down and throughout the organization. They have pulled their heads out of the sand and are getting the skills they need to embrace change, tackle challenges, and drive firm direction.

Is your firm where you want it to be? What does your firm need to start doing right now in order to succeed?