In This Future of the Legal Profession, The Only Constant Is Change

One thing is certain: evolution in the legal profession is true whether you believe in it or not. Because it is truly happening, write the authors of the 2015 Citibank Hildebrandt Client Advisory (pdf), who note:

Demand for law firm services appears to be growing at a more modest pace than the demand for legal services.

Such a statement would have been unthinkable in a not-too-distant past. Today, it just sets up a valuable discussion on the future of the legal profession, or as it's called in the report: "What It Takes To Be a Successful Firm:"

1. An Increasing Focus on Margin Growth vs. Just Revenue Growth
2. Growing Sophistication on How to Price and Manage the Delivery of Legal Services
3. A Different Leverage Model
4. Leveraging Technology
5. An Increased Focus on Partner Performance and Skillset
6. A strategic approach to practice and client succession
7. Differentiating the Brand
8. Client Centricity
9. Leveraging the Platform
10. Management of the Talent Pipeline
11. Leadership in a Volatile Market

Read the report. Prepare for your future.

(Hat-tip to Ron Friedmann)

It's a brand new day. Don't you need a brand new strategy?

Joe Altonji's "Thinking about Strategy in a Post-Crisis World" at the Hildebrandt Baker-Robbins blog. Sure, the economy's getting better. But it's not where it was and, says Altonji, probably won't ever get back there again. That means the way you did things in the past is not going to drive your success in the future. So what are you going to do about it?

A good first step: redefine your strategy. Figure out what's important to you, to your partners, to your clients. Develop a plan for making sure you stay relevant. This post will help you get started. But don't read it if you're just looking for answers, for a "one-size-fits-all" strategy that you can tweak to your firm's needs. Because this post only asks the questions. You have to supply the answers. Fortunately, these are the very questions you need to prepare your firm for the brand new day.