We’re pleased to share a second set of audience polling results we collected at the ALA (Association of Legal Administrators) Annual Conference in Toronto on May 21, 2014. This session drilled down on strategic planning, including making the case, setting up the process, the ingredients of a good plan and keys to successful implementation.
The bench-marking data in this slide deck is especially relevant to leaders of smaller and mid-size firms as 60% of participating firms had fewer than 50 lawyers. An estimated 225 law firm administrators attended the 60-minute session.
Among the highlights:
- Eighty-four percent (84%) of firm administrators believe a firm-wide strategic plan is an absolute necessity to run a successful law firm in today’s environment.
- Yet, only forty-one percent (41%) reported that their firms have a firm-wide strategic plan. Twenty-nine percent (29%) said their firms were working on one.
- On implementation, seventy percent (70%) graded their firms a “C” or below. Why the struggle? Too many ill-defined goals, often coupled with a lack of leadership and little accountability.
- Among firms without a plan, the top three reasons were: 1) Firm leaders don’t see the need. 2) Leaders see the need, but can’t convince the others. 3) We’re too busy.
In today’s highly competitive and rapidly changing market, law firms must develop and implement firm-wide strategic plans if they want to thrive, prosper and get where they want to go. Absent a plan, any path will take you there.