Twice a year, Patrick publishes and distributes a collection of articles in a 24-page e-magazine he calls International Review. Although geared primarily toward “BigLaw,” its content is also timely and relevant for smaller and mid-size law firms. In this edition, the most important article for you to read is “Law Firm Strategic Planning: A Report on the State of the Art. Even though 97% of AmLaw 200 firms have strategic plans, Patrick observes that far too many of them suffer from a self-inflicted phenomenon call “SPOTS”…an acronym for “Strategic Planning on the Shelf.” To avoid that situation at your firm, keep your plan simple, realistic and achievable. Importantly, the plan must also involve partner accountability.
Here are his four main points for successful strategic planning:
- Too many firms are focusing attention on internal (not external) issues.
- More firms need to involve clients in their strategic planning process.
- Implementation improves when more partners are involved in the process.
- More rigorous management attention and individual accountability will improve implementation.
At MPF, we believe that every law firm – regardless of size and practice mix – needs a plan.