Study: Law Firms Have "Little or No Interest in Change," CLOs Say

An interesting debate unfolds on the AM Daily website today regarding the results of a survey carried out by Altman Weil that found that law firms 'aren't exactly embracing the forces of change that many claim are sweeping the legal industry'. What is even more interesting are the excellent comments posted by Patrick McKenna regarding the attitude of some CLOs towards change themselves. Well worth a read, particularly on the day when Clifford Chance's are down 37%!

For the next 48 hours Paula Black will be offering an impressive opportunity to anyone who purchases “The Little Black Book: A Lawyer’s Guide To Creating A Marketing Habit in 21 Days.” Readers who purchase the book will receive “The Smart Lawyer’s Toolkit,” a compilation of advice from more than 30 of the most sought-after experts in the legal arena (including myself!). Click here for details.

The Business of Law now available

The Business of Law 2009, authored by Ron Pol and Ashley Balls, with contributions from David Maister and Professor Stephen Mayson, provides an in-depth analysis of the trends affecting the legal sector in New Zealand. I believe this report will not only provoke debate about the shape and future of the legal industry in New Zealand, but also stimulate better business practice in the legal profession generally. This is a 'must read' for anyone operating in the legal sector in New Zealand. To order your copy, click here.

Time to innovate

These are exciting times, for lawyers and law firms. Yes, exciting. Perhaps not the first word that comes to mind for many managing partners at the moment, given the downturn in business and the consequential squeeze on law firm profits. Yet I do believe that this slowdown is a blessing in disguise for many firms of all sizes and in all locations, providing them with the impetus and the incentive to really think differently about their businesses and to make lasting changes so that they can emerge from this downturn stronger, leaner and more effective than before...(Read more here).

What Managing Partners Can Learn From President Obama

President Obama’s inaugural address has been applauded around the world. And, I believe, deservedly so. As I studied the words of the speech, it struck me that not only did the speech capture the mood of the United States and world generally; it also captured the mood of the legal profession too. This could easily have been an address from a visionary Managing Partner to his colleagues upon his election.

Similar themes: ‘in the midst of a crisis’, ‘a sapping of confidence’, ‘an inevitable decline’ and ‘a future generation that must lower its sights’. While recognising these challenges, President Obama went on to offer hope pointing out that previous challenges in history were overcome by the ‘risk-takers, the doers and the makers of things.’ In outlining his ambitious plans for his presidency, he acknowledged that there were ‘some who question the scale of our ambitions....what cynics fail to understand is that the ground has shifted beneath them ..that stale arguments that have consumed us for so long no longer apply.’ Sound familiar?

If President Obama were a Managing Partner, his call to action might also be very similar (allowing for one or two word changes): ‘What is required of us now is a new era of responsibility, - a recognition, on the part of every lawyer, that we have duties to ourselves, to the firm and to our clients, duties that we would not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character than giving our all to a difficult task. This is the price and promise of partnership.”

Managing Partners take note.