Law firm leadership - Who's going to eat your lunch?
Over the last few years there has been a steady drip-feed of conferences, round tables and guru-lead think-tanks where law firms have been invited to consider the post-Clementi law firm. October 2011 is the new dawn. So what will the sunrise bring?
Outside investment was the favourite. It wasn't so long ago that at least one firm saw investment banks as a likely source of capital - and a worringly-welcome way for equity partners to make a killing.
Firms seem to have got wise to this possibility - an example is cited in The Lawyer. But ask yourself the question. Would you invest your money? And if it's a really good idea, why aren't the partners putting in their own money, or raising their own equity?
The frank answer is most firms have a lack of strategic thought. A few are really preparing, but most are just trying to get ready to be quickly reactive. What most firm's would benefit from is not outsiders' money, it's outsiders' focus and drive.
But drive and focus is fine, but have these people ever tried to get compliance from a lawyer, never mind commitment to action? In most instances it would probably be easier to start a NewCo and invite necessary lawyers to join. As Alan Pannett, CEO of FreshPD notes, the Co-op has an immense burial service and is well placed top pounce on wills and probate.
Similarly financial services firms have a level of client contact only dreamed of by any but the most assiduous of lawyers. How much of a law firm's lunch could they eat? Will they?
Perhaps the future of most law firms lies in lean processes and capturing those exceptions which require an expert lawyer's attention. Which is fine unless you've just paid a fortune for your LPC, because the quantity of lawyers required will decrease.
The future lies in the hands of those who can build it, not hope to adapt to it.