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A TOUGH YEAR ENDS AS LAWYERS AND THEIR FIRMS CONSIDER THE FUTURE

As you read this, year end is rapidly approaching. Lawyers, as a group, have had a tough year. As one of our clients recently asked us, “How does something like an Enron happen?” More succinctly, he wanted to know, “How can our firm avoid what happened to Anderson?” It’s a concern that reaches far beyond the executive level of law firm management. Every big firm lawyer has something new to worry about when they realize that their lives and livelihood can be drastically affected by what their little known partners are doing in distant offices on a day-to-day basis.

Lawyers in small firms and solo practices have had a different kind of tough year. In an economy that has struggled with accounting scandals, corporate criminals, a war on terrorism, high unemployment rates, stock market losses, and something close to personal panic by every investor, individual lawyers are concerned about the future.

Lawyers who represent corporate clients felt the economic squeeze trickle down to a closer watch on legal fees. Fewer deals for the transactional lawyers reduced revenue further. Health care lawyers saw heavy new regulations make physician practices more cost conscious than ever before, in an industry that was already concerned over tightening reimbursement policies and threatened criminal prosecutions.

As law firms close out the calendar year, focus on year-end collections, and make distributions to shareholders as well as decisions on employee bonuses, how can we focus on creating a better practice for ourselves in the future? Here are some of the best strategies we’ve seen:

Best Practice Strategies:

  • Recognize, acknowledge and respect that law is a vocation. Address the economics of law practice in a manner that supports the goals of law as a vocation.
  • Devote substantial resources to training and supporting every lawyer on your team. Teach them how to do the client development and legal work you desire.
  • Adopt your jurisdictions' ethics rules and oath of office seriously in your practice. Pay more than lip service to the idea that ethics rules are aspirational and appropriate professional behavior is not inapposite to "advocacy." Lead by example.
  • Nurture younger lawyers in professional and ethical behavior. Encourage and reward appropriate behavior and refuse to accept inappropriate behavior. Provide management training and training in "people skills." Promote only lawyers who conform to civility and professionalism in the office.
  • Consider the public perception of lawyers and do your part to improve it. Publicize the good things you do for your community, not just to the legal community. Seek to inspire trust in the community you serve.
  • Each lawyer should have a personal mission statement that interrelates to the organization's mission. Helping the organization succeed in its mission must be a part of the firm's evaluation process for every lawyer.
  • Reinforce the organization's desired culture with everything it does. Whether through recruiting, marketing or day to day communication with clients, use every opportunity to reinforce and benefit from a positive culture.

Best Lawyer Strategies:

  • Recognize, acknowledge and respect that law is a vocation. Every lawyer should have a personal mission statement and written professional goals.
  • If you are dissatisfied, evaluate why. Recognize that job satisfaction is attainable and within your control.
  • Respect and value your talent and your time. Do not sell yourself as a commodity. It demeans what you do and who you are.
  • Detach yourself from your client=s cause. A lawyer should not become his client by too closely identifying with his client's cause. Tying your own economic security to your clients' financial success by definition destroys your independence.
  • Never engage in unethical, unprofessional or uncivil conduct under any circumstances. Do not be a part of the public's poor perception of lawyers. Walk your talk.
  • Take every opportunity to positively carry the message of the firm=s culture to others. If you have something nice to say, say it! If you have something negative to say, deliver it to appropriate people through appropriate channels instead of grousing to your friends at lunch.
  • Recognize your value, neither over nor under valuing yourself. Be sure your compensation adequately reflects your value. If you are undervalued, negotiate for a greater share of compensation. If you are over valued, recognize that fact and work to improve your value. You are your strongest and best asset.

PeopleWealth works with individual lawyers and law firms increase profitability through job satisfaction and help lawyers design and build successful careers. Contact the PeopleWealth office, e-mail us: info@PeopleWealth.com

©PeopleWealth Fall 2002