Law firms are facing a massive wave of change, and how they react will determine their fate. In this race to the future, there are two things they must do:
1) Build solid strategic plans that addresses the new legal environment
2) Successfully implement those plans
According to the Altman Weil 2016 Law Firms in Transition survey, 83% of firms engage in a formal strategic planning process. Planning, therefore, is not the problem.
The study goes on to say that only 8% of law firm leaders feel highly confident in their firm’s ability to keep pace with the challenges of the new legal marketplace. This means that even though most have plans, 92% of firm leaders are not highly confident in their ability to implement those plans. Bridging this gap is why we created StratiTracker.
The Crucial Role of Mid-Level Leaders
There are three major stages for driving change: 1) Develop a plan; 2) Leaders who engage their lawyers to act on the plan; 3) Engagement by the lawyers. As we saw from the Altman Weil study, most firms have plans, and most are not confident in their ability to execute those plans, so what’s missing is the ability of mid-level leaders to transform those plans into action.
Mid-level law firm leaders (Practice Group Leaders, Department Heads, Office Managing Partners, Client and Industry Team Leaders, etc.) provide the crucial link between strategy and action. They must effectively unleash, direct, and sustain the energy of their lawyers in alignment with firm-wide goals. Often, however, they don’t know their role in implementing firm plans, they don’t know what they should do, or they’re not regularly reminding their lawyers to act in alignment with it. The result – many firms fail to realize their potential because mid-level leaders are not fully participating in the process.
StratiTracker is a tracking and reminder system that gets mid-level leaders driving the implementation of your most important initiatives. It can be used to accelerate action in key areas such as implementing strategic plans, client and industry teams, cross-selling, lateral and merger integration, and client feedback programs.
Managing Partners and other senior leaders can use this innovative tool to measure, manage, and motivate ongoing leadership action through reminders, dashboards, and progress charts. With StratiTracker, you can:
- Significantly increase the speed and quality of implementation.
- Build customized approaches based on your firm’s specific needs.
- Keep leaders and others accountable through reminders and transparency.
- Easily track activity by group or individual leader with color-coded progress indicators.
- Send automatic reminders for those who are behind schedule.
- Generate objective data on leadership effectiveness for training and compensation.
- Watch strategy unfold, in real time, and make the necessary adjustments.