Case Study 4
Stability to Success
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72-year-old firm with 28 partners, 19 associates, and 5 of-counsel with a focus on insurance defense, general litigation, employment law, and commercial transactions.
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Half of the partners were over 65 and were responsible for 62% of the firm's total revenue
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The firm had no clear plan for succession, causing stress and anxiety among the firm's clients, attorneys, and staff.
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Only 10 partners and 22 associates consistently hit their monthly billable requirement.
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The firm lost 4 associates and 2 staff members to another firm within one year, and there was a constant feeling of unease throughout the firm.
1
Assessment
We conducted individual and confidential interviews with most of the partners, a number of associates, and some staff to understand their individual concerns, perceived challenges, and opportunities. We reviewed the firm's current clients, rates, attorney skill sets, market opportunities and realization rate to identify ways to facilitate smooth and profitable transitions for succession planning purposes.
2
Alignment
We facilitated a 1-day planning session with the partners and a 1/2 day session with the associates and of-counsel attorneys to foster an environment in which we focused on building trust, productive communication, and open idea-sharing. After the individual sessions, we brought both groups together for a productive discussion around shared objectives and steps for success. These discussions were recorded in a strategic roadmap document that included specific goals, KPIs (key performance indicators), action steps, timelines, and responsible parties.
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3
Engagement and Implementation
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We oversaw the creation of several task forces for succession planning, professional development/training, recruiting, culture, and marketing.
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We provided workshops and individual coaching to various partners, associates, and staff to strengthen their leadership and management skills.
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We reviewed the firm's practices groups, skill sets, market opportunities, and firm utilization rate to identify opportunities to improve profitability.
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We established an organizational chart designed to clarify responsibilities and provide much-needed structure for the team.
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We helped the firm create a written path to partnership and a document outlining the firm's expectations for its lawyers.
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We launched a campaign to encourage firm citizenship through incentives and rewards.
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We synchronized the recruiting, interviewing, hiring, onboarding, and performance management processes.
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4
Measuring Results
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The process we established for transitioning clients from retirement-age partners to younger partners yielded 3 new matters in the first year, responsible for $96,000+ in first year revenue.​
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A succession plan was designed to facilitate most of the senior partners' exits over 5 years, which improved morale and led to better retention.
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Increased the hours billed among firm attorneys through improved billing hygiene, leading to $697,000+ in first year revenue.
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Expanded higher rate practice areas through talent reallocation and strategic marketing, generating $583,000+ in first year revenue.
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Reduced associate turnover, saving $500,000+.
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Internally generated a referral of a lateral hire, saving the firm on recruiting and advertising fees, plus added revenue, leading to $425,000 of first year revenue.
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MINIMUM PROJECT ROI (1st year): $2,025,000+​​​​​