Managing Partners should have 3 priorities as confidence index drops to record low

Posted on March 31, 2009 by Gerry Riskin

From the Sacramento Business Journal today:

Law firm confidence index drops to record low

Excerpt:

Confidence in the economy among managing partners at large law firms nationwide hit new lows in the first quarter, according to the latest research from the Citi Private Bank Law Firm Group in New York City.

I recommend three priorities to Managing Partners:

  1. Bulletproof existing clients (complacency is deadly in light of the predator-like behaviour you can expect from your competitors as their revenues diminish)
  2. Concentrate Business Development training and strategic assistance on your best rainmakers (Train the rest later - for now, you need results)
  3. Coach all partners on how to deal with fee resistance (Your partners will be divided and conquered unless you give them the tools and confidence to effectively deal with the inevitable fee resistance that accompanies a recession.)

PUNCHLINE: There is so much more to do, but I have seen these three initiatives making an immediate palpable difference. NOW is when you need these benefits most.

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Nancy Myrland - March 31, 2009 7:41 PM

As usual, Gerry, your suggestions are completely on target! Protect, defend and earn valuable client relationships now. Your clients long to be loyal to someone they feel will protect and defend them during these tumultuous times. Gerry's priorities are great!

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