What does this indicate?
If true, this may indicate a counterproductive hyper-competitiveness
in the firm. It may also indicate incentive systems which are too narrowly
structured or which do not reward equally for the various contributions to the
firm. It may also indicate cultures which put too great of an emphasis on the
recommendations of key leaders and too little on peer level reviews. Lastly,
this could indicate a lack of communication among the various levels of
attorneys in the firm to address social and personal development issues in the
firm.
Hyper competitiveness in law firms results in lower revenue growth,
structural fragility, reduced morale and increased attorney churn. In today’s
economy and changing client expectations, this type of eat-what-you-kill
structure can actually do more damage than good.
This is the fifth in a ten part series explaining signs that indicate that your firm or personal marketing program could use a tune up.
Tomorrow: What does low client expansion indicate?
As always, if I can help you fix the ‘kinks’ in your business development, give Eric a call at 502-693-4731. You’ll find that I am an eager resource and that it costs nothing to talk.
No comments:
Post a Comment