• Firms need to think strategically to remain competitive while also retaining strong management systems.
  • Strategic thinking entails constant evaluation of the firm and its attorneys.
  • Many professional firms enter into growth planning for the wrong reasons.
  • Read below to find out more.

The legal profession is more exciting than ever. Changes that revolutionize the business world provide law firms with the greatest opportunities and challenges they ever have seen.

The good news is that most law firms are experiencing a period of great prosperity and therefore should have the financial resources to capitalize on the unprecedented opportunities unfolding in their midst. The bad news is that many firms lack the management structures and leadership necessary to reinvent themselves in order to take advantage of the changing market.

Of all the professions, the legal profession has experienced the least amount of real change—any doctor or accountant would be able to provide ample evidence of this statement. To clients in industries undergoing unparalleled growth and transformation, the way attorneys deliver their services is irrelevant. Old model firms are attempting to service new model businesses. A repackaging of their services is necessary for lawyers to provide meaningful assistance to their clients.

And it's important to undertake this repackaging now, at the height of the profession's economic success, when firms have the capital to invest in reorganizing their infrastructure in a way that positions them for continued competitiveness and profitability.