Summary: What holds back many law firms from achieving greatness? Self-delusion about their current market position.

Most law firms are pretty good organizations, but very few of them are truly great organizations. Many firms are held back from achieving real greatness by a set of myths about their current position. The resultant misconceptions and self-delusions drive fuzzy or non-existent strategies.

Often law firms face self-delusion without even realizing it, which stops them from achieving greatness.


Strategic thinking begins with a hardheaded and clear assessment of where the firm is today, cutting through the myths. At most firms, the partners lack a clear, collective understanding of their present market position. Consider some of the myths we mean, common to many firms:
 
  • "We're just as good as (The Brand Name Firm), but clients want the comfort of the big name." This is the Confusion of Value Position. As a general rule, the firm is not "just as good as" the brand name firm, at least in their competing practice areas. They do not have the expertise, the depth, or the experience to handle certain types of legal work, which are typically the most important and, consequently, of higher value to the client.