News reports have been multiplying, naming new managing partners and practice leaders, newly crowned at law and consulting firms nationwide. But will these new leaders succeed?
To make leadership succession work, here are a few patterns I’ve seen lead to success.
1. Communication is critical. Surveys show people don’t leave firms simply for the money but in large part, because they don’t like the culture.
Communicate and act upon those values that comprise your firm’s culture. Be transparent by explaining leadership transitions and why they happen. If you leave a void of not communicating, the people you lead will develop their own stories of why changes are taking place. They may not be the fairytales 🧚♀️ you expect.
2. Strategic plans and practice plans are essential in running a professional service firm, but unless the plans use SMART goals (Specific, Measurable, Achievable, Relevant, and Time-Bound) and a plan to achieve their objectives, you can bet they won’t work.
Those firms that do the correct type of planning are the ones that see results. Help your new leaders learn how to develop plans.
3. A business development focus is essential. It’s great that the firm is in a good revenue position, but deals close and litigations are resolved. Firm leadership needs to continue to look ahead, anticipate current client needs, excel at how those are being fulfilled, and create new growth areas for the firm.
One indication of being a growth-oriented firm is to look at how closely the firm’s leadership is aligned with the marketing/business development leadership.
4. Look at your lawyers and their new roles. Before a partner leads a practice group, be clear about their new-job expectations and provide them with coaching. Before your youngest associates work with clients, they should be taught how the firm operates and what a client’s mindset is like.
Set people up for success by collaborating on the direction you want them to take and supporting them with the proper resources.
5. Know how to make change.
I’ve heard of firm leaders who know little about change management lose a string of keystone partners simply because they themselves lack good management skills.
One of the most critical leadership tools is knowing how to explain organizational change and making that change methodically and sensibly. Those firms that know how to do it are leading the pack in recruitment, retention, and revenue.
Growing talent is important.
Providing talent with the resources and support to grow is essential.
