Boutiques

by | June 13, 2013 | Articles, Business Models, Leadership, Partnership Structures, Practice Group Management, Strategy

Pros:

  • Vitality and a youthful outlook
  • Focus
  • Clarity of vision
  • Charismatic leadership
  • A dream in terms of branding

Cons:

  • Limited resources
  • Zero or immaterial diversification
  • Narrowness of scope, vulnerable to cyclicality in markets

And the management priorities and challenges of boutiques?

  • Succession planning
    • Management has to actively, purposefully, and continually cultivate—not just allow—next-generation talent to thrive
  • Rigorously maintaining focus
    • Running a firm that does “really only one thing” requires you to keep saying no
  • Maintaining a high level of involvement in the firm
    • Avoiding the cult of personality around the founders and ensuring that everyone feels they’re contributing in a meaningful way that’s recognized, appreciated, and rewarded
  • And did I mention succession planning?

Stepping away from Law Land for moment (as regular readers know is my wont), boutiques are ubiquitous across the economy, in industry after industry.

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