Case Study / Strategic Review, Analysis & Rollout
AmLaw firm with a regional concentration hadn’t kept up-to-date
Key Issues
Over the years, through unfocused lateral hiring and geographic expansion, the firm was losing its marketplace distinction. Internally, the firm had transitioned leadership from the founding generation to successors, their compensation system had outlived its usefulness and the firm had an unwieldy organizational structure (all practice group heads reported to the MP).
Actions
After spending time with the firm to understand their issues and aspirations, we recommended conducting structured interviews with a representative cross-section of partners and business professionals. We also reviewed the firm’s financial records and current systems.
Using these and a review of current thinking on these topics, we developed a comprehensive report recommending re prioritization of practice groups and office footprint—greater investment in some and harvesting of others, an integrated approach to reform the compensation system to encourage greater collaboration and smooth client relationship hand offs from older to mid career partners combined with streamlined practice group management structure.
To help ensure buy-in, we met in person with groups of key stakeholders at the firm, securing input that helped optimize the recommendations to be even more relevant for this firm.
Results
The firm’s ability to project a stronger, more coherent and more integrated “position” to the market aided in acquiring new, marquee clients and recruiting key laterals in priority practice areas. The new streamlined structure allows the firm to operate more efficiently and respond to market opportunities more nimbly. Eighteen months following implementation, the firm reported 11% year-over-year revenue growth and all-time record profitability. Their growth trajectory has continued for four years (and we’re still advising them!)
