Standard operating procedure for companies across a broad spectrum of industries
So why not as common in Law Land?
The challenges facing law firms continue to ratchet up with no end in sight. This might be the very time to consider alternative approaches to help your firm manage, even anticipate what might be coming next. Or perhaps there’s been a thorny internal issue that just won’t go away. That’s where we come in.
In the vast majority of law firms, the people in senior management are also among those on the front lines of serving clients (practicing law). Naturally, the inherent urgency of client demands can shortchange a focus on strategic clarity or perseverance in sustained pursuit of long-term firm-wide objectives.
That’s why we at Adam Smith, Esq. believe, and many or our client firms agree, that law firm Boards benefit from regular input from an independent outside director—an expert individual who can bring an industry-wide perspective unencumbered by self-interest in any particular initiative that will favor or disfavor (say) a practice area, office, or component of the compensation plan.
According to McKinsey:
“Professional services firms are 5x more complex to manage than other types of enterprises, such as retail, aviation or automotive.”