Here are some discussion topics that you may wish to consider in your agenda planning process:
- Increasing profitability by managing the firm more in a corporate manner, rather than a practice and making tough business decisions.
- Evaluating current services and clients that can’t support the profitability levels necessary to increase the partner’s ROI. Decide how firm leaders can add more value to client services and develop new and innovative approaches to the demands of the marketplace—going beyond commodity services and anticipating the future needs of the clients and the marketplace.
- Surviving the staff crisis—the ability of the firm to attract, retain, and develop staff over the next five years. Reviewing and considering alternatives to traditional recruiting and staffing methods.
- Balancing and leveraging the staff structure to maximize growth, skill building, profitability, and succession planning.
- Developing contemporary growth strategies and positioning the firm in the marketplace by targeting the right size and types of clients in specific industries that the firm has the best chances of engaging. Aligning the firm’s strategic growth plan with the firm’s culture and marketplace.
- Leadership responsibility and accountability in implementing action items and strategic plans to take the firm to the next level of success.
- Growth through M&A.
Long-term success depends on the partner’s ability not to be squeezed between the past and the present. What made the firm successful in the past may not be the same formula that will lead to success in the future.
Getting your firm to the next level of success is not just about working hard and producing billable hours, it’s also about inspiring change, unleashing talented partners, and making contributions for the firm’s long-term future.