A Fresh Look At Strategy

We read a story a while ago about a couple who decided to retire in seven years and then sail the world. They weighed every decision against that goal. They asked, does this decision get us closer to that goal or push it further away? It was that simple. Indeed, regarding a lot of decisions before them, decision-making just got a whole lot simpler.

So what about your firm? How do you decide between the various options for investing your time and money? What is important to you as an individual, a group and a firm? We speculate that some law firms claiming success in achieving their strategic targets have done so by shooting first and calling whatever they hit their target. Still others tell us that they are successful in spite of themselves—they've encountered more good luck than good management.

Lessons from the Past

Many partners have reached the end of a planning process only to feel frustrated and without any sense of accomplishment. They tell us that perhaps the plan was the work of few who sought partnership approval or the result of a partnership effort that focused on the voices of a few of the usual suspects who spoke up and participated. Still others have given up in defeat for a myriad of reasons. These reasons generally fall into four main categories:

Starting in the middle. Many firms take the development of a mission statement as a starting point, which normally heightens many lawyers' inherent skepticism and is the equivalent of building a house starting at the first floor rather than the foundation. Destination versus journey. Many consultants, and in turn firms, have approached strategic planning as though the document drafted at the end of the exercise was the critical product, rather than understanding that the process and interactions among the partners is where the real value lies. Complexity versus simplicity. Many people believe that the planning process must look five years out, it must address all the perceived sins of the firm and it must leave nothing to interpretation. This often results in a grossly overwritten document. In their eyes, the value of the process is measured by the length or weight of the document and the number of so-called action items. Approval versus buy-in. Because some partners believe that a large group can't develop a cohesive plan, a committee often takes charge of the planning in many firms and presents its written plan for "approval" by the partners. They often mistake consent by the...