Why change is necessary Peter Scott Peter Scott Consulting.

Why change is necessary

Peter ScottPeter Scott Consulting

PETER SCOTT CONSULTING

Why adapting to change is necessary

“It is not the strongest of the species that survive nor the most intelligent, but the ones who are most adaptive to change”

Charles Darwin‘Origin of species’


The forces driving change

The changing needs of clients

In order to provide clients with what they want, law firms need critical mass

Breadth and depth of resource - people - Rise of the national firms- Global firms- Need for consolidation


Other drivers of change?

TechnologyEconomic forcesGlobalisation Political forces


Impact on legal profession?

This will happen to your talent unless……

TALENT£


Are you struggling to attract and keep goodpeople?


26

21

21

10

4

11

2

1

29

33

25

25

7

15

2

1

0 10 20 30 40

Financial

Quality of work

More opportunity

Culture of firm

Equity sooner

Profile of firm

Personal reasons

Pushed outNumber of times as 1st or 2nd reason

Total number of mentions

Why partners leave law firms


Do you have mechanisms to prevent the attrition of high quality performers?


If you have lost good people for any of those reasons…….

Face up to reality


What is the real cost of replacing people?

DisruptionRecruitment feesTraining of new recruitsEffect on morale of people leavingLoss of relationships/clients


Face up to your sacred cows


How to improve your chances?

Carving up the profits is not a substitute for making sufficient profits

Is your average PEP above or below the average PEP in your markets?

- if below, you will be AT RISK


strategies to help attract and retain

the best people

Your values and culture

Career Development

Training &

Development

Reward

PerformanceTracking &

Feedback


Your values?

What is valued in your firm?Do you reward what you value?Do you invest in what you value?

What does it take to succeed at your firm?


Do you invest in what you value?

Values

Skills & Behaviours

Performance Metrics – Quality /Quantity

Performance Review

Closing the Performance Gap

Learning & Development Strategy



the best people


Career Development

Training &

Development

Reward


Feedback


Reward - focus on the BIG ISSUES

Align your reward strategies with your firm’s objectives

- to help the firm achieve its VISION -its ability to COMPETE



the best people


Career Development

Training &

Development

Reward


Feedback


Do you have a transparent partner admission / progression process?

Do you have an associate / partner development programme in place?Do you ask your people about their career ambitions?

Do you focus your investment in people to advance your and their objectives, rather than sheep-dipping people through training courses?


Do you have succession planning strategies?

“Ahh….only 5 more years to go”



the best people


Career Development

Training &

Development

Reward


Feedback


Do you invest in what you value?

Values

Skills & Behaviours

Performance Metrics – Quality /Quantity

Performance Review

Closing the Performance Gap

Learning & Development Strategy


Performance metrics

Do you measure what matters?


To build your ability to attract and retain….

Do you have systems to manage relationship conflict?


“Relative worth”

“I’m so marvellous..

…so why is he earning more than me?”



Are we all going in the same direction?


Maister’s “Predictive package”

“Client satisfaction is a top priority at our firm”

“We have no room for those who put their personal agenda ahead of the interests of the clients or the office”

“Those who contribute the most to the overall success of the office are the most highly rewarded”

“Management gets the best work out of everybody in the office”


“Around here you are required, not just encouraged, to learn and develop new skills”

“We invest a significant amount of time in things that will pay off in the future”

“People within our office always treat others with respect”

“The quality of supervision on client projects is uniformly high”

“The quality of professionals in our office is as high as can be expected”

Maister’s “Predictive Package”


A final thought….

“Change before you have to”

Jack Welch

Any questions?

Why change is necessary Peter Scott Peter Scott Consulting.

Documents

peter scott consulting

peter scott consulting

peter scott consulting

office slide

talent slide

consolidation slide

reality slide

risk slide