Full Description
The Outperformers: Lessons from Top Law Firm Leaders steps inside the boardrooms of the legal profession's most admired and profitable institutions to uncover the approach to leadership, strategic choices and cultural attributes that have propelled these firms to evolve and become stronger versions of themselves. Through candid, first-hand accounts from top law firm leaders, authors Kent Zimmermann, Patrick Smith and Carlyn Kolker examine how visionary management, detailed planning, consensus building and disciplined execution have driven extraordinary performance and enduring success.
Coverage explores:
• how geographic, client and talent pressures are reshaping the competitive landscape;
• why outperformance feeds future advantage in retention and recruiting;
• how top leaders create sustainable success by aligning their partnerships around a clear vision for the future and measurable goals to achieve it;
• dovetailing compensation with strategy acceleration to drive long-term competitiveness and market leadership;
• how laterals, groups and M&A can be deployed strategically to enhance market leadership, scale and profitability;
• what the most impactful firm leaders do to succeed in an increasingly dynamic competitive environment; and
• how a new generation of business leaders is redefining management excellence in outperforming law firms.
Written for law firm leaders, partners, future partners and business professionals, this Special Report is rich with leadership lessons, insights and practical guidance from law firm leaders who have achieved sustained success in ultra-competitive segments of the legal industry.
Contents
Introduction 5
Acknowledgments 7
I. A rapidly changing competitive landscape 9
1. Introduction 9
2. Growing differentials 10
3. Size differentiation 11
4. Profitability gap 12
5. Increasing stratification 13
6. The magnet of outperformance 15
7. Specialisation 15
8. Vulnerabilities 16
II. The benefits of competitive scale and profitability 19
1. Introduction 19
2. "Additive ... not core" 20
3. Scale as a balancing act 23
4. When size matters less 24
5. Leveraging scale 25
6. Scale brings complexity 30
7. Innovating scale 31
III. The value of a strategic plan 33
1. Introduction 33
2. Starting from strength 34
3. Operationalising a plan 41
IV. Compensation as strategic accelerator 45
1. Introduction 45
2. Changing old approaches 47
3. The cultural element 54
4. Grappling with transparency 57
V. Lateral hires and teams: accelerating the strategy 61
1. Introduction 61
2. Active approaches 62
3. A different approach 64
4. Team hiring 65
5. Star hires 69
6. Looking to the strategic plan 71
VI. Strategic M&A: accelerating the plan 73
1. Introduction 73
2. Global platform meets New York 75
3. A culture of improvement 79
VII. Accelerating strategic growth 85
1. Introduction 85
2. Riding the private credit wave 86
3. Pioneering a new model 88
4. Tradition meets change 93
VIII. Leading through change 97
1. Introduction 97
2. Aligning management and governance with strategy 99
3. Small firm, big presence 100
4. Deference to leadership 102
5. Leading with culture 105
6. Grappling with succession 106
IX. The rise of the business professional 109
1. Introduction 109
2. The beginnings 111
3. Importance of C-suite role 112
4. Leadership traits 115
5. Long reach 116
Conclusion 119
About the authors 122
About Globe Law and Business 124
