The key elements to successfully manage a law firm

The legal industry is constantly and rapidly changing. From technologies that impact how legal services are delivered to the rise of inhouse departments exercising more control over projects, the industry is always on the move.

To keep up with the changes, law firms must have great leadership with excellent management skills. Law firm partners and non-lawyer specialists from key areas (communications, marketing, human resources, technology and finance), especially those in leadership positions, find themselves in constant need for improvement and adaptation to new realities.

The new generations of lawyers will face an even more demanding market, where innovation, creativity, and leadership skills are essential for success. But how do lawyers trail the path to becoming successful law firm leaders? The challenges in the new era of legal services will require a large set of management competencies, including but not limited to:

Business model

Whether full-service or sector-specific, law firms must establish clear goals on market reach and service scope. Those are two of the most fundamental elements to create a solid law firm business plan and business model.

Marketing

How do firms convey their vision, culture and core values to the market? How is a firm able to rise above the competition and capture the attention of clients and stakeholders? Marketing can be a powerful component in the law firm strategy to communicate with the constituency, capture markets’ needs and desires, and collect intelligence to create more value to clients.

Finances

Like any other business, financial planning and performance are key to the success of law firms. Yet law firms often run into financial issues driven by lack of adequate planning or lack of proper execution of their plans. Important components to the financial well-being of law firms include a holistic approach to operational and technological needs, compensation systems, a flexible billing model, among others. 

Structural issues in law firm management  

Those are only a few of the most important elements to manage a successful law firm. There are several other areas of knowledge in law firm management not yet covered in law school programs. To close that gap and equip law firm leaders to meet the new demands and challenges of law firms, Mattos Filho and Fordham School of Law have organized a program that unveils the fundamental aspects of managing a law firm

Structural Issues in Law Firm Management brings together leading figures in the legal industry (law firm partners, general counsels and non-lawyer leaders) to offer their experience and insights on all key aspects of the law firm business.

The program is open to all, but is especially recommended to senior associates, counsel and partners in the process of assuming new management responsibilities at their firms and willing to better tackle the challenges that come with them. Fully adapted to an online format, the 24-session program will meet on Mondays and Fridays at 8:30 a.m. (New York Time), via Zoom. Access the program page to learn about the 30+ faculty members, view the program schedule, and complete your registration.