X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The goal of every law firm should be leadership status in the markets (practices, industries and geographic locations) in which it has chosen to compete. As businesses with significant revenues operating in a highly competitive environment, most law firms recognize that they need strategic plans to help them

achieve their leadership aspirations. Strategic planning is the process through which the firm identifies its most important markets, agrees to a vision for achieving leadership in those markets, and develops and implements a plan for achieving the vision. It is how a firm decides where it wants to go and how it will get there.

Strategic planning is a discipline that takes time, experience and expertise. Ideally, the process is led by people who can devote a substantial amount of time to the task. Necessary skills include business acumen, strategic agility, project management, relationship-building, analytical expertise and a drive for results. Law firms that have succeeded in adopting robust strategic plans find that charging a team of lawyers and staff with creating the plan works best, sometimes employing experienced consultants as well. Recent surveys indicate that about two-thirds tap their chief marketing officer (or highest-ranking marketer) and the marketing and business development staff to be an integral part of the team. Partnering with other key staff groups, the CMO can help drive the planning process to completion, relying on the lawyers for substantive input but providing the structure and project management necessary for a robust planning process.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

You Can't Manage It If You Don't Measure It

How are you illustrating differentiation to clients and potential lateral targets? How are you measuring performance against peers? Use Legal Compass to benchmark a firm against its competitors, unearthing unique insights about performance, partner retention, market penetration and more. Click to log in, or begin your free trial.

Get More Information
 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.