12. How to Plan for the Year Ahead

This is the season for business plans, budgets and compensation discussions. Goal setting, managing expectations, identifying resources, and planning methods of work-delivery -- this is essentially what law firm leaders are contemplating at the beginning of the year.

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It’s that time again, as we close the book on the year gone and plan the year ahead. On the client side of the market, many GCs are still facing all the familiar challenges, only with less budget and more to achieve. But for many law firms, the mood is altogether brighter. This is the season for business plans, budgets and compensation discussions, and for most, the past year went much better than expected. Demand for M&A, real estate and litigation were up. For many firms, revenues were up, travel costs and other overheads were down, and profit targets were met or even exceeded. For these firms, the sense may be that they have adapted to the pandemic and all is well.

But did law firms really get through the year unscathed, or is this just what they tell themselves based on surface data? This is the time when law firm leaders plan how to go again, and do even better. Planning is the first foundation of the Lean Adviser program, and the parallels are clear. In the context of a client assignment, Lean Adviser has modules on goal setting, managing expectations, identifying resources, and planning methods of work-delivery. This is essentially what law firm leaders are contemplating at the beginning of the year. Those who look “up and out” will see that their clients are still unhappy, and still facing huge challenges. Those who look “down and in” will see an operating model which has become vulnerable to the talent war. As we discuss in Lean Adviser, if you fail to prepare, you prepare to fail.

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