Originally published on ALM
The world recently achieved a remarkable feat: the development and deployment of a safe, effective vaccine to combat COVID-19 in under a year. This scientific discovery was fast. So fast, in fact, it spurred detractors, people skeptical and fearful about the speed of its invention. Rapid innovation is scary. It is also necessary, particularly in times of crisis and great change.
Rapid innovation is scary.
It is also necessary,
particularly in times of crisis and great change.
The legal industry has undergone drastic transformation. The pandemic accelerated underlying trends – the move to remote work, client demand for greater value and efficiency, the need for enhanced diversity efforts, restructured operational models, use of technology, and more – at a pace that was wildly uncomfortable for many. It is now incumbent upon law firm leaders to harness these changes and to help their firms emerge stronger and healthier than before. Yet are they prepared?
Leader development has not been a focus for law firms. Just shy of a third of law firms offer any kind of dedicated leadership training to partners, and those that do deliver an average of just 11.2 hours of education in any given year. Already, evidence shows fear is creeping in. Some law firms are reverting, unabashed, to old (unsustainable) ways of practicing. These law firms are not survivors. Their leaders – often unprepared, unequipped, and untrained – are to blame. There is an antidote – the legal industry’s version of the COVID vaccine: intense, immediate investment to dramatically transform law firm leadership.
To achieve this goal – to accomplish the seemingly insurmountable task of preparing leaders to shepherd firms in the post-pandemic world – demands an approach similar to what enabled society to create the COVID vaccine in record time: a unique set of circumstances, dedicated focus and sufficient resources.
1. Acknowledge the crisis and articulate the cost of failure – with the COVID vaccine, the severity of the problem and cost of failure was painstakingly obvious. There was the risk of death, of course. Doctors endeavored early on to quantify and communicate this peril to the world. Next, was the economic impact on individuals, countries and industries. There was also the loss of living – the severing of ties with friends and family, restricted freedom of movement and limitations on activities. The situation was dire. Most, though not all, recognized the threat.
The risk to the legal industry of not having effective leaders, though less obvious, is no less pervasive – or dangerous. First, the economics. Failure to change jeopardizes the long-term sustainability of law firms. Already, the rise of law companies, increased use of technology, uptick in Big 4 alliances in the U.S. and opening of the Arizona and Utah markets has taken a toll on the legal sector. In heralding the stellar performance of law firms year after year, market analysts often lose sight of the fact that dozens of former Am Law 200 firms no longer exist. In the past two decades, nearly 40 former Am Law 200 firms have merged into a larger firm or dissolved. In other words, almost 1 in 5 of the largest law firms ceased to exist. This is a sobering figure.
Firm survival, though, is not the only nor most important factor at stake. It is the people. The legal industry is experiencing a human crisis. The past decade brought forth an exodus from the sector, with law school applications dropping precipitously. Law firms struggle to attract and retain top talent, especially women and diverse candidates. Alcoholism, suicide and mental health issues are rampant. Burnout is commonplace. The practice of law just ain’t what it used to be. Effective leadership can help law firms get that back. Bring back the humanity, the joy, the pleasure of practicing law.
2. Define the goal – when drugmakers embarked on their journey, the goal was clear: devise a safe, effective vaccine against COVID in the shortest amount of time possible. As is evidenced by the variance in cost, storage requirements and manufacturing methods, there was no single approach to achieving this goal. Each company chose their own path as they embarked in the same direction.
Similarly, a clear destination is essential to better prepare law firm leaders. Each firm will find its way, yet the mandate must be plain. For something as amorphous as leader development, , what does the end goal look like? There is no Shangri-la, or one right answer to this question. Sure, there are tools to evaluate the effectiveness of leaders such as 360 feedback programs or similar. These will not, however, provide unequivocal evidence in the same way as one can measure vaccine efficacy. Fortunately, there is an alternative.
Rather than define the goal as creating the “most effective leaders”, could law firms instead aim for more (in number and relatively) effective leaders – building a squad of individuals across the firm who have had the benefit of training and coaching in the essentials: self-awareness, EQ, feedback and delegation, people motivation, cultural norms and leading change? A firm, for instance, could plan to “train and prepare at least 20% of partners in core leadership skills by the end of 2022 and provide ongoing coaching and development to current leaders to elevate their preparedness for the future.” This is a legitimate, well-defined objective in the quest for more effective, prepared leaders.
3. Make the investment – it is no secret millions of dollars poured in to support rapid conception of the COVID vaccine. Resources – personnel, time, technology and, of course, money – were deployed at levels far greater than what typically goes into R&D for preventative medicine. Plus, these resources were concentrated and centralized within organizations, and across regions and disciplines.
To quickly mobilize law firm leaders will take the same – a targeted investment of time and money. Leaders will need to engage quickly and continuously, modeling the value of leadership training, subjecting themselves to equally intensive coaching, and learning to mirror and reflect the newfound knowledge of their peers and followers. Dabbling is not an option. The window to get this right, to return to the office, post-pandemic and create a better, more welcoming, healthier and, yes, profitable way to practice law, is small and will quickly.
Now is the moment to embrace change and transformation. Rather than run back to the comfort of old ways, especially those detrimental to the health of law firms and their people, take the leap forward. Solve the problem once and for all. Eradicate the disease by putting in place an effective, lasting preventative measure: better prepared, well-equipped, effective leaders. The world will thank you for it.