Law firms have always had to adapt to change to remain profitable and relevant to clients, but 2024 looks to be the year in which law firm leadership experiences a transformative shift.
Take a look at Accenture’s new Pulse of Change Index, a conflux of factors fueled by advances in generative AI are driving an all-time-high rate of change across the business landscape, and it’s accelerating. To meet evolving client expectations, the questions around how law firms operate, how partnerships are structured and how leadership models adapt are truly at the top of every firm’s agenda.
The big question though is, do you have the right Partners in place making the right decisions, who can deliver today and also help to shape a future-ready firm? A new leadership identikit is emerging, one that is distinguishable by a specific set of skills, beliefs and behaviours, and one that potentially re-evaluates success metrics...
From over 650 Partner in-depth interviews in Australia, Asia Pacific & Europe since 2022, we’ve distilled the skills, beliefs and behaviours into 7 conviction statements. As a nod to Carol Dweck, one of the world’s leading researchers on motivations and mindsets, we call them Growth Partners:
1. I CHAMPION DIVERSITY.
Diversity is more than a vanity metric.
Growth Partners champion the business case for diversity and inclusion from the very top; they recognise the need to build resilient teams to not only meet societal expectations but to improve productivity and increase organisational competitiveness and growth.
2. I PUT MY CLIENTS FIRST.
Client-centricity isn’t just a buzzword.
It’s a mindset that law firms must adopt if they want to succeed in the future; Growth Partners develop strong client relationships, understand how their business operates, anticipate headwinds, and identify meaningful and actionable data-driven insights to solve a client’s problem.
3. I PRIORITISE SELF-CARE.
My routines and rituals are sacrosanct.
Knowing their well-being and mental acuity are the bedrock of their valued time, Growth Leaders don’t compromise their routines for anyone; they push the agenda on new partnership models, including non-equity partnerships and equity partnerships with reduced billable hours requirements.
4. I’M AN EARLY ADOPTER.
Technology is an investment that pays dividends.
Growth Partners demand today’s advanced technology is put at their very fingertips, to deliver more cost-effective and faster services; evidenced by Thomson Reuters research, 80% of extensive AI adopters demonstrate better financial performance than non-adopters.
5. I GO ALL IN.
I raise the new business bar.
Growth Partners share a profound belief that there are opportunities everywhere, and they put growth at the top of every meeting agenda; it’s a mindset that permeates everyone in their team, regardless of the economic or political environment, and they have the know-how to influence and get buy-in across typically resistant stakeholders.
6. I’M A LIFELONG LEARNER.
I believe Partners are made, not born.
Being open to challenges comes with risks, but Growth Partners know learning from failure helps to build their leadership knowledge bank; they invest more in their team’s personal and professional development too, formally and informally, and are myth-busters, wholly committed to improving the quality of leadership in their firms.
7. I MAKE IT SAFE TO FAIL.
I play the long game.
Growth Leaders set ambitious targets and goals that push the boundaries of what is considered achievable, and listen to understand, motivate and drive their teams towards excellence; they create a portfolio of growth initiatives and play the odds, safe in the knowledge one of their ‘big bets’ will cover smaller losses.
8. I HAVE A GROWTH STORY.
I know how to get people motivated.
Growth Leaders know that purpose is power, and that communication is their master key; they are active listeners and communicate, creatively and consistently, going beyond conventional channels to use a variety of media, events and industry forums to inspire and convey their aspirations to the colleagues, competitors and clients.
In conclusion, as the future of law firm leadership is being shaped by factors that are highly complex and ever-increasingly impactful, never has it been more important to break down the long-held myth that leadership qualities are innate.
The industry’s future leaders are standing apart, recognisable by their ability to effortlessly navigate this changing legal landscape, and it’s undeniable that the mindset, skills, beliefs and behaviours can be developed.
