It’s now a world..."Change is hard because people overestimate the value of what they have and...

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1 Law Firm Leadership 2.0: Managing Your Firm in a VUCA World It’s now a VOLATILE • UNCERTAIN • COMPLEX • AMBIGUOUS world VUCA

Transcript of It’s now a world..."Change is hard because people overestimate the value of what they have and...

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Law Firm Leadership 2.0: Managing Your Firm in a VUCA World

It’s now a

VOLATILE • UNCERTAIN • COMPLEX • AMBIGUOUS

worldVUCA

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of CEOs are prepped to lead a radical

transformation

As Non-Lawyer management becomes an increasingly crucial driver of Transformation, firms need to ensure they’re able to attract and retain the best non-lawyer talent.

This means a seat at the Big Table!

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CFO Evolution

Traditional Time Allocation Desired Time Allocation

people process tech

55%

20%

25%

30%

20%

50%leaderForward Looking + Strategic

protectorNo surprises

accountantFast + Accurate

A Move to Business Leadership for all C-Level Executives

Traditional Time Allocation

people process tech

55%

20%

25% leaderForward Looking + Strategic

protectorNo surprises

accountantFast + Accurate

Desired Time Allocation

30%

20%

50%

INTERNAL FACTORS

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Traditional Time Allocation

people process tech

55%

20%

25% leaderForward Looking + Strategic

protectorNo surprises

accountantFast + Accurate

Desired Time Allocation

30%

20%

50%

INTERNAL FACTORS

LEADER

ACC

OU

NTAN

TPR

OTEC

TOR

Desired Time Allocation

30%

20%

50%

LEADER

PRO

TECTO

RAC

CO

UN

TANT

CYBER & DATA PRIVACY

SOCIALTRENDS

CUSTOMERDEMANDS

EVOLVING TECHNOLOGY

COMPETITIVELANDSCAPE

DISRUPTIVE MARKET

CHANGES

And more:• Multi-generational workforce• Industry regulation• Shrinking profitability• Succession planning issues• Underproductive lawyers

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•51% of Law Firms say they have under-productive Equity Partners

•58% say that overcapacity is diluting profitability

•50% believe that they are basically the same as their competitors (no value differentiation)

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of firms believe the pace of change

is increasing

69%

Of firms are reengineering some part of their legal delivery work process

19%

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Innovator Influencer

Transformational Leader

Desired Time Allocation

30%

20%

50%

LEADER

PRO

TECTO

RAC

CO

UN

TANT

GEOPOLITICAL

SOCIALTRENDS

CUSTOMERDEMANDS

TECHNOLOGY

COMPETITIVELANDSCAPE

VUCA

Desired Time Allocation

30%

20%

50%

LEADER

PRO

TECTO

RAC

CO

UN

TANT

VUCA

Innovator Influencer

Transformational Leader

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are Influencers & Innovators15%

The Transformational Leader!

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Business transformations fail

60-70%

33%

Management behavior

39%

Employee resistance

75%

Cultural Impact

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"Change is hard because people overestimate the value of what they have and underestimate the value of

what they gain by giving that up."

Managing the Transition –

•In 69% of U.S. Law Firms, partners resist most change efforts

•70% of Law Firms have lost business to corporate law departments (Altman Weil 2018)

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Management Support

92%

6x

More likely to meet or exceed objectives

2.5x

More likely to financially outperform peers

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More likely to be evaluating/implementing

transformation and achieving organizational adoption

F O C U S

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OPERATIONS TECHNOLOGY CULTURE

C U L T U R E

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WHAT IS CULTURE?

The shared beliefs and values of employees that guide their discretionary behavior in ways that are beneficial for the sustained performance of the organization.

HEARTS & MINDS

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THE WHY

Often we know WHERE we want to go or HOW

we intend to get there, but we don’t share enough about WHY it’s so important…

THE FUTURE

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Become an Influencer

believe being an influenceris critical to survival

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more likely to lead atransformational initiative

More likely to improve the customer experience and reorganize the company

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COMMUNICATE COLLABORATE BUSINESS CASE

“Unless CFOs can articulate their ideas to non-finance experts, their plans may never get off the ground.”

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37

PRESSURE

The Controllability Principle

Narrow WideSpan of Accountability

Span of Control

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Narrow Wide

The Entrepreneurial Gap

Entrepreneurial Gap

Span of Accountability

Span of Control

Narrow WideSpan of Accountability

Span of Control

The Key to Success

Span of Influence

Source: President and Fellows of Harvard College

Entrepreneurial Gap

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Shari FreedmanCFO, Room to Read

COMMUNICATE

COLLABORATE

BUSINESS CASE

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Become an Innovator

MINDSET NETWORK TECHNOLOGY

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INNOVATIVESAME

WELL

POOR

MINDSET

MINDSET NETWORK TECHNOLOGY

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T E C H N O L O G Y

are investing in technology for transformation

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are deploying analytics

The Fourth RevolutionINDUSTRIAL

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The Fourth RevolutionINDUSTRIAL

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Clyde HoseinCFO, Automation Anywhere

MINDSET

NETWORK

TECHNOLOGY

The Transformational CFO

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“A finance function that innovates and stretches toward the same aspirational goals as the rest of the organization adds to its credibility and influence.”

-McKinsey

You can achieve anything you aspire to.

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