Results Altman Weil 2005 Survey of Major Law Firm Management Techniques

Transcription

1 Results Altman Weil 2005 Survey of Major Law Firm Number of Potential Respondents = 200 Number of Responses = 63 Percentage Rate of Response = 31.5% Alternative Pricing. Based other than on hours x rates. Utilized Alternative Pricing 63, 10% Was Your Experience With Alternative Pricing July 2005 Page 1 of 24

2 Balanced Scorecard. Measures whether management is meeting objectives--financial, marketing, productivity, etc. 15, 24.2% 33, 53.2% 14, 22.6% Utilized Balanced Scorecard Was Your Experience With Balanced Scorecard July 2005 Page 2 of 24

3 Benchmarking/Best Practices. Comparing performance to industry standards, copying or innovating based on success of others. 4, 6.5% 5, 8.1% Utilized Benchmarking/Best Practices 53, 85.5% Was Your Experience With Benchmarking/Best Practices July 2005 Page 3 of 24

4 Business Process Reengineering. Radical reorganization of systems or processes, slashing costs, doing only what clients need. 43, 69.4% Utilized Business Process Reengineering 12, 19.4% 7, 11.3% Was Your Experience With Business Process Reeingeering July 2005 Page 4 of 24

5 Change Management. Actively preparing lawyers/employees for new strategic or economic models. 10, 16.1% 13, 21.0% 39, 62.9% Utilized Change Management Was Your Experience With Change Management July 2005 Page 5 of 24

6 Client Surveys/Feedback. Written or electronic surveys, client interviews or focus groups. 14, 22.2% 2, 3.2% Utilized Client Surveys/Feedback 47, 74.6% Was Your Experience With Client Surveys/Feedback July 2005 Page 6 of 24

7 Client Relationship Management (CRM). Systematic identification of client needs/opportunities for expansion of services, retention, growth of relationships. 6, 9.5% 15, 23.8% 42, 66.7% Utilized Client Relationship Management (CRM) Was Your Experience With Client Relationship Managment July 2005 Page 7 of 24

8 Competitive Intelligence. Systematic identification of competitor strengths, weaknesses to identify and exploit competitive advantage. 15, 23.8% 24, 38.1% 24, 38.1% Utilized Competitive Intelligence Was Your Experience With Competitive Intelligence July 2005 Page 8 of 24

9 Core Competencies. Focus on deep proficiencies where firm is a leader in the marketplace; de-emphasis/divestiture of unrelated, less competitive areas or areas of lesser profitability. 5, 8.1% 4, 6.5% Utilized Core Competencies 53, 85.5% Was Your Experience With Core Competencies July 2005 Page 9 of 24

10 Diversity Initiative. Active implementation of strategy to improve diversity profile with specific targets/objectives. 1, 1.6% 4, 6.3% Utilized Diversity Initiative 58, 92.1% Was Your Experience With Diversity Initiative July 2005 Page 10 of 24

11 Knowledge Management. Systematic acquisition and sharing of information to create learning organization. 5, 8.2% 13, 21.3% 43, 70.5% Utilized Knowledge Management Was Your Experience With Knowledge Management July 2005 Page 11 of 24

12 Lateral Growth. Through recruiting of experienced lawyers at practice group, partner or associate level. Utilized Lateral Growth 61, 10% Was Your Experience With Lateral Growth July 2005 Page 12 of 24

13 Market Segmentation. Subdivision of market into client groups by industry or type of client to increase value of service. 7, 11.5% 12, 19.7% 42, 68.9% Utilized Market Segmentation Was Your Experience With Market Segmentation July 2005 Page 13 of 24

14 Merger/Acquisition. Combining with other firm as a means of growth/expansion. 11, 18.3% 11, 18.3% 38, 63.3% Utilized Merger/Acquisition Was Your Experience With Merger/Acquisition July 2005 Page 14 of 24

15 Offshoring. Relocation of operations to another country to reduce labor costs, serve foreign clients, etc. 2, 3.3% 4, 6.7% 54, 9% Utilized Offshoring Was Your Experience With Offshoring July 2005 Page 15 of 24

16 Outsourcing. Transferring non-core activities to a third party to lower costs or improve performance, e.g., temporary/contract lawyers, legal research services, ASPs, etc. 20, 32.8% 3, 4.9% 38, 62.3% Utilized Outsourcing Was Your Experience With Outsourcing July 2005 Page 16 of 24

17 Partnering. Enhancing client relationships through information sharing, joint staffing, lending lawyers, alternative pricing, etc. 7, 11.5% 2, 3.3% Utilized Partnering 52, 85.2% Was Your Experience With Partnering July 2005 Page 17 of 24

18 Personality/Psychological Testing. Either pre- or postemployment to improve teamwork, strengthen organization, facilitate professional and leadership development. 9, 14.8% 8, 13.1% 44, 72.1% Utilized Personality/Psychological Testing Was Your Experience With Personality/Psychological Testing July 2005 Page 18 of 24

19 Scenario Planning. Envisioning alternative s to improve plans, deal with contingencies, e.g., recession, antiglobalization, terrorism, demographic change, etc. 16, 26.7% 35, 58.3% 9, 15.0% Utilized Scenario Planning Was Your Experience With Scenario Planning July 2005 Page 19 of 24

20 Six Sigma. Use of statistical methodology to achieve near perfection in operations. 3, 5.1% 5, 8.5% 51, 86.4% Utilized Six Sigma Was Your Experience With Six Sigma July 2005 Page 20 of 24

21 Strategic Alliances/Affiliations/Joint Ventures/Networks. Teaming with other firms to achieve common objectives. 13, 21.3% 5, 8.2% 43, 70.5% Utilized Strategic Alliances/Affiliations/Joint Ventures/Networks Was Your Experience With Strategic Alliances/Affiliations/Joint Ventures/Networks July 2005 Page 21 of 24

22 Strategic Planning. Formally setting forth vision, mission, goals and strategies to manage growth and profitability. 1, 1.6% 1, 1.6% Utilized Strategic Planning 60, 96.8% Was Your Experience With Strategic Planning July 2005 Page 22 of 24

23 360º Review. Soliciting feedback from superiors, peers and subordinates to improve performance. 25, 41.0% 13, 21.3% 23, 37.7% Utilized 360 Review Was Your Experience With 360 Review July 2005 Page 23 of 24

24 Total Quality Management (TQM). Systematically striving for continuous improvement in quality and service. 14, 23.0% 42, 68.9% 5, 8.2% Utilized Total Quality Management (TQM) Was Your Experience With Total Quality Management July 2005 Page 24 of 24