Latest news – World Masters lauds collaboration; Stress the big regret for lawyers; Superior knowledge and services to the fore

Spotlight on collaboration at World Masters

The notion that collaboration is just a “fad” for has been challenged at the latest World Masters of Law Firm Management seminar.

During an address in Sydney in November, Heidi Gardner, a Distinguished Fellow at Harvard Law School’s Center on the Legal Profession, told a packed audience that the need for collaboration will only increase in professional services firms. Given the plethora of articles and books about the topic, Dr Gardner says some critics take the view that “collaboration is just today’s management fad and if I keep my head down and just power forward this too shall pass”.

However, she says research-based evidence points to the importance for firms of collaboration at a time when two trends are accelerating – first, the rise of “super-specialised experts” who become authorities in niche areas of the law; and second, an environment in which VUCA – short for volatility, uncertainty, complexity and ambiguity – is part and parcel of everyday business.

“The problem is that if you’re one of those sceptics, if we’re right and these trends keep going forward at a pace, they’re going to continue crashing against each other in ways that make collaboration (more important than ever).”

Dr Gardner says clients care about collaboration, too, because it leads to access to the best knowledge and experts within a law firm, and it contributes to firms having a deeper understanding of clients’ businesses and sectors.

At the Sydney seminar, legal practitioners had a chance to learn about collaboration using the renowned Harvard University case study methodology. One of the key messages was that professional service firms thrive when specialists collaborate across boundaries – but only when they do it effectively.

Dr Gardner joins a renowned list of previous keynote presenters at World Masters events, including David Maister, Thomas DeLong, Ron Baker, Ed Weissman, Stephen Mayson, Gerry Riskin, Ashish Nanda, Richard Susskind and Karim Lakhani, all of whom are highly regarded international leaders in their fields.

In coming editions of the Australasian Law Management Journal, we will be running a series of stories covering the key lessons to emerge for law firms from Dr Gardner’s presentation.

What’s the big thing stressing out lawyers? Stress!

An American survey reveals that more than four in 10 lawyers say the main thing they would like to change about their job is cutting stress levels. The poll by legal profession recruiters Robert Half shows that 42 per cent of lawyers cited job-related stress as their biggest concern, well ahead of other issues such as working fewer hours or having more personal time (22 per cent); greater professional autonomy (7 per cent); and accelerated career growth (6 per cent).
Fifty-eight per cent of respondents think exercise is the best way to relieve stress, while taking a break, talking to friends or family, and playing music are other ways to unwind. “Unrelenting job stress and long hours can lead to staff attrition and productivity declines,” says Jamy Sullivan, executive director of Robert Half Legal. “To address these issues and retain key talent, legal employers are offering flexible schedules, telecommuting and remote work options, as well as additional vacation days.”

Sullivan adds that many legal organisations also are enhancing on-site perks to help employees better balance work and personal demands, including subsidised gym memberships, back-up childcare, parking benefits and cafeteria meal plans. The survey was developed by Robert Half Legal and conducted by an independent research firm. It is based on 200 telephone interviews of lawyers with law firms and companies in the US.

Principals focusing on superior knowledge, services

Providing superior legal knowledge and services dominates the thinking of law firm principals, according to a new Australian survey.

The report, called State of Play in Law 2017 and Beyond, has been conducted by legal software solutions provider LEAP and covers the views of more than 670 participants around what is top of mind for law firm leaders. Rather than obsessing only about profits, the survey finds that 65 per cent of respondents believe their chief priority is ensuring that their firm is providing superior legal knowledge and services.

More than half suggest that making sure their firm’s internal operations are efficient is crucial, while 54 per cent also want to ensure their profit margin is favourable. Forty-one per cent say a key aim is to make sure their firm’s business development strategy is robust.

The survey also asks participants what keeps them awake at night, with about two-thirds remarking that it is their clients’ needs and demands. For others, financial stability and cash flow are causes of worry, while winning new business and dealing with regulatory changes and compliance is on the radar for many.

Cloud computing is seen as the biggest opportunity for principals, followed by social media and networking, alternate billing models, and growth of niche firms. The biggest threats are disruptive technology, artificial intelligence and legal process outsourcing.