Modernization for Survival and Growth: A Law Firm's Strategic Transformation
- 20 hours ago
- 1 min read
Guided by strategic goals and execution, firm transitions seamlessly toward growth and success.
THE SITUATION
A reputable legacy firm burdened by leadership transitions and administrative challenges
Key Hurdles:
Retirement of one of the founding equity partners required a new business structure and agreement. Outdated partnership agreement and lack of structured succession planning had created paralysis within the firm.
Burnout among leadership, underperforming/underutilized attorneys, and over-reliance on Of Counsels on the threshold of retirement.
Need for clear growth targets and strategies for administrative and operational improvement.
Antiquated technology needed updating to enable remote workers and to increase productivity.
ONGOING STRATEGIES
Step 1: Foundation
CSR conducted a Strategic Planning Session (SPS) to set priorities and evaluate financial and structural data.
Step 2: Immediate Actions
CSR facilitated the retiring partner's transition, created a “Path to Partnership” for a senior associate, and aligned roles using
the Welch Grid.
Step 3: Restructuring
Developed a new partnership agreement with clear policies,profit-sharing frameworks, and recruitment strategies.
Step 4: Long-Term Success
Planned IT upgrades, marketing strategies, sabbaticals, and
performance optimization.
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