A recent legal intelligence survey by ALM looked at how well law firms can act like businesses.
The takeaway?
They can't.
"The level of commitment leading law firms are showing to strategic planning is moving in the right direction, but the rate of substantive progress is still frustratingly slow,” the report found, according to The Wall Street Journal's Law Blog. “There is genuine cause for concern.”
Only one in eight law firms has a strategic plan for improving profits and retaining their best talent, The Am Law Daily reported Tuesday.
And even the firms that do have a plan often aren't able to execute it very well.
Firm leaders need to start learning about business goals and becoming familiar with "the financial health of the firm" or they'll never succeed at running a successful business, LexisNexis's director of consultants Bo Yancey stated in the report.
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