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Is building your firm’s institutional capital on your to-do list?

By Nick Jarrett-Kerr, Visiting Professor, Nottingham Law School

29 May 2013

A new financial year recently started for many UK-based law firms, and managing partners are turning their attention to the uncertain and probably bumpy road ahead. Budgets - a major part of a firm's shorter-term operational plan - should have been set and action plans are hopefully in hand to achieve results this financial year. However, although it is never easy to think very far ahead when endurance and survival are the leading priorities, planning in law firms should never be entirely short-term focused.

It often works well to create and develop one straightforward long-term strategic project that can galvanise and inspire partners and staff. One such possible project is to focus on those parts of a firm's intellectual capital or intangible assets that sometimes get overlooked or starved for attention.

Most firms, when they think about their intellectual capital, turn readily to their human capital and their relational capital (brand, clients, ...

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