There is no new normal

The conference circuit has been busy recently with rather alarming forecasts of the future which will require managing partners and general counsel to run their businesses differently. It has become clear that today’s leaders need to manage a blend of four key factors:

1. a simple focus for business goals;

2. swift and effective decision-making;

3. using technology in ways not dreamed of before; and

4. winning the engagement of all partners and staff, especially around change.

Rohit Talwar, CEO of Fast Futures and a futurist, has suggested that there should be absolute clarity about what the firm should focus on for the next 12 to 24 months, keeping it simple so that it becomes the pinnacle reference point for all decisions.

This is clearly not as easy to achieve as it sounds, because the silo mentality still exists in many firms, is deeply ingrained and, in many cases, a tricky mindset to shift.

Recommendations include firms addressing their organisational structure and defining decision-making mandates at each level. The environment is moving too fast to allow for huge debates and 100 per cent consensus. Large partnerships have and are moving to corporate governance structures and this could be useful for smaller ones too.

Some professionals have suggested that the partnership is dead, others that it can exist successfully and genuinely in up to a ten-partner enterprise. Others suggest that the opportunities of alternative business structures (ABSs) will open up more progressive leadership styles, so that in fact firms return to a more democratic approach. These models refer to all people engaged in the business having an equal say as partners: such as a John Lewis partnership-style mutual.

In one presentation, it was suggested that ABSs also offer a better way to manage the career aspirations of younger people, who may feel stifled by the current ‘dead man’s shoes’ prospects, and taps into more modern ways of working. Creating a series of businesses with different structures, remuneration models, work types, and so on, could open up new markets which can be more profitable than following current approaches.

Electrical stimulus

All of our long-held views about the way we work and how long we should be at work are being turned upside down by the pace and innovation of technology, science and medicine.

Some of these innovations have huge ramifications for the profession, affecting what clients will want to buy from law firms and which skills and abilities will be valued in future. Increasingly, it is not your ability to be a fabulously clever lawyer.

Talwar described innovations such as artificial intelligence which, with its ability to replicate multiple human thought and logic processes, will replace the need for humans to undertake critical thinking and problem solving.

Transcranial direct current stimulation is, amazingly, already available. These little headsets pass an electrical impulse to the brain (in a few seconds), which improves brain stimulation for up to six months, resulting in highly focused and alert people who can concentrate and work longer and harder.

It will be invaluable for students, graduates, doctors on long shifts and, of course, lawyers in corporate teams where ‘all nighters’ are expected. Now individuals can achieve stunning performance, record thousands of hours (should you still be doing this) without being caffeine junkies, or resort to other substances: they can just plug in and get hyper.

Thinking laterally

Whichever route your firm steers towards, getting everyone on board is the ultimate challenge. Communicating with each individual in a way that they can hear what you are saying and understand remains complex. Managing partners need to think laterally, be prepared to experiment and adopt innovative ways to keep everyone focused, enthused and engaged.

For Steve McNicol, managing partner at commercial law firm Muckle, this meant bringing in Chris Cook, an Olympic swimming champion, when faced with change at his firm. The idea was that Cook would explain the vision and values of the firm by sharing with all partners and staff how he achieved his Olympic medal success.

Cook’s single focus was to swim two lengths of the swimming pool (his local pool was half the size of an Olympic pool) as fast as he could. All those supporting him in his endeavours knew this, and so all actions focused on this one goal. Decisions about his training programme or his eating habits were guided by this one simple objective.

Today, the firm’s focus is referred to as Muckle Two Lengths and is an inspirational battle cry that has created wider partner and staff engagement and resulted in increased profits.

Each firm has to create the path that will lead to its success, as set out by its leaders – so be thrilling and inspiring.