Famous radio broadcaster Paul Harvey used to entertain his listeners from the 1950s through the 1990s with seemingly simple tales that, upon deeper analysis, revealed a much more complicated and elaborate storyline. Once he was done weaving his tale and delivering a surprise ending, he would sign off by saying, “and THAT…is the rest of the story.” Mr. Harvey’s signature sign-off inspired us to take deeper look into the “rest of the story” as it relates to the growth/decline in the demand for legal services over the last few years.
If the last few years have made one thing clear in the legal industry,
it’s that not all firms are built with comparable strategic strength and
resilience. Similarly, it is clear that the competitive positioning
many firms pursued in the years prior to 2007 is no longer adequate.
Over the last two decades there has been a proliferation of practice
groups at most firms. Some of these groups are industry-focused, some
practice-specific and some exist simply because it was a means by which
to garner some budget money. While practice groups are a meaningful way
to combine resources and plan internally, they don’t always provide the
best structure for a go-to-market sales strategy.
Just three short years ago, the term “legal project management” (“LPM”)
was virtually unknown in law firms. Those who did know it thought it
was simply a new buzzword being popularized by consultants or the latest
fad that would quietly disappear in a few months – as many other topics
had during their years in practice. So what is it about legal project
management (LPM) that has caused it to have such a profound impact in
law firms in such a short period of time?
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