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In the wake of our annual Bellwether report launching Paul Caddy considers how independent law firms can change course to become more successful and what lessons can be learnt from looking to the larger firms for ideas.
In fact, it’s so tricky, many tanker owners have to train their captains by making them pilot a tiny replica of a super tanker around a small lake in the Netherlands, while lots of boffins with damp feet and clipboards look on with furrowed brows.
It made me wonder: is there an equivalent training scheme for smaller law firms, with lawyers sat on tiny chairs in front of tiny desks in tiny offices? Perhaps, on occasions, a legal guru is brought in to bombard them with a barrage of pretend management problems (from their tiny replica desk)?
One solution is to look to 'Big Law'. The UK is HQ to many of the largest and most successful law firms in the world. Over the years many of these organisations have become adept at manoeuvring themselves effectively through choppy waters despite their super tanker size. There is much that smaller firms can learn from them. If inertia is no excuse for a larger firm, it certainly ought not to be for smaller firms.
The LexisNexis report The Art of Success: Why Independent Law firms are thriving shows why this shouldn’t come as a surprise: 75% of the lawyers in the independent firms that LexisNexis spoke to have worked at larger fi
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