Prioritizing Industry, Client, and Product Teams Over Practice Groups in Lateral Integration

Last week, I suggested prioritizing industry, client, and product teams over practice groups in the lateral integration process.  This sparked some very interesting conversations.  While most lawyers agree that cross-practice teams and collaborative platforms enhance client service and increase value, many also noted that their firm’s teams are not yet organized or consistent enough to be prioritized in their integration process.  Ironically, most also said that cross-practice teams were a pillar of their firm’s strategic plan.

This is somewhat understandable given that twenty years ago many lawyers didn’t see the need to understand their clients’ industries.  “Entrepreneurialism” reigned, and internal competition was encouraged to boost profitability.  But, we’ve learned a lot since then. Today, expanding existing client relationships is recognized as the fastest and most sustainable way to increase profitability, and being immersed in our clients' industries is key to attracting new clients.

So, why do so many lawyers find their firm’s cross-practice platforms unreliable?  It’s a laundry list of the usual suspects—limited resources (time, support professionals, budget), politics, indecisiveness on approach…….

It’s time for firms caught in this maze to take some positive steps.  One easy way to start is by identifying a few “points of light”—groups of lawyers who are:

• Working on significant clients

• Operating in a practice that is also an industry

• Addressing a hot topic

• Contributing to newsletters or publications

• Testing new technologies

Provide these groups with some accounting/performance data that they will find interesting, business and competitive intelligence highlighting areas of opportunity, a news feed, and a BD resource. Set a meeting, ensure decision-makers attend, record and track action items. Include your lateral hires. Celebrate and report on successes. Repeat monthly.  

Once you have a little momentum, revisit your strategic plan and the various approaches and agendas that had you stalled. It will be easier to align your investments with your strategic objectives when you have made some progress and have some success stories.

Staying stuck is not an option. Your investments in lateral growth are too significant to allow your best channels for integration to be unreliable.

Need help identifying your points of light? We can help.