Time Well Spent

  • April 17, 2014
  • Richard G. Stock

Few professionals can account for how they spend the 500 to 600 hours of non-chargeable time available to them each year. Fewer still are able to speak knowledgeably about whether the time was invested effectively. Yes, there are events and anecdotes - meetings, courses, and practice management obligations - that use up about half of the hours. The other half seems to get absorbed by the system and routines of daily life in a professional services setting.

Professionals continually face time restraints; there's only so much of it to go around. But non-chargeable work is an investment. Its value is in the return (or leverage) realized on that investment.

There is enough tedium in life and its work routines. Much of that finds its way into a professional's non-chargeable time. Smart people get bored easily. Innovation can then be a central theme on how to leverage some of the non-chargeable time. Begin this way.

  1. Require that each partner and associate in the firm devote two hours each week (100 hours per year) for marketing and business development. This standard should be endorsed by the firm if possible. Ensure that the 100 hours are pre-planned and documented in the Personal Performance Plan of each lawyer by November 30 of each year for the coming year.

  2. Balance the initiatives suggested by each member of the firm, so that enough of the initiatives are client-focused, some are financial, others develop talent, while others improve processes within the firm. The correct blend of initiatives should reflect the firm's overall strategy.

  3. Ensure that there is activity and reporting by each lawyer to the other members of the firm – in writing (emails, forms ) – on a monthly basis. This can be funnelled through a practice group leader or a managing partner and then summarized before distribution. Frequency, completeness and timeliness are hallmarks of good marketing.

  4. Is every client asked for a lead or prospective contact? Ensure this is done every time before the file is closed, that the same form (physical or on-line) is used by every lawyer, and that all the leads/ prospects are compiled. Obtain a Web-based lead management system. In the meantime, use paper.

  5. Marketing is both relationship-based and reputation-based. Mostly, it is about frequency and multiple points of contact. The prospects have to see your name everywhere: with their accountants, financial planners and bankers, on your Web page, and in the Yellow Pages (for personal services law).

  6. Give some thought to a common theme for marketing by all members of the firm. Some firms have used innovation as a theme. Embedding the theme in strategy, and in the firm's value and reward system, is a serious challenge.

Examples
Here are some examples of how lawyers and their teams are innovating and investing their non-chargeable time.

Innovation with clients

  • creating legal teams focused on a client or market sector;
  • creating a centre of excellence with strong knowledge management capabilities;
  • continually researching information about clients and prospects;
  • finding out what clients want before they know it.

Innovation with new services

  • human resource management services that are outsourced;
  • risk management services;
  • document management services;
  • cross-border immigration services.

Innovation with pricing

  • fixed fees for all work across 12 months;
  • uniform responses to RFPs;
  • longer duration agreements for services with clients;
  • business process automation;
  • reducing costs by 30%.

Innovation with talent

  • acquiring boutiques and market share;
  • fine-tuning presentation skills;
  • mapping the business development skills of the top five partners and associates.

There's always too much to do and not enough time to do it. Select two serious initiatives from the four categories of innovation. Typically, the initiatives should require about 50 hours each to completion. Some will be focused on the firm, some on the group, and some on the individual lawyer.

Firm leaders should review and balance the investment of non-chargeable time across the firm to achieve the best return on investment.

Richard G. Stock is a partner with Catalyst Consulting, the Preferred Supplier for Legal Services Consulting by both the CBA and the CCCA: (416) 367-4447 or www.catalystlegal.com.