When it comes to evolution, I am no expert, but I am familiar with the simple summary of “Survival of the Fittest”. A key part of survival for an animal is making decisions in response to new opportunities or threats. These decisions must be made in real time and can be imperfect.
Within a commercial organisation, hundreds of major and minor decisions are made every day in just the same way. The outward-facing decisions are made by the Board. Sometimes these decisions are made quickly as events occur rapidly. In the past weeks, the Board at BP and at BA have been making outward-facing decisions. The ability of these organisations to react quickly is crucial to their success and survival. From the outside, they may seem to be the largest and sturdiest starships in their galaxies, but even they are vulnerable to poor or slow decision-making. Indeed, anyone who ever watched Star Trek will not remember Kirk taking long to make life-and-death decisions!
In the world after the Clementi Review and the Legal Services Board deregulation, the question is, how quick will law firm decision-making need to become? Partnerships are not noted for making rapid or radical decisions. This is an observation rather than a criticism. At the moment, law firms evolve at a rate determined by the comfort zone of partners who are all owners and solicitors.
Post the Alternative Business Structure, this rate of change may be determined by Directors appointed by shareholders. Given that Directors are unlikely to be solicitors and will do their job by determining policy rather than following it, they will have little vested interest in maintaining the status quo.
If the Partnership Model is to prosper in this new world, decision-making speed may need to move at the pace determined by non-solicitors!
BigWig Legal Network
What is BigWig Legal Network?
The deregulation of UK legal structures will have a huge impact on how Law is practised and new legal services are offered. BigWig Legal Network is the UK’s first membership development organisation for fee earners in legal practices, priced for membership affordability, which will offer what legal professionals desire most of all: Accurate, dependable new insights and techniques for developing the legal services of the future.
Find out more at our Last Wednesday meetings.