Factors in setting goals and goals for law firms differ from goals and objectives for any commercial or industrial enterprise. This is so because of the disparity in the essence of the two services being delivered. There are certain features of law firms, other than the well-known differences between industrial enterprises and professional organizations that can be set and defined to create a model for the organization. The process of planning and setting goals essentially includes creating a blueprint to serve as the company’s development guide and deciding the way to accomplish the objectives and the time it will take. A model has a variety of characteristics that are the variables that influence the setting of priorities and objectives within a law firm. The numerous factors influencing the setting of priorities and objectives within a law firm will be addressed in this report.
Size.more info Kruger & Hodges Attorneys at Law
Size is the status within the legal community, prestigious clients, the ability to deal with more interesting as well as complex legal work and stability, according to many lawyers. In most cases, these are accompanied by other features, such as minimal opportunity for significant management participation, impersonal atmosphere; need to follow the policies and procedures that are already in place, and little direct contact with clients that are not attractive to some lawyers. Prosecutors in larger firms generally earn more than those in smaller firms. This is because the big companies attract the big corporate clientele who pay higher rates. Consequently, a top notch litigation department should be emphasized if the model objective is to be a considerably larger company than the current firm size.
Ownership is one of the factors that should be considered keenly when setting goals and objectives for law firms. Maintaining high partners in a law firm ‘s associate ratio is a crucial factor in increasing the partners’ profits. In fact, the associates are the ones that make money for the partners and this is why the partner-to-partner ratio in large firms is usually between a third and two thirds of the lawyers. This ratio is mainly affected by: the associate turnover, the company’s overall growth and the time taken to become a partner. For example, in a firm where the associate turnover rate is high, the average time it takes for an associate to become a partner is six months, there would be a remarkable rate of growth to sustain a low partner-to-partner ratio.