Law Firm Management Science: Ignore At Your Peril

"Imagine this business school case study:  A global business is managed by part-time leaders with minimal business training.  The business offers different products to different customers depending on the varying skills and interests of the local service providers, who also serve as the salespeople, project managers and product managers.  Pricing is customized to each transaction and rarely follows a cohesive strategy, save for the fiat that prices must increase each year.  Marketing consists of promoting the business’s capabilities, which are presented as vast and unparalleled.  Customer demand has been a constant for as long as anyone can remember.  The challenge:  Customer demand shifts overnight from a constant to a variable, with immense competition for declining customer budgets.  What should the leaders do first to ensure the survival of the business?" Welcome to the dilemma facing law firm leaders today.  How would you respond?  See my recent article here in the ABA's Law Practice Today ezine.