Growth begins as an intentional decision. Consider a strategic plan to set goals, targets and timelines. Management teams use strategic plans as an ongoing guide when making firm-wide decisions. Timothy Lynch, President of Offit Kurman, joined The Successful Firm Project to discuss how Offit Kurman utilizes a growth mindset in all aspects of the firm. Below are quick takeaways from the playbook event.
The Building Blocks of Growth
Talent & Compensation:
Develop a competitive and transparent compensation model that is designed to attract growth-minded attorneys and legal professionals. Using an objective bonus system model that measures origination (sales) and production (billable work) over a calendar year puts compensation control in the hands of the attorneys.
Legal Management Professionals
Offit Kurman intentionally evolved into a firm that is no longer reliant on lawyers to be managers and gives their legal management teams the authority to make decisions. As a result, legal managers began to elevate their role and expand the capabilities of lawyer performance and client engagement.
The business side of law can sometimes be overlooked with the day-to-day of keeping up with current client demands and needs, but a good business development team keeps your business top of mind within the marketplace. Be a resource and work to connect people together; serve as a “brand ambassador” on behalf of the firm to stay relevant among potential future clients.
As firms grow, infrastructure changes. Understand your organization’s cost structure. Consider how you are utilizing outsourced vs in-house services. How much does it cost to run your practice and how can you change things to do it in a better way?
With growth comes obstacles. Schedule time with your leadership to talk about growth mindset and keep regular discussion on your agenda. Strategic plans should be living, breathing documents. Make room for change and use your strategic plan as a guide for growth. To watch the full recording of the webcast, register here.
President, Offit Kurman
Mr. Lynch is the President of Offit Kurman. He also sits on the firm’s Executive Committee. As such, he is responsible for all of the lawyer operations at the firm and he is heavily involved in the daily operations and strategic planning for the firm. Before moving into these roles, he chaired the Commercial Litigation Practice group at the firm. He has a national practice that focuses acting as general counsel and special litigation counsel for many entrepreneurs as well as owner-managed businesses and their owners in a wide array of industries. In that regard, he regularly advises clients on strategic, growth and corporate issues. He also regularly advises financial institutions and key employees on employment and regulatory issues.
Locally, Mr. Lynch serves as Board Counsel and General Counsel to the Washington Area New Auto Dealers Association (WANADA). He is the Founder of the Best Practices Roundtable for CEOs in Central Maryland. Mr. Lynch is also on the Corporate Committee for the Lombardi Cancer Research Center of Georgetown University.
Nationally, Mr. Lynch is a member and panelist for the National Football League Players Association (NFLPA) Financial Advisors program.
Internationally, Mr. Lynch is the Principal Delegate for the Association of International Law Firm Affiliates (AILFN). He also serves as the Global Chairperson of “Best Practices for Professional Services Organization Practice Group” for Geneva Group International (GGI). GGI is an educational and referral group of international, independent audit, accounting, law and consulting firms.