Revenue growth at top law firms has been one of the most reliable forms of revenue growth in the world. Elite law firms have been able to generate profits for decades. They are continuing to do so in the modern world. This is known the world over. A survey from Citi Bank took a close look at the rate of revenue growth at perhaps the world’s best known and most respected firm. The survey revealed what people in law know very well: the law is a reliable source of profits for firms that can deliver quality. In fact, for the most recent year that data is available, sources indicate that the growth in revenue exceeds five percent per year over time.
In the last decade alone, even in an era of common economic downturns and other issues, profit growth has been extremely consistent. Solid growth is one of the hallmarks of top tier firms. At the same time, those at the top often have worries about continued top flight economic performance.
The War For Talent
One of the concerns that people today worry about the prospect of finding talent. Those who are arguably the best of the nation’s legal minds will face firms happy to have them aboard. This applies to all levels of the firm. It includes those first year associates as well as those who might be joining the firm at the partner level. All firms are also looking for that something extra. They need to have employees from all walks of life. Diversity is a key aspect that firms have sought to address at the top levels of the profession. Officials at top firms also know that the makeup of their firms has been a source of intense scrutiny.
These are the leaders not only in the legal industry. They are also the leaders in the the world beyond it as well. This means that everything the top firms do gets examined. The media, clients and everyone else expects to see a certain level of diversity in the firm’s ranks.
A More Holistic View
When it comes to recruiting new people for top class firms, the truth is that many new lawyers do not view these firms in the same light. Younger lawyers are taking a longer and often broader look at work. They are looking at work life balance and asking it of any place they work. They want to be part of something larger. They also want management that is responsive and caring as well as willing to be open to change. Fortunately, efforts are being made to help create the kind of environment that can make working at the nation’s largest and most profitable law firms much better. One thing that all firms can keep in when it comes to attracting new talent is branding. Branding is about many factors that all law firms can get done. When done well, that makes it easier than ever to bring in the kind of talent that will continue to create the revenue stream these firms want.
Core messages are integral to conveying a brand the world. All firms need to be in the storytelling business. The use of well told stories can serve multiple purposes. In the first place, they reinforce the firm’s values. When workers are reminded they share the same values, they are likely to stay with the firm. They are also likely to be part of the firm’s overall recruitment efforts. All firms should bear in the mind the need to bring this message into every single department. The ideal message is one that consistent, tells a story that everyone can understand and represents the many advantages of working with this firm at every level. Everyone craves certain things at work. People want to feel a sense of community and a real sense of purpose. An effective strategy and branding remind the firm’s employees of what they do, why do they it really well and help firm members remember they are making a positive impact on the world.
Collaboration Between Departments
Creating a brand ultimately is best done when it is a collaborative effort. All aspects of diverse recruiting should be brought to mind. Celebrating Black History Month, for example, illustrates the firm’s awareness of the legal contributions of African-Americans. Stories and the use of such values allows all firms to build a truly cohesive message that all understand. The net result is a firm where all members are loyal and aware of the firm’s goals. Doing so can help inspire the firm’s members to overcome any challenges they might face in the modern legal world. This branding offers the chance to sustain a firm and leads to long term, impressive fiscal results. Building the brand can be through the Lawyers of Distinction Where You’ve Seen Us as well.