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Realization ' Another View
For many managing partners, the practice of law is easy compared with the challenges associated with “realization”: an 11-letter word that is the bane of all managing partners everywhere. And 100% realization? Well, that's the Holy Grail of law firm management. Given the choice of winning a Supreme Court case or solving the riddle of meeting their firm's realization goals, many managing partners might just tell the Chief Justices to take a hike.
It's important to understand that just keeping track of a firm's realization figures or, better yet, implementing a strong realization improvement program, are extremely useful efforts ' whether a firm reaches its realization goals or not. Paradoxically, when it comes to setting and striving for 100% realization, firms succeed even when they fail.
The benefits of setting realization goals and trying to hit those numbers go well beyond maximizing profitability. The entire effort speaks to proactive management. And not to sound existential here, but good managing is a journey, not a destination. Look at Law Firm AB & C, LLP. They didn't hit their numbers four years ago, and still didn't reach their goals this past year. But they've improved each year. Additionally, simply by tracking their realizations, they've identified the high billers, rewarded them properly, and have established guideposts. They've re-established or confirmed the right realization targets for their senior attorneys.
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