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The Annual State of the Firm Report
As the year draws to an end, many of the more enlightened law firm managing partners and members of the executive committee assess the results of the current year and begin to develop plans for the coming year.
One management tool that we recommend in the course of our consulting with law firms is the preparation of an annual report that might be considered as “The State of the Firm.”
This report would provide an appraisal of prior years, and planning for the coming period. We suggest that this report should be distributed to the partners at least two to three weeks before the firm's annual meeting or retreat. While the preparatory work involved in collecting and presenting the information can be rather time-consuming, the ultimate success of the firm is directly proportional to the amount of time and preparation involved in the identification and resolution of firm problems on an ongoing basis. Without the basic information suggested in this report, the firm's ability to resolve basic problems will be limited, and its future in doubt.
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