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Rapid Innovation Is Scary, But Necessary for Law Firm Leaders
The world recently achieved a remarkable feat: the development and deployment of a safe, effective vaccine to combat COVID-19 in under a year. This scientific discovery was fast. So fast, in fact, it spurred detractors, people skeptical and fearful about the speed of its invention. Rapid innovation is scary. It is also necessary, particularly in times of crisis and great change. Rapid innovation is scary. It is also necessary, particularly in times of crisis and great change.
The legal industry has undergone drastic transformation. The pandemic accelerated underlying trends — the move to remote work, client demand for greater value and efficiency, the need for enhanced diversity efforts, restructured operational models, use of technology, and more — at a pace that was wildly uncomfortable for many. It is now incumbent upon law firm leaders to harness these changes and to help their firms emerge stronger and healthier than before. Yet are they prepared?
Leader development has not been a focus for law firms. Just shy of a third of law firms offer any kind of dedicated leadership training to partners, and those that do deliver an average of just 11.2 hours of education in any given year. Already, evidence shows fear is creeping in. Some law firms are reverting, unabashed, to old (unsustainable) ways of practicing. These law firms are not survivors. Their leaders — often unprepared, unequipped, and untrained — are to blame. There is an antidote — the legal industry's version of the COVID vaccine: intense, immediate investment to dramatically transform law firm leadership.
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