Is Your Firm Underperforming?

September 8

The reason is likely in one of these areas:

  • Failure to attract, develop and retain good people;
  • Compensation systems that do not value the entire contribution a partner makes to the success of the firm;
  • Failure to address partner conflicts;
  • Not knowing what clients really value (why some firms get paid more than others for the same work);
  • Non-existent or incoherent marketing leading to a diminution in the number and quality of the firm's clients;
  • Failure to anticipate or react timely to changes in client relationships;
  • Inadequate financial and practice planning processes;
  • Lack of effective management reporting (quality information builds confidence);
  • Weak administrative systems;
  • Lack of internal controls and fraud detection systems;

By performing a critical analysis of each of these areas, a firm can help ensure that they will not fall victim to one of these common pitfalls.