Resetting in the legal industry
It’s impossible to sum up the past two years of chaos and turbulence which has affected the world, from the pandemic to where we find ourselves now watching events across Europe. How will history look back upon these definitive years where so much has changed?
We feel it in legal. Well-being, burn out and retaining and attracting talent lie deep at the heart of law firms’ modern day challenges as well as a burning question: do the traditional structures, systems and ethos fit the world we now find ourselves working in? 24⁄7 access to technology, a volatile world experiencing global crisis upon global crisis, an increase in remote working and managing a hybrid workforce?
As the pandemic resets major work trends and the world remains uncertain, as these crises shake us to the core and question our purpose and values, there is much for leaders to rethink when it comes to supporting their people.
ESG top of the law firm agenda
And quite rightly ESG is top of the agenda for most law firms, with an increasing awareness that not addressing these factors in a meaningful way will have a negative impact financially and reputationally. Most law firms know clients want them to demonstrate their efforts and evidence when it comes to ESG, but we know many are still working out whether what they are doing is enough and if what they are doing is actually working.
There is a pressing need in the legal industry to recognise, empower and leverage human capital in our law firms. To go beyond “ESG washing” and evaluate culture, well-being and health holistically. To find out the reality of your lawyers, law firm professionals and clients versus the public image you portray to d the market.
We believe the majority of law firms genuinely want to do the right thing. They want to be able to connect purpose with performance. But structures are so complex and behaviours and processes so ingrained over so many decades, how do we begin to pick this apart and work towards a full factory reset? How do we measure law firm “health” and take the actions we need to create a culture that works for all, from employees to clients using our legal services?
The answer lies with the many talented professionals in your law firm. It’s your people, your clients, leaders, workforce, alumni and suppliers, who create financial value and ESG impact. So finding out what they really think and acting on these insights is the starting point.
Making law firms Mature Organisations
We have been huge fans of the Maturity Institute at LexSolutions now for some time.
What is a Mature Organisation?
A Mature Organisation is a company that can maximise profits, create wealth for shareholders and deliver value. It’s a company that enhances well-being for all its workforce and has a positive impact on the environment and society. It connects purpose and performance and shows how to integrate ESG with business models and strategy. It assesses core indicators of company health including Purpose, Innovation, Learning and Human Value.
The Maturity Institute measures Organisational Maturity (OMINDEX®); the total value and risk that arises from a company’s whole, human system. It’s a tool that generates evidence-based assessments across 32-interrelated factors and compares across all sectors. The methodology has been tried and tested with academia, law firms, investment professionals and corporates and it has stood up over 7 years of scrutiny.
DNA Diagnostic for law firms
For some time now we have been researching law firms and running workshops to help them deliver true innovation and optimal cultures on the path to overall maturity. Now we have partnered with The Maturity Institute to create a dynamic diagnostic tool for the legal profession, which includes but goes way beyond just ESG. We’ve called it the DNA Diagnostic.
DNA Diagnostic is a full health check for your law firm that captures and measures all values and risk elements arising from your stakeholders: from your workforce to your leaders to your clients. It helps you on your path to becoming a mature institution which puts stakeholder value at its heart by integrating ESG with your business model and strategy.
It will help you care for your people and the world around you whilst operating profitably. It covers important questions as to whether your law firm is truly operating as one system, a deep understanding of its leadership behaviours, your firm’s individual impact on society and the environment, whether your firm’s purposes is aligned to all your business decisions and compares how mature your law firm is compared to others in the marketplace.
DNA Diagnostic contains a mix of workshops and internal surveys to garner insights, followed by a final report, analysis and recommendations which translate into the practical actions you need to take now, in the medium long and for the long term. Packages can also include leadership and client interviews and more targeted reports on specific areas you might be struggling with, such as retention, well-being and burn out, including interventions with a cost / benefit analysis.
Our call to action to our law firm friends
We are working with law firm clients who are actively seeking to build a new culture which is based around truths and not assumptions. Is it a risk to know what your people really think and what that means for the overall health of your business, or is the biggest risk not finding out?
It’s time for change in the biggest and boldest way. We need to work towards a better professional future. We are legal industry champions and we want to see our law firms leading the way, losing what might be regarded as a tarnished reputation in many respects and building from the inside out to become mature institutions who value their people and the world around them.
Has this resonated? Are you someone in a law firm in Innovation, Well-Being, ESG, CSR, HR, a senior partner who wants to come on this journey? Then we would love to speak with you.
Contact email@example.com and find out more about how we are working with our law firm clients with our DNA Diagnostic.
How can General Counsel ensure that their efforts to develop and modernise the legal team are not just short-term fixes,…
Which kind of law firm do you sell to your clients? An article featured in an issue of PSMG LLP…
It’s very easy, as an overworked GC, to get swept up in the transactional, day-to-day elements of the job. For…
The role of general counsel is changing. Where once it was a service role, creating documents and processes that were…