With a sudden spike in the number of law firms reporting financial difficulties to the Solicitors Regulation Authority, being a law firm leader in the current climate is arguably more challenging than it has ever been.
The problem is not confined to small firms according to the SRA, but across the board, with some large firms also reporting financial problems. With the UK economy forecast to enter recession later this year, sadly the problem is likely to get worse.
In response to the SRA’s announcement cpm21 Senior Associate Consultant Ian Hopkins commented
“At the most senior levels in law firms, individuals can feel a bit out on their own at times, without the benefit of someone to talk things through with. Those occupying the Managing Partner role in law firms can feel isolated, particularly when the going gets tough as it is currently.
In the current climate it is especially important that law firm leaders are supported, and this is where a good mentor, someone who has successfully managed through good times and bad can be of real benefit.
Having an experienced mentor on hand to provide practical independent advice or simply be a sounding board that senior law firm leaders can talk things over with can be of enormous benefit to both Managing and Senior Partners of law firms struggling under the normal demands of the job, without the additional financial worry.
The benefits of a positive mentoring relationship are well documented, but it is having that independent sounding board and support mechanism for senior law firm leaders that is so important in the light of the SRA’s announcement and where the right mentor can add real value.”
With decades of senior law firm leadership experience, cpm21 consultants are uniquely placed to provide sound operational and strategic advice to law firm leaders facing today’s economic uncertainty.
If you would like to discuss how cpm21 can help your leadership team, please contact Ian Hopkins, Wayne Williams or Paul Jones who will be delighted to hear from you.
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