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12933619_1.pptx 1 www.stinson.com What Management Expects © 2012, Stinson Morrison Hecker LLP
12933619_1.pptx 2 www.stinson.com What the Firm Expects of Management © 2012, Stinson Morrison Hecker LLP
12933619_1.pptx 3 Making "It" (the firm) Work – "Blah, Blah, Blah …" Ownership Legacy Respect Service Excellence Integrity/Honesty Teamwork Contribution Accountability www.stinson.com © 2012, Stinson Morrison Hecker LLP
12933619_1.pptx 4 What is Missing From the "Blah, Blah, Blah …" Understanding the Need for Interdependence throughout the Firm Judgment www.stinson.com © 2012, Stinson Morrison Hecker LLP
12933619_1.pptx 5 "Interdependence" A Relationship in which each Member is Mutually Dependent on the Others. www.stinson.com © 2012, Stinson Morrison Hecker LLP
Commercial Litigation I Bankruptcy & Creditor’s Rights Commercial Litigation II General Business Commercial Litigation III IP & Technology Corporate Finance Real Estate/Public Law & Finance Energy & Environmental Telecommunication Tax, Trusts & Estates Banking & Financial Services Chief Financial Officer Recruiting/ Professional Development Director Chief Marketing Officer Office Managers (non- KC) Human Resources Director Office Services Director Facilities Director Investment Advisory Recruiting Associate Evaluation Associate Development DiversityContingent Fee Charitable Political Contribution Pro Bono Political Action Practice Division Chairs Deputy Managing Partner General Counsel Firm Committees Chief Operating Officer Managing Partner Chief Information Officer Technology LibraryRecords Policy Committee Executive Committee Firm’s Organizational Chart www.stinson.com © 2012, Stinson Morrison Hecker LLP 6 12933619_1.pptx
7 Why is "Making it Work“ Critical? Most Firms Look Like: www.stinson.com © 2012, Stinson Morrison Hecker LLP Average Rainmakers Big Rainmakers Everything Else
12933619_1.pptx 8 Firms Should Look Like www.stinson.com © 2012, Stinson Morrison Hecker LLP Partner/Owners Others
12933619_1.pptx 9 The Tipping Point www.stinson.com © 2012, Stinson Morrison Hecker LLP vs
12933619_1.pptx 10 12933619_1.pptx The Tipping Point and Partner/Firm Expectations of Management Depends on Firm Trajectory –Declining –Stable –Ascending www.stinson.com © 2012, Stinson Morrison Hecker LLP
12933619_1.pptx 11 12933619_1.pptx Opportunity for Establishing Interdependence Formulation of Annual Budget/Plan Presentation of Annual Budget/Plan www.stinson.com © 2012, Stinson Morrison Hecker LLP
12933619_1.pptx 12 12933619_1.pptx Case Study Issues for Firm XYZ in 2013 Technology infrastructureneeds complete overhaul Accounting (G/L, Time and Billing) facing upgrade that cannot be delayed Market decline seriously impacting areas of practice Staffing ratios out of balance with peer firms Billing and collection realization low causing decreased income www.stinson.com © 2012, Stinson Morrison Hecker LLP
12933619_1.pptx 13 12933619_1.pptx How Do You Manage this Successfully? Prioritize based on firm trajectory Communicate the plan to the partners (set expectations) Communicate the plan to the staff (explain expectations) Explain the dependencies necessary to be successful Continue communication of achievement against expectations www.stinson.com © 2012, Stinson Morrison Hecker LLP
© 2009 South-Western, a division of Cengage Learning 1 Chapter 9: FINANCE Using Funds To Maximize Value.
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