Erin Erickson presenting at CLM on “How Transitioning from a Traditional Firm Business Model to a Resolution-Oriented Model Promotes Diversity & Increases Firm Revenue”
BEBT Partner Erin Erickson was the lead presenter at the 2019 CLM Annual Conference on “How Transitioning from a Traditional Firm Business Model to a Resolution-Oriented Model Promotes Diversity & Increases Firm Revenue.” Her Co-Panelists included: Kevin Cohen, Liberty Mutual; Tom Behrend, Acuity Insurance; and Jackie Jensen-Earler of Mix, Sanders, Thompson, PLLC.
Understanding the interplay between firm diversity and generating revenue requires a cultural shift in firm management. It necessitates actively setting forth various models of success as viable and financially rewarding for associates. Beginning this cultural transition requires critical thought as to how the traditional law firm business model serves as a handicap to firm growth and health. Specifically, how the traditional law firm model serves to defeat true diversity and specifically, promotion and retention of women and millennial attorneys. The tradition model is not an attractive model for insurance clients and has a negative impact on firm revenue. It often serves to undermine the importance and use of legal metrics as a tool to collaborate with insurance company clients. And most importantly, it impacts attorney development, growth and success.
Erin provided interactive strategies for firm management to successfully embrace firm business models that promote a resolution-oriented litigation model removing emphasis off billable hours and onto key performance indicators; specifically rewarding resolution-oriented litigation practices. She explored models that incentivize alternative work schedules and client development plans that capitalize on the strengths of diverse lawyers. This presentation also showed managing partners how to incorporate the needs of diverse lawyers into a firm practice and actively model that for associates. She also discussed at length how prioritizing the use of legal metrics as an integral part of attorney success. And how this in turn creates a culture that stabilizes and grows firm revenue, solidifies relationships with insurance clients, and promotes a healthy and balanced practice for lawyers.