It may be lonely at the top, but it doesn’t have to be.
A new white paper, The Fearless Leader’s Advisory Board — published by Thomson Reuters Legal Executive Institute and written by Patrick J. McKenna, an internationally recognized author, lecturer, strategist and seasoned advisor to the leaders of premier law firms — discusses the value for law firm leaders in establishing an Advisory Board.
More than just a sounding board or a chance to schmooze, a carefully selected and trusted Advisory Board can help a law firm leader avoid potential problems while solving existing ones, fine-tune strategies and stimulate some new and innovative ideas.
However, as McKenna contends, there are many factors that have to be considered in selecting and running your Advisory Board for it to succeed as envisioned, including its size, its rules of operation, and the relationships of the Board members to the law firm leaders, the firm and each other.
A good number of other professional service firms, from accounting to consulting businesses, have found success by forming an external Advisory Board to counsel the firm’s leadership on various aspects of the business — everything from operations to planning for growth or enhancing client service.
Think about the last time you met with a group of business people and had an open discussion, sharing ideas and concerns. An Advisory Board is a formal version of this process. Unlike a one-time event, you might think of an Advisory Board as your own special leadership think tank. Participants can serve as your personal sounding board or a source of ideas and expertise as well as give you honest and candid advice. If properly constituted, your Advisory Board will be comprised of people with no axe to grind, and who want to listen and impart their wisdom.