Is your law practice fragile like an egg or antifragile like a rock?
A fragile law practice is one that struggles under pressure and has difficulty dealing with change. An antifragile firm blossoms in the face of adversity.
“The antifragile law firm is one that is protected from prediction errors, market volatility, and adverse events,” says Clio CEO Jack Newton in this blogpost. “In short, if your law firm is well-positioned to embrace unexpected change, it will not only survive but thrive in times of uncertainty. More specifically, the way law firms respond to stressors can be a source of competitive advantage.”
Newton believes so strongly in the power of antifragility that he devoted much of his keynote address at this year’s Clio Conference to the topic.
The concept of antifragility derives from the book Antifragile: Things That Gain from Disorder, by Nassim Nicholas Taleb. In it, he explains why some organizations collapse in the midst of chaos while others grow stronger.
“Firms exposed to stressors are actually in a unique position to evolve and thrive in a way they otherwise wouldn’t have,” according to Clio. “These law firms could save time and money if a framework existed to help smooth the process of change.”
Download this free guide from Clio: The Building Blocks of an Antifragile Law Firm.
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3 Characteristics of an Antifragile Law Firm
Want to increase your firm’s antifragility quotient? Here are three steps, courtesy of Clio:
Connection. “Lawyers need community and connection to succeed,” says Clio. “Finding ways to build and reinforce these bonds with colleagues is essential for any law firm to develop to their full potential—but these bonds also exist between lawyers and clients. Lawyers engage with clients throughout their entire legal journey. At every stage, you can encounter stressors and need to be ready to respond to them. Taking a client-centered approach is at the heart of connection. Understand what your clients want by building deep empathy for and knowledge of them—and then, of course, give them what they want.”
Creativity. “This means being willing to look at established systems to find opportunities to improve. It also means looking to the future and asking ‘what could be’ rather than accepting ‘what is.’ Whether your firm has existed for decades or whether you’re about to open up a solo practice, it’s never too early—or too late—to question the status quo.”
Technology. “The rise of cloud-based technology is a game changer for law firms,” according to Clio. “Technology provides a strong foundation for antifragile law firms. Being a great lawyer and knowing the law isn’t enough. Law firm owners and legal professionals need to run an efficient business while providing a good client experience too. It’s not about simply doing more—it’s about finding solutions that allow law firms to do more with what they already have.”
Source: Jack Newton’s 2022 ClioCon Keynote
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