The inaugural Avrio Advocati Managing Partner Forum convened on December 17th, 2024, under the guidance of John Clarke, to address two crucial topics: People and Profitability. The forum aimed to support discussion among managing partners, focusing on shared challenges and innovative strategies.
Key Highlights:
1. Introduction to Behavioural Economics:
John Clarke recommended The Nudge, a book that explores how behavioural economics and subtle “nudges” influence decision-making. This served as a foundation for reflecting on strategies to motivate and retain employees while boosting profitability.
2. Labour Market Dynamics:
Participants shared insights on labour availability within their jurisdictions:
It was noted that while talent exists in the market, many prefer roles as in-house counsel, which are perceived as less demanding.
Concerns were raised about training early-career lawyers, only to lose them to competitors or corporations.
3. Compensation and Incentives:
A thought-provoking question posed by John Clarke was whether additional working hours should necessitate overtime pay, as is standard in the public sector.
Members discussed the importance of non-financial incentives such as work-life balance, which resonate strongly with younger employees, though these same employees also expect competitive salaries.
The group agreed to revisit this discussion on pay structures and incentives in future sessions.
4. AI and Workload Management:
AI was suggested as a tool to:
Bridge the gap between increasing workload demands and the need for time off.
Enhance competitiveness in delivering legal services efficiently.
5. Digital Invoicing Challenges:
Members raised concerns about the requirement for digital invoicing in certain jurisdictions. This transition demands significant time and technical expertise, posing challenges, especially for smaller firms.
Next Steps:
The forum concluded with a commitment to further explore pay structures, incentives, and innovative solutions to address people and profitability challenges during the next session.
This first Managing Partner Forum highlighted shared challenges across jurisdictions, encouraging collaborative approaches to tackle them effectively.