By Debra Baker
I was reading in the New York Times last week about a website called StickK, where people share publicly their goals and resolutions, even putting money on the line in the event they fail.
The concept, according to the Times article, is that “people are more likely to achieve their goals if they stake their reputations – or their bank accounts – on success.” Apparently, if you fail to achieve your resolution, the money gets donated to a charity of their choice.
There are more than 63,000 StickK contracts with more than $5.9 million at stake.
It got me thinking about the challenges law firms face in developing business development programs that are acted upon in a consistent and ongoing way.
Part of the problem is that law firms don’t place as high a priority on business development as they do on billing clients. Firms may offer encouragement, have the best of intentions, even provide training. The breakdown comes with enforcement. What needs to be done to get the attorneys to act?
Maybe it is as easy as making their plans public and staking their reputations – and bank accounts – on success. Imagine that instead of sending practice group plans and personal business plans to an executive committee for review, plans are made public.
Attorneys are assigned roles based on their interests and needs. Those charged with overseeing the plans are required to make quarterly updates to the partnership. They report on activities, what’s working, what isn’t, how the plans have been adjusted and for what reasons. Those that don’t keep up get fined. The money can even go to the firm’s charitable contributions.
It’s February 1, 32 days into the new year. How are those resolutions coming?