"What happens if ....?"
I met Gini Dietrich on Twitter. Gini is the CEO of Arment Dietrich, a public relations firm in Chicago. Gini also is the primary author of the blog The Fight Against Destructive Spin. In a recent post, Gini, an avid cyclist, recounted how she had been riding along with fellow cyclists talking about the Bears. In the blink of an eye, she wiped out and was sliding along the bike path at 22 mph. Thankfully, Gini is doing okay, but her experience led her to write a captivating post, Business Succession Plan: What Happens In An Emergency? It is must reading for anyone running a business.
Succession planning is not the point I want to make here. "What happens if ...?" planning is my point. I think it is fair to say that no (does anyone know an exception?) BigLaw leader ever did any planning for a major recession. They have been reacting to events in many cases. Others have simply mimicked those who took action first. But how many have learned a lesson and done planning for, say, a major further downturn, or a permanent change in how most clients expect a fee arrangement to be structured.
There are hundreds of "what ifs" that could be considered. With many, the conclusion will be that if "it" happens, the effect on your business will be negligible or that some modest change will take care of the issue. But certain "ifs" will reveal themselves to be challenges to the core of your business, threatening the survival of the business or institution. Aren't these things worth some thought? Since we now know that the most unlikely events are possible and that change is certain, I think the amount of thought that should be devoted to these possibilities is more than some.
I hope people learn from their mistakes. I would be interested if anyone knows someone who can be help up as an example of this.
Patrick,
What a great compliment, and surprise, to see you write about this topic! Since my accident nine days ago, I've learned that I fractured both my femur and hip, but in the past week I've ridden more than 300 miles.
I'm sure there is a leadership lesson in there somewhere. Perhaps I'll think of what it is on my bike tomorrow.
On a separate note, having to do with attorneys...how do law firms create emergency plans (I won the lottery plans) for partners and major rainmakers? I'd love to hear more.
Gini
