ENHANCING EMPLOYEE ENGAGEMENT
Being seen as a quality employer is a great marketing tool as it increases staff retention, attracts new people and, as happy employees are powerful advocates, encourages clients to instruct the firm!
On 31 March 2008 the Managing Partners' Forum published its inaugural 'MPF100 Best Professional Firms to Work For' league table and report, (click here for a copy) celebrating a group of leaders that have had the courage to invite their people to complete a rigorous independent survey of their workplace experiences in the knowledge that the results will be widely published and impact the firm's corporate reputation.
The MPF100 uses a subset of the aggregated data supplied for the respected annual Sunday Times competition and also includes articles on the importance of employee engagement; ways that leading professional firms are increasing engagement; links between engagement and brand advocacy and sector metrics for the professions compared with other industries.
Click the image to view the press coverage in
The Lawyer Harnessing employee energy – showcase regional events
The report is launched via regional road shows in each MPF region throughout April/May 2008 to share best practice with leaders of MPF100 firms. Each session addresses the importance of employee engagement, with plenty of time for debate and discussion. MPF Founder and Executive Director, Richard Chaplin will introduce the campaign with a panel consisting of a local leader of an MPF100 firm and speakers from Best Companies and Energy Project Europe. No cost is involved. There is also an international web seminar if you are unable to attend a local event.
Click here for the MPF booking form.
View the Report online
ENGAGING WITH EXTERNAL INVESTORS
On 9 January the MPF held a public debate on ‘The merits of engaging with external investors’. Attended by over 70 professional firm leaders, votes were cast on two motions and, following formal presentations from leaders of well known PSF brands and numerous observations from the floor, a re-vote revealed those present were slightly less enthusiastic after hearing the arguments.
The debate launches an MPF campaign aiming at highlighting and overcoming some of the key barriers faced by professional firms when engaging with external investors.
Stimulate an informed debate at your firm
Whether your firm is reviewing its options or has already introduced external capital, we have assembled a range of resources which we hope you will find helpful:
- A meeting report written by Jeremy Dutton, CEO of Campbell Hooper & MPF London committee member – Please download here
- A slide deck that accompanies this report – download here
- A ten minute video on YouTube - www.youtube.com/mpfglobal
- A one hour DVD of the debate, intended to stimulate an informed internal debate on the merits of engagement, is available on request. MPF members are entitled to one free copy of the DVD, with extra copies and non-members charged £199 + VAT. Please let us know if you would like one or more copies.
Other initiatives within the MPF Campaign:
The lack of a recognised methodology for valuing your brand
Working with valuation experts, Brand Finance, we are pleased to publish a detailed valuation methodology for partnerships. Download your free copy here. Using this methodology, MPF and Brand Finance are currently compiling an annual report on the enterprise and brand values of the world’s 250 leading professional firms.
The lack of an efficient after market for listed firms
Our sector is fast growing and highly profitable, yet invisible on ICB. As 200 firms listed in London fall under this definition, Noble Group is currently compiling the MPF Professional Services Index to enable investors, firms and funds to track the performance of listed professional firms - a fast growing and highly profitable asset class. The Index will be launched next month.
MANAGEMENT TALENT
As partners increasingly demand that their firm is well-managed, shortages of experts in finance, marketing, HR, operations etc are emerging. The campaign encourages management experts from other sectors to see the professions as a smart career move.
The centrepiece of the campaign is the MPF Global 500 Annual Report, a “prospectus” for the professions, including fees and headcount data from the top 500 firms, leader profiles, and articles on how the professions are invaluable to CSR and the smooth functioning of the world’s economic, legal and political systems. Graduates regularly cite professional firms as their preferred employers but there is still a massive media vacuum surrounding the professions.
The Annual Report has been produced as a free 20 page magazine in two parts:
- A listing of the world’s largest 500 professional firms with their revenues of $535bn and employing 3.7 million people;
- Articles to examine the professions’ vital contribution to the world; profile the leaders of innovative firms; show the profession’s extensive involvement in CSR activities and how management experts are gaining respect.
The Annual Report should help in obtaining more media coverage and breaking down the silos common to the professions. Sarbanes Oxley may be widening the divide between law and accountancy, but the management challenges are universal - our assets are highly paid, independent, mobile, resent being managed, and nigh impossible to fire!
View the Annual Report online
TIME MANAGEMENT
Although management takes time, few firms are devoting sufficient time to management, despite clear evidence that well-managed firms are more profitable. The centrepiece of the campaign is a Management Diary for use during International Professional Management Week in the first week of October. The Diary provides a structured framework to evaluate whether time is being well spent, as well as scores of useful management tips. Leaders are encouraged to share their diary entries with their team to enhance internal communications. The Diary also shows how the ideal leader spends their time, helping to de-mystify the role to others.
View the Management Diary online
PARTNER CAREER PATHS
Exploring the sound of silence. Many partners started their careers in a more measured and predictable world. What do the partners of today really think and feel about the demands placed on them, their lifestyle and their expectations for the future? The MPF campaign "Partner Career Paths" aimed to assist firm management when planning initiatives as well as give guidance to individual partners on their future
Initial findings of the survey:
- Work / life balance? Argument rolls on with flexible working (59%) the least attractive initiative firm's offer
- Help! External career advice most "attractive" initiative firms offer partners, 24% claim that it is available, 14% using the service.
- Stay positive. 94% top score "positive firm atmosphere" as important; 70% currently satisfied in this category at their firm
- Support required. 80% score "supportive partners" as important; 46% satisfied in this category
Could you work 80% of the hours for 80% of the pay and maintain the same status at your firm?... 48% said they could, 42% said they couldn't.
Support the MPF campaign!
The MPF needs your firm's support to build the dataset for this campaign. Click to download a factsheet or register your firm by contacting Paul Lemon, MPF Commercial Director on 020 7786 9786
LEADERSHIP SELECTION
Effective leadership is critical to the success of the modern professional firm; without it firms will be left behind in the period of consolidation that is taking place. Yet fee earners continue to insist that their leaders must be qualified and elected by the partnership. This raises an interesting challenge. If trainees join the profession primarily to serve clients, how should suitable candidates for leadership positions be identified, developed, elected and rewarded? The MPF urges greater transparency and less politics when selecting leaders, and formal compensation for those with leadership roles.
The campaign includes:
- A survey of the leaders of the UK’s Top 100 law and Top 50 accountancy firms in April 2006 to ascertain the degree of consistency at each stage of the selection process for managing partners, senior partners and heads of business units
- A report of the key findings of the survey
- An article in Legal Business magazine on the findings of the survey
- A pilot study with consultants Hunter Kane to determine if leaders have distinct physiological, emotional and cognitive traits
NEW TO MANAGEMENT
People join firms because they are intrinsicaly interested in the subject matter they are going to practise. Yet, there comes a time when such expertise is no longer sufficient to guarantee progression within a firm, and the challenge starts to be around non-technical areas - particularly managing others, developing relationships, and exercising leadership. It is fairly common for people to express anger at the prospect. The primary aim of peer groups is to help those new to management to build self-confidence in their practice management skills. This leads to better teamwork, more efficient performance of the business and the retention of talent - all leading indicators of superior profitability.Fact sheet ...
The campaign covers:
- Highlighting why peer groups can make a big difference in changing the way that people feel about a situation through articles in The Lawyer.more...
- Free advice on how firms can create and run internal peer groups more...
- Free advice on what individual participants can expect to receive more...
- Free advice on the role and responsibilities of external facilitators more...
Peer group application forms are available for participants and facilitators.
CORPORATE PRIDE
Responsibility for internal communication often falls between management, marketing and HR, with no-one taking ownership. Research indicates that the quality of communications has a direct impact on the way that people feel about their firm, is a key motivator and influences reputation, profitability and business success. The aim of the campaign is not only to push communications up the agenda, but also to help individual firms invest wisely in their internal communications. The campaign covers:
- Highlighting ground-breaking research linking effective communications to business performance through articles in Legal Week. more...
- Providing a short, online communications and corporate pride survey to allow anyone anywhere to express an opinion on their own firm. more...
- Allocating firms into broad bands ranging from A+ to C- according to corporate pride in the eyes of their people.
- Making available detailed analyses, cross tabulations, bespoke reports and consultancy from experts for those firms that want a deeper understanding of what their results mean or to do something about the problem.
UNSUNG HEROES
As firms have grown rapidly over the past decade, hiring a cadre of specialists in marketing, finance, HR, IT, KM etc ceased being a luxury and has became a necessity. Whilst there is also a changing attitude towards such staff, the second class citizen syndrome still exists in pockets (and some large pockets at that). The MPF believes these practice management professionals to be ‘unsung heroes’. The campaign covers:
- Building the business case for the issue through articles in the Financial Times, Legal Week and Accountancy Age. more...
- Highlighting the growth of practice management professionals through publishing ‘unsung heroes’ league tables for UK law and accountancy firms. more...
- Encouraging leadership to praise their ‘unsung heroes’ through entering for an MPF European Practice Management Award. more...