Law Firm Economics, Values and Well-Being... Oh My!

When considering law firm profitability, well-being is not the first thing that comes to mind. At first glance, the two might even seem diametrically opposed. And yet, they are deeply connected. A good measure of both can often be found in how congruent a firm is to its stated values. 

In this session, legal well-being expert Renee Branson and law firm profitability expert Tim Corcoran will explore the intersection of profitability, values and well-being. Using case scenarios backed up by proven data, participants will help make the case for investing in healthy law firm cultures. 

You’ll explore data that reveals a story of lost profitability, productivity, reputation and client satisfaction when well-being is ignored. We’ll also discuss the four primary potential loss/benefit areas impacted by well-being. We’ll reveal how misaligned values and toxic cultures become stumbling blocks in a firm’s approach to partner compensation. Once we have made the case for investing in well-being, we’ll address how a firm can assess its unique needs and what strategic priorities can be implemented to address those needs.

Objectives:

• Recognize the costs associated with failing to address the mental well-being of professionals in a law firm. 

• Describe the connection between individual well-being, performance and law firm profitability. 

• Identify four loss/benefit areas on which firms should focus.