The Mindfulness Blog

KPIs are becoming much more important metrics for Managing Partners and members of Executive Committees, because they tend to be forward-looking (as opposed to more traditional backward-looking) management metrics.

Leaders, of course, need to keep their law firms operating and thriving, and historical data will certainly continue to be an important element of that task. Just as importantly, however, our leaders need to anticipate future challenges. That's where KPIs come into play.

Attached as a link to the Managing Partners Forum website, is an article written by a young woman who created an online platform that connects vetted law students with law firms. The article is entitled, "A Millennial's Perspective On How Law Firms Can Retain Millennials", and it cites some very interesting--and alarming--statistics that any thoughtful Managing Partner will note, and act upon.

The two stats that really jumped out at me, are: 1) By 2025, 75% of the workforce will be comprised of millennials, and 2) Slightly more than 75% of millennials enrolled in law school today, report that they don't expect to work at the same law firm for more than three years.

How might looking at KPIs help Managing Partners and key management staff plan for the kinds of scenarios predicted by those statistics? If one undertakes a generic search of KPI, one will find links to a number of sites, one of which (posted by a credible consulting firm) breaks down KPI into four basic categories: Financial, Customer, Processes and People.

I clicked through to the page about "People", and looked at the information directed to recruiting and retention--concerns that are of recurring importance to law firms, as well as any successful business entity. Guess what I found?

Money has historically been the prime motivator for new lawyers and lateral hires but among millennials, quality of life (work/life balance) is reportedly just as important as money. That's where I (wearing my old management hat) begin thinking about instituting a thoughtfully designed mindfulness and meditation program, as a complement to more obvious concessions, like remote work flexibility or other health/family benefits.

In addition to providing opportunity for self-improvement, the institution of a mindfulness and meditation program can provide staff and professionals with an opportunity to learn a new skill that is critical to both personal well-being and professional success--a true win/win.

Whether those are skills are incorporated into one's life on a regular basis today, tomorrow or ten years later, is really irrelevant--the opportunity and the skill set will always be associated with the firm. And isn't that the point?

If you're someone who looks at everything through a business lens, you might also consider the fact that the association engendered by the institution of a responsibly structured mindfulness and meditation program breeds not only loyalty and appreciation, but also, the possibility of future business referrals if/when conflicts may require.

Bottom line: Mindfulness and meditation programs can be powerful KPIs that our law firms--all institutions in the legal profession-- should recognize, and embrace. Our leaders should consider not only the present and the past, but also, the future!