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Human Capital Management: Learning from Great Professional Service Firms Webinar 9 ăƒť June 2015

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C.F. Braun & Co.

© Lawyer Metrics, LLC 2015

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C.F. Braun & Co.

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1. Simple

2. Symmetrical

Can fit on single sheet of paper

Clients, owners, employees all made better off

3. Sincere

4. Strategic

Designed and followed by leaders; never compromised

Generates enormous long-term enterprise value

© Lawyer Metrics, LLC 2015

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ow t

cl

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St a r t

up

Crisis Management

De

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Innovator’s Dilemma

tu Ma re

Gr

Revenue

Business Revenue Life Cycle

Failure Years

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en nv

Crisis Management

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St a r t

up

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Innovator’s Dilemma

t u r Re a e M

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Revenue

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Business Revenue Life Cycle

Failure Years

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Human Capital Strategy and Execution

Selection

Development

Management

Retention / Promotion / Outplacement

Time 1

Time 2

Time 3

Time 4

Value of human capital increases between T1 and T4

Š Lawyer Metrics, LLC 2015

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Human Capital System

Selection

• Setting selection criteria • Building a large and diverse pipeline • Biographical inventories

Development

Management

• Competency model

• Engagement surveys

• Feedback systems

• 360/upward reviews

• Practice area rotation (to obtain perspective)

• Setting vision and values

• Reference checks

• Work allocation (to get progressively more challenging work)

• Recruitment (i.e., closing offers)

• Formal skills training (e.g., mini –MBA)

• Behavioral Interviews

• Incentivizing teamwork through comp structures

Retention / promotion / outplacement • Setting promotion criteria • Enforcing promotion criteria • Track unwanted versus wanted attrition

• Fairly enforcing rules

• Conduct exit interviews

• Upholding high standards

• Track % who want to return © Lawyer Metrics, LLC 2015

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“Build” Model Original Cravath System

• Finding good entry level talent • Pay a salary • Training rotation system ― Substantive knowledge ― Delegation ― Supervision ― Client relations • Teamwork demanded, rewarded • Low attrition, no lateral hiring • Up or Out

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Appendix. Excerpted from Marvin Bower, Perspective on McKinsey (1979) (private printing) The Building Block Concept of Selecting and Advancing McKinsey Consultants. Study of our experience over many years shows that an associate with the Basic Qualities [Block A below] can build on this foundation to (1) learn everything he needs to know to become an outstanding consultant; (2) advance to principal, director, and practice leader; and (3) be a Firm leader generally. Therefore, we should not employ anyone who lacks the Basic Qualities, regardless of prior experience, knowledge, technical skills, educational degrees, language, competence, or urgent need for his [or her] services. … In interviewing associate candidates and checking their references, we are evaluating potential. In making advancement decisions, however, we are evaluating demonstrated performance of Basic Qualities (A), Basic Consulting Skills (B), and Essential Knowledge (C). … Qualities, Skills, and Knowledge of an Outstanding McKinsey Consultant—Based on Successes/Failures of Real McKinsey People (Read from the bottom up)

C

ESSENTIAL KNOWLEDGE (The individual with the Basic Qualities and a real interest in becoming an outstanding consultant with the Firm can acquire this knowledge.)

1. Special technical competence

B

3. Firm managing philosophy and knowledge

4. Firm/office strategy

5. Caring leadership of firm personnel

6. Clientele building (developing and attracting clients)

BASIC CONSULTING SKILLS (The individual who has the Basic Qualities and a real interest in becoming an Outstanding consultant with the Firm can learn these skills.)

1. Professional approach

A

2. Superior judgment

2. Management fundamentals – business or government

3. Interviewing, fact gathering

4. Firm problemsolving approach.

5. Effective Relations with client and firm personnel

6. Client communications and persuasion (oral and written)

BASIC (FOUNDATION) QUALITIES (With these qualities, the individual who is interested can learn everything needed to become an outstanding consultant with the Firm.)

1. Character. The No. 1 quality.

2. Personableness. Favorable appearance and personal impression

3. Personality. Forceful, mature, self-confident, and emotionally stable

4. Mental Equipment. Outstanding analytical and creative ability.

5.Ambition. Achiever with a zest for learning

6. Personal Effectiveness. Vigor, initiative, drive, capacity to get things done.

7. Interpersonal competence: Capacity to attract and persuade others.

Lawyer Metrics | 5

© Lawyer Metrics, LLC 2015

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Is the Diamond Model a System?

Partners Partners Non-Equity Partners Counsels Staff Attorneys

Associates

Associates

PYRAMID MODEL

DIAMOND MODEL

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Goldman Sachs

*

* Selection

Time 1

Development

Management

Retention / promotion / outplacement

Time 2

Time 3

Time 4

Š Lawyer Metrics, LLC 2015

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Goldman Sachs’ Leadership Sidney Weinberg

Gus Levy

John Weinberg and John Whitehead

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eat what you kill

GOING JOINT © Lawyer Metrics, LLC 2015

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“We were particularly focused on recruiting very smart people who really cared about and wanted to be part of a real team. We were thorough in our interviews, and lots of interviews were required before you could gain admittance to our team. Knowing how hard it was to get accepted, we all respected anyone who had passed the intensive screening of all those interviews. If they had passed the process successfully, we knew they belonged. And we all had staying power. Teamwork was crucial.” © Lawyer Metrics, LLC 2015

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“We were particularly focused on recruiting very smart people who really cared about and wanted to be part of a real team. We were thorough in our interviews, and lots of interviews were required before you could gain admittance to our team. Knowing how hard it was to get accepted, we all respected anyone who had passed the intensive screening of all those interviews. If they had passed the process successfully, we knew they belonged. And we all had staying power. Teamwork was crucial.”

“Even after Goldman became prestigious enough to hire mostly from top Ivy League schools, the firm still prized candidates with scrappy, working class beginnings. In the firm’s formal documents or presentations, this was known as ‘Ambition to achieve.’ Informally people spoke of ‘a lusting enthusiasm to jump out of bed every morning to do the deal.’”

© Lawyer Metrics, LLC 2015

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Goldman Sachs’ Business Principles 5. WE MAKE AN UNUSUAL EFFORT TO IDENTIFY AND RECRUIT THE VERY BEST PERSON FOR EVERY JOB. Although our activities are measured in billions of dollars, we select our people one by one. In a service business, we know that without the best people, we cannot be the best firm.

6. WE OFFER OUR PEOPLE THE OPPORTUNITY TO MOVE AHEAD MORE RAPIDLY THAN IS POSSIBLE AT MOST OTHER PLACES. We have yet to find the limits to the responsibility our best people are able to assume.

7. WE STRESS TEAMWORK IN EVERYTHING WE DO. While individual creativity is always encouraged, we have found that team effort often produces the best results. We have no room for those who put their personal interests ahead of the interests of the firm and its clients.

© Lawyer Metrics, LLC 2015

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C.F. Braun & Co.

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C.F. Braun & Co. Unrealized Human Values We believe that among our people there are many who have much greater possibilities than they show in the particular job, or work, or circumstances, that they happen to be working in. We feel that our leadership must make every effort to give those unrealized human capacities a chance to develop and to show themselves – but within the rights and interests of the other members of the Company. . . . The worth of our Company is the worth of the people comprising it.

Š Lawyer Metrics, LLC 2015

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GOOGLE’S QUEST TO BUILD A BETTER BOSS NY TIMES, MAR 12, 2011

“The starting point was that our best managers have teams that perform better, are retained better, are happier — they do everything better,” Mr. Bock says. “So the biggest controllable factor that we could see was the quality of the manager, and how they sort of made things happen. The question we then asked was: What if every manager was that good? And then you start saying: Well, what makes them that good? And how do you do it?”

© Lawyer Metrics, LLC 2015

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OUR COMPANY (HTTPS://WWW.KCURA.COM/ABOUT-US/OUR-COMPANY/)

MEET THE TEAM (HTTPS://WWW.KCURA.COM/ABOUT-US/MEET-THE-TEAM/)

CORE VALUES (HTTPS://WWW.KCURA.COM/ABOUT-US/CORE-VALUES/)

KCURA GIVES (HTTPS://WWW.KCURA.COM/ABOUT-US/KCURA-GIVES/)

Our core values were proposed and written by our team in 2010, with the goal of identifying what characteristics made us successful—and what will help us continue to be successful as our company grows. Be an excellent communicator. Communicate clearly, answer questions directly, listen to others, and remove any unnecessary words in writing. › Communication is more effective when people can tell that you believe in what you’re doing; make it fun, and don’t take yourself too seriously. › You don’t have all the answers. Be curious, ask questions, and create a dialogue.

Exceed the expectations of our customers and your colleagues. Go the extra mile to provide outstanding customer service, and treat fellow employees like customers. › Every task is worth doing well and better than anyone else. › Execution is everything. Be meticulous. › This value applies to everything we do, no matter how small.

Hold yourself and your colleagues accountable. Be dependable, conscientious, and empathic. Focus on self improvement, and know your own limitations. › Question your own intentions: is what you’re doing in the best interest of others (our clients, your colleagues, your family, etc.)? › Take ownership of mistakes.

Be humble and stay hungry. Don’t be arrogant. › Success hides mistakes and problems. › Keep growing, changing, and looking for the next challenge. › Put yourself in challenging situations so you and kCura grow.

Enjoy and be great at your job. Take pride in your work, ask to do more, and have fun. › Do it because you love it, or go find something else to do. › Don’t be somebody you’re not.

Embrace the talents of your colleagues and our clients. Practice teamwork and collaboration within your department, across departments, and with clients.

• Software company 100% focused on legal industry. • HQ in Chicago • 470 employees, growing fast • Numerous awards for growth and quality of workplace • 60% Millennial workforce

Do more with less. Be frugal and efficient. Commit to constant process improvement. › Never lose the sense of urgency for making improvements to the way we do things.

© Lawyer Metrics, LLC 2015

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Milbank@Harvard

Milbank Announcing Milbank@Harvard -- A Groundbreaking Professional Development Program February 9, 2011 - New York, NY; Ca mbridge, M:lss. - Milb.mk and Harv'lrd Law School arc proud 10 announce a new multi- year [raining program for Milbank associates. To provide Milbank associates with the best anclmos\ practical co mmercial trainin g, Milbank and Harvard Law Schoo l ha ve CO lllll1illCd to creale and deli ver a first-o f-it s-kind pro fess ional devel opment program . Thro ugh this program. assoc iat es will devel op the multi faceted cxpcI1isc and skill s

that soph is ticated Gcnc nd Counse ls should expect their v,tllIed legal ad visors

[0

possess. For the

first lime. a law fi rm will colla borate with Harvard La w Sc hool to prov ide execliti ve educatio n over the co urse of .111 assoc iate's career. on-s ite at Harv.lrd , focus in g o n business, finance and law, utiliz ing Harvard Luw School and Harvard Busi ness School fac ult y. " We are de li ghted to in itiate th is unique program at Harvard Law Sc hool. " said Mcllmmergut , Chairman o f Mi lbank . "We believe thaI our clie nts need lawyers who have been trained in both bus iness and law at the highest leve l, with a real -world practica l unde rstanding o f the cOll1lllerciul probl ems that they fa ce."

Milbank@Harvard

Harvard Law School Dean Martha Minow said: "This collabo rati on w ill represent an important part o f Harvard Law Sc hoo l' s continuin g emphas is o n stre ngthe nin g the tics betwee n theory and practice, as well as business and law , connecting our teaching with the fresh expe ri ences of the legal practiti oners who will come here to learn but al so 10 share kn owled ge. I am excited by the pros pec t fo r symbio ti c exc hanges betwee n Milbank all orne ys and Harvard facult y. Ult imately, thi s will be nefit o ur own sllldents, s ince o ur faculty will be ab le to in corporate the latest realworld perspec ti ves into whal the y teach: ' Startin g at the e nd o f the ir thi rd year and cont inuing th rough their seventh year, every Milbank assoc iate (i nside and out side the United States) will parti cipate in all annual stepped program taught at Harvard . Each 'Issociale w ill undergo an eighl -day trainin g program on 'l yearl y bas is, taught by Harvard Bu si ness and Law facu hy with the assist ance o f Mi lban k partners, and covering (Cpics in business, finan ce , luw, manage ment skill s, client re lations and personal pro fess ional deve lopme nt. Associates will complete the fourt h module o f the program in thei r seventh year. "Collaborating with Harvard Law School on thi s program ev ide nces Mi lbank 's abso lule commitment to the profess io nal deve lopment of Oll r at torneys," said Scot t Ede lman. ViceChairman o f Milbank. "Thi s groundbrcaking prog ram w ill prov ide our lawyers with lOo ls to

Š Lawyer Metrics, LLC 2015

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1. Simple

2. Symmetrical

Can fit on single sheet of paper

Clients, owners, employees all made better off

3. Sincere

4. Strategic

Designed and followed by leaders; never compromised

Generates enormous long-term enterprise value

© Lawyer Metrics, LLC 2015

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en nv

Crisis Management

ow t

cl

e

in

St a r t

up

i

De

h

Innovator’s Dilemma

t u r Re a e M

Gr

Revenue

ti

on

Business Revenue Life Cycle

Failure Years

© Lawyer Metrics, LLC 2015

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Human Capital Strategy and Execution

Selection

Development

Management

Retention / promotion / outplacement

Time 1

Time 2

Time 3

Time 4

Value of human capital increases between T1 and T4

Š Lawyer Metrics, LLC 2015

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Human Capital System

Selection

• Setting selection criteria • Building a large and diverse pipeline • Biographical inventories • Behavioral Interviews • Reference checks • Recruitment (i.e., closing offers)

Retention / promotion / outplacement

Development

Management

• Competency model

• Engagement surveys

• Feedback systems

• 360/upward reviews

• Setting promotion criteria; enforcing promotion criteria

• Practice area rotation (to obtain perspective)

• Setting vision and values

• Developing outplacement network

• Incentivizing teamwork through comp structures

• Track unwanted versus wanted attrition

• Work allocation (to get progressively more challenging work) • Formal skills training (e.g., mini –MBA)

• Fairly enforcing rules • Upholding high standards

• Conduct exit interviews • Track % who want to return

© Lawyer Metrics, LLC 2015

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Thank you

Profile for Lawyer Metrics

Human Capital Management  

In this webinar, the human capital models of Cravath, McKinsey, and Goldman Sachs are reviewed, and a simple conceptual framework for linkin...

Human Capital Management  

In this webinar, the human capital models of Cravath, McKinsey, and Goldman Sachs are reviewed, and a simple conceptual framework for linkin...

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