An interesting development this week with Kirkland & Ellis announcing that they will no longer share their annual financial results with legal media, citing concerns that financial rankings can place too much emphasis on quantitative measures over qualitative strengths.
It got me thinking about how success is measured in the legal profession. Having spent more than 35 years working with both corporate legal departments and law firms, I've seen firsthand that the metrics highlighted in rankings are often very different from the factors that drive long-term success.
Revenue, profitability and growth are certainly important business measures; however, when in-house counsel evaluate outside counsel, they are often focused on qualities that are much harder to quantify:
- Responsiveness
- Practical, business-minded advice
- Efficiency and value
- A genuine understanding of their business
- Trusted relationships
Those qualities rarely appear in league tables, yet they are often what drive enduring client relationships.
The same is true when lawyers evaluate career opportunities. The most successful moves are rarely determined by compensation or title alone. More often, they're driven by leadership and leadership opportunities, culture, growth opportunities, meaningful work and the ability to make an impact.
Perhaps the profession sometimes places too much emphasis on what can be measured and not enough on what matters most. In the end, the qualities that create lasting success are often the ones that never make the rankings.
Read about Kirkland's decision not to disclose financials:
https://www.nonbillable.co.uk/news/kirkland-stop-sharing-financial-results-with-media