BEING A STAR

All businesses, especially service businesses loudly proclaim; 'Our people are our best asset', then they go on to lay the logic of how their best ideas and initiatives have to be generated by, bought into and executed by their people. How can their people not be their best asset? And you know law firms, they just have to go one step further.
Since what law firms sell is the potential capacity to deliver legal services, they've created a sort of superstar system around their lawyers where they showcase the intellectual, legal juggernauts, neophytes and middling performers who will engage in the business if the law firm is able to secure it. They show potential clients who will be working on the business.
But, in every accounting entry, people are classed as liabilities, people are largely replaceable and are so replaced at the first sign of trouble such as when a merger is consummated. In the developing world generally, natural resources are the greatest asset because they are easier to manage, convert to cash and a market already exists for them.
And so a slight modification to the people are our most important asset cliché is necessary since it really is something said for advertisement and for the proclaiming institution to be seen as forward thinking. The people referred to as our most important asset are those who add high value and are difficult to replace. The rest of everyone else can be automated or kept with low investment of resources. Breadwinners, those who give more than they take, star performers, talented people. These are your law firm's most important asset.

For the individual lawyer, your job is to become a most important asset since what is the city but the people? And in addressing the people drama, the people usually get blamed and carry the can especially if you work in a mediocre law firm. Management will not sack or punish itself, the workers will just have to work harder. Solutions usually are to train, transfer, coach, coach, counsel, discipline, replace and they are all done to those on the shop floor but in law firms that are decidedly not mediocre they take a step back and examine the entire system.
What would a sane economic agent do in this systemic situation? Athletes go where their talent will be supported and unless support is provided in tangible forms like; doctors, pay, international competitiveness, you have a losing proposition and will have frequent defections to and defeats by better teams who provide what the athletes need.
Plus it is really easier to redesign the system instead of haranguing lawyers to work harder.
Hollywood has a system where stars get paid insane amounts of money for their work. The stars love it, the studios love it and the fans love it. The result? Everyone wants to be a star. The system has watered the seeds it wants to grow and the thousands who go there provide an eternal, diverse and vibrant talent pool just like the pre 1950's Catholic church.
Law firms have a lot to learn from these actors and film studios on how to manage talent as productive assets.