Milton friedmans shareholder driven approach

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Reference no: EM133854519

I am employed at a law firm. The stakeholder focus is important to our firm, not Milton Friedman's shareholder driven approach. We prioritize our partners and associates, clients, employees, and regulatory bodies rather than external shareholders. The focus of key metrics revolve around the following: firm reputation, client satisfaction for repeat business and referrals, investing in talent retention for our partners and employees, regulatory compliance and risk management to adhere to legal ethics, and in Information Technology protecting our legal data and prevention of breaches as our top priorities.

Industries within professional services, including law firms are high value targets in cyberattacks. According to the ABA (American Bar Association), in 2023, 29% of law firms have experienced a security breach. Security breaches can cost millions of dollars in damages. The damages are not only in fines and lawsuits, but also reputation damage and loss of business. Security breaches on average cost law firms over 4 million dollars. Investing in proactive security protects law firms from cyberattacks and to meet compliance requirements.

The legal industry has a fairly high turnover rate of approximately 20%. Employee retention is critical to retention of top talent. Successful law firms prioritize employee retention to reduce turnover rate especially in AmLaw 100 and 200 firms. I work for a AmLaw 200 firm with stakeholder focus on satisfaction of our partners, associates, legal staff, and IT staff as a high priority to retain our talent.

Financial performance is extremely important within a law firm. However, this is not at the expense of ethical and security considerations. Our firm emphasizes the importance of trust and compliance to retain our top talent and our clients. A strong firm reputation and client satisfaction leads to repeat business. If the approach was purely shareholder driven at our firm, it would erode trust and pose legal and financial risk at our firm. A stakeholder focus allows the firm to balance our ethical and legal responsibility with financial performance. A stakeholder focus allows us to focus on trust, compliance, and service quality.

Reference no: EM133854519

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