The biggest fear we have encountered speaking with partners in independent law firms is that the introduction of Alternative Business Structures will spell the end of their firm as an independent business (see our video analysis of this issue).
The Legal Services Act and Legal Strategy
In a corporate entity, the CEO is charged with navigating a way through and then ensuring that the strategy is delivered.
But in a partnership, decisions are often taken by consensus. The partners need to decide what to do - and equally, what not to do (or to discontinue); where to devote resources and attention; how to differentiate the firm.
A law firm’s strategy needs to be based on a dispassionate and objective assessment of markets and market trends – creating a strategy is vital to business success.
This can be very hard in a partnership serving a range of different sectors of the legal market, and will only become harder following the Legal Services Act and in the coming years.
We can help
We are not lawyers, but we do understand markets, especially the legal market as it affects small and medium sized firms.
How the market will develop with the advent of ABS is as yet an unknown quantity. However, our years of experience working with businesses in other deregulated markets, combined with our eighteen years consulting with law firms, means that we are well placed to help you anticipate and combat the challenges of an open legal market.
We take the trouble to understand our clients, so that we can understand both the individual's and the firm's perspectives. And then we bring our business perspective which, in a changing market, is absolutely vital to the development of your interests.
We facilitate strategy days and workshops (link) to get the partnership thinking about the challenges facing the firm, and to help develop a consensus about the way forward.
If you would like a conversation about how we can help you achieve your own unique objectives, please contact us (link).