http://www.wilkinsonread.co.uk Wilkinson Read RSS Feed en-us http://www.wilkinsonread.co.uk/news/the-current-market-and-the-wip-imperative Sun, 29 Jan 2012 00:00:00 GMT Perhaps the timing was coincidental but the January seminar of APP, the Association of partnership practitioners, was particularly interesting. http://www.wilkinsonread.co.uk/news/the-current-market-and-the-wip-imperative http://www.wilkinsonread.co.uk/news/cost-reduction-in-the-new-legal-market Sun, 29 Jan 2012 00:00:00 GMT In December the Ark Managing Partner group held their annual financial and business planning conference, at which both Barry and Simon presented. http://www.wilkinsonread.co.uk/news/cost-reduction-in-the-new-legal-market http://www.wilkinsonread.co.uk/news/focusing-on-the-bottom-line Tue, 29 Nov 2011 00:00:00 GMT The past month has seen the appearance of two more significant surveys, both of which suggest that rising costs coupled with falling demand are putting yet more pressure on law firm profitability. http://www.wilkinsonread.co.uk/news/focusing-on-the-bottom-line http://www.wilkinsonread.co.uk/news/ebbinghaus-and-training Tue, 29 Nov 2011 00:00:00 GMT Over a century ago, the German psychologist Hermann Ebbinghaus demonstrated – as psychologists and trainers still recognise today – that there is both a ‘learning curve’ and a ‘forgetting curve’ associated with learning. http://www.wilkinsonread.co.uk/news/ebbinghaus-and-training http://www.wilkinsonread.co.uk/news/value-up-front Fri, 04 Feb 2011 00:00:00 GMT In our previous article, The Three Forces and Profitable Partnerships, we outlined the threats that confront law firm managers, and suggested that a new approach to client acquisition and retention is required. http://www.wilkinsonread.co.uk/news/value-up-front http://www.wilkinsonread.co.uk/news/back-to-basics-pipeline-and-profitability Thu, 27 Jan 2011 00:00:00 GMT As we head into what promises to be a tumultuous year for law firms and their people, many commentators have been focusing on what partners and managers can do secure their law firm as a business – from financing and external investment, to technological change and even wholesale rebranding. http://www.wilkinsonread.co.uk/news/back-to-basics-pipeline-and-profitability http://www.wilkinsonread.co.uk/news/rethinking-the-legal-business-model Mon, 29 Nov 2010 00:00:00 GMT The situation for high street and SME law firms is becoming notoriously challenging. After years of prosperity, characterised by consistent growth and enviable profit margins, the effects of the property crash, recession and the difficulties experienced by many firms in this year’s Professional Indemnity insurance market have created an understandably pessimistic mood in the sector. http://www.wilkinsonread.co.uk/news/rethinking-the-legal-business-model http://www.wilkinsonread.co.uk/news/the-outsourced-alternative Thu, 25 Nov 2010 00:00:00 GMT Make or buy decisions have long been an important element of the strategy of creating and capturing value in management theory and practice – and such decisions have traditionally been given little thought by managers in the legal sector. However, the announcement this week that partners at city firm CMS Cameron McKenna have voted to outsource much of their support function to Integreon confirms that this is an issue the profession is starting to address. http://www.wilkinsonread.co.uk/news/the-outsourced-alternative http://www.wilkinsonread.co.uk/news/the-future-of-legal-aid Fri, 19 Nov 2010 00:00:00 GMT The proposed cuts to the provision of civil Legal Aid announced this week need no introducing (more on the details here and on the Law Society’s campaign here). The impact will be felt keenly by many across society, but the effect on firms operating in the area could be similarly devastating. http://www.wilkinsonread.co.uk/news/the-future-of-legal-aid http://www.wilkinsonread.co.uk/news/whether-by-merger Wed, 10 Nov 2010 00:00:00 GMT Last week’s Law Society Gazette highlighted an issue that has been on the horizon for some time – the pressure to consolidate in the mid-tier section of the market – and this is a trend that is only going to become more apparent over the next year. http://www.wilkinsonread.co.uk/news/whether-by-merger http://www.wilkinsonread.co.uk/news/the-process-of-getting-ahead Wed, 03 Nov 2010 00:00:00 GMT Effective management of a law firm does not just mean strong financial management and innovative business development. It is also imperative that firms tighten up their systems and processes and make best use of technology in order to deliver a streamlined service to clients, focusing on the expertise of the lawyers and the firm as a whole. http://www.wilkinsonread.co.uk/news/the-process-of-getting-ahead http://www.wilkinsonread.co.uk/news/forecasting-the-future Wed, 27 Oct 2010 00:00:00 GMT We have been suggesting for some time that the banks will only become more stringent in their lending criteria. This has been consistently supported by bankers working within the sector – who have made the point that law firms must clearly be strong and have viable lending propositions, and that well-managed firms will continue to be supported by their lenders. http://www.wilkinsonread.co.uk/news/forecasting-the-future http://www.wilkinsonread.co.uk/news/consistent-communication Mon, 25 Oct 2010 00:00:00 GMT Having identified your ideal client type, the next step is to decide on the best methods of communication with those clients and prospects – and to understand the cost implications of the strategy. http://www.wilkinsonread.co.uk/news/consistent-communication http://www.wilkinsonread.co.uk/news/anything-with-or-without-a-pulse Wed, 20 Oct 2010 00:00:00 GMT In a recent Business Development workshop we posed the question to our clients – who is your ideal client? The immediate response came back, ‘anything with – or without – a pulse!’ http://www.wilkinsonread.co.uk/news/anything-with-or-without-a-pulse http://www.wilkinsonread.co.uk/news/different-work-types---different-challenges Fri, 08 Oct 2010 00:00:00 GMT As the profession gears up for the changes to come over the next year, discussion centres around the impact across the sector. No doubt there will be wide-ranging consequences for firms in different geographical and commercial markets, and individual experiences will vary. http://www.wilkinsonread.co.uk/news/different-work-types---different-challenges http://www.wilkinsonread.co.uk/news/developing-the-business-development-habit Thu, 23 Sep 2010 00:00:00 GMT As Stephen Covey famously pointed out, being successful is all about habits – and business development is no exception. In order to achieve consistently greater returns, business developers (i.e. everyone with an external-facing role in a law firm) need to discover the actions that lead to success, and then perform them habitually. http://www.wilkinsonread.co.uk/news/developing-the-business-development-habit http://www.wilkinsonread.co.uk/news/managing-for-efficiency-in-a-competitive-market Tue, 21 Sep 2010 00:00:00 GMT New research again suggests that the majority of solicitors view the introduction of ABS next year as a threat – and that concern is most acute amongst those involved in Conveyancing and other high volume, more transactional work. http://www.wilkinsonread.co.uk/news/managing-for-efficiency-in-a-competitive-market http://www.wilkinsonread.co.uk/news/professional-indemnity-boost-for-small-law-firms Fri, 03 Sep 2010 00:00:00 GMT A glimmer of hope has appeared in an otherwise tough year (to say the least) in the market for professional indemnity insurance for small and medium sized solicitors. It was announced yesterday that a new insurer has entered the solicitors' PII market, and will be looking to ensure smaller firms. http://www.wilkinsonread.co.uk/news/professional-indemnity-boost-for-small-law-firms http://www.wilkinsonread.co.uk/news/fear-or-opportunity-on-the-high-street Thu, 26 Aug 2010 00:00:00 GMT There has been yet more fear mongering in the legal press as small law firms anticipate the entry of ABSs into the legal market from next year. According to a recent study, almost 90% of lawyers in the small high street law firms surveyed fear for their future in the context of the coming changes. http://www.wilkinsonread.co.uk/news/fear-or-opportunity-on-the-high-street http://www.wilkinsonread.co.uk/news/managing-people-managing-profits Tue, 24 Aug 2010 00:00:00 GMT Managing law firm profits is often about more than just the financial aspects of management – managing people can be just as important to long term profitability. http://www.wilkinsonread.co.uk/news/managing-people-managing-profits http://www.wilkinsonread.co.uk/news/economic-uncertainty-focus-on-law-firm-profitability Thu, 19 Aug 2010 00:00:00 GMT In an economy that promises to be ‘choppy’ for some time to come, and in a legal sector where ‘choppy’ would be an optimistic description of the outlook, managers could do worse than to focus on law firm profitability. http://www.wilkinsonread.co.uk/news/economic-uncertainty-focus-on-law-firm-profitability http://www.wilkinsonread.co.uk/news/law-firm-profitability-and-the-banking-relationship Mon, 16 Aug 2010 00:00:00 GMT One point underlined by the most recent Quarterly Inflation Report from the Monetary Policy Committee is that bank lending is one of the factors acting as “headwinds to the recovery” – i.e. credit will remain hard to come by as the economy struggles on. http://www.wilkinsonread.co.uk/news/law-firm-profitability-and-the-banking-relationship http://www.wilkinsonread.co.uk/news/double-dips-and-law-firm-strategy Thu, 12 Aug 2010 00:00:00 GMT With the Bank of England now forecasting lower growth and higher inflation for the UK economy, the threat of a double dip recession is a real (albeit far from certain) possibility. This is something law firm management can ill afford to ignore. http://www.wilkinsonread.co.uk/news/double-dips-and-law-firm-strategy http://www.wilkinsonread.co.uk/news/billable-hours-and-law-firm-profitability Tue, 10 Aug 2010 00:00:00 GMT A recurring theme in our meetings with clients and on the conference trail is that hallmark of the legal profession – the much-maligned ‘billable hour’. That this issue is here to stay is shown by its appearance in comment even outside the profession, getting a mention last month in The Economist. http://www.wilkinsonread.co.uk/news/billable-hours-and-law-firm-profitability http://www.wilkinsonread.co.uk/news/its-that-time-of-year-again Fri, 30 Jul 2010 00:00:00 GMT Ever since the Professional Indemnity Insurance renewal date for solicitors was moved to October 1st, July has been the month for brokers and others in the market to urge firms to get their proposals in. This is not advice to be ignored. http://www.wilkinsonread.co.uk/news/its-that-time-of-year-again http://www.wilkinsonread.co.uk/news/building-trust-developing-business Mon, 14 Jun 2010 00:00:00 GMT Trust is as vital as any factor in developing successful business relationships – and is at the core of the strategies we pursue in our Profitable Partnerships Programme. In an effort to engender trust earlier in the relationship-building process, many professionals spend huge amounts of time and money trying to establish credibility. http://www.wilkinsonread.co.uk/news/building-trust-developing-business http://www.wilkinsonread.co.uk/news/value-pricing Fri, 14 May 2010 00:00:00 GMT Without doubt one of the biggest concerns that comes up in conversation with clients and contacts in the legal world is the fear of having to quote competitive fixed fees, the impact that will have on business – and how to respond. With economic pressures likely to be compounded by the implications of the Legal Services Act, this is an issue that will be with us for some time – and could dominate the management agenda throughout 2010 and beyond. http://www.wilkinsonread.co.uk/news/value-pricing http://www.wilkinsonread.co.uk/news/the-business-of-relationships Fri, 14 May 2010 00:00:00 GMT In a hectic business world of networking events, seminars and conferences, a systematic campaign to keep in touch with key contacts is a crucial strategy for maintaining the sustainable business development pipeline. http://www.wilkinsonread.co.uk/news/the-business-of-relationships http://www.wilkinsonread.co.uk/news/transforming-the-business-development-process Fri, 16 Apr 2010 00:00:00 GMT Most fee-earners fail at Business Development because the typical sales process involves a combination of constant networking, fishing for introductions, and some direct marketing. This can be an exhausting and demoralising road to travel, and ultimately leaves an insecure pipeline of often small, one-off invoices – not to mention the high cost of sale and the time this takes away from other fee-earning work. http://www.wilkinsonread.co.uk/news/transforming-the-business-development-process http://www.wilkinsonread.co.uk/news/we-never-used-to-hane-an-overdraft Tue, 13 Apr 2010 00:00:00 GMT One of the most common complaints we hear from managing partners is "we never used to have an overdraft, but . . ." http://www.wilkinsonread.co.uk/news/we-never-used-to-hane-an-overdraft http://www.wilkinsonread.co.uk/news/thinly-capitalized-workers-cooperatives Tue, 06 Apr 2010 00:00:00 GMT Back in November of last year, we wrote that the upturn would present significant difficulties for overstretched firms, in terms of working capital and funding requirements (see The Growth Imperative). As far back as May 2009, we commented that surviving the downturn would require a re-prioritisation of cash flow above profits and other traditional measures of success within the sector (see Cash is King in Recession). http://www.wilkinsonread.co.uk/news/thinly-capitalized-workers-cooperatives http://www.wilkinsonread.co.uk/news/sustainable-business-development-post-recession Tue, 23 Mar 2010 00:00:00 GMT In a tough economic climate, all firms should be focusing on getting more work from existing clients and contacts. This means a strong and clear focus on the firm’s strengths, cross-selling and up-selling, referrals from satisfied clients, and introductions from allies. http://www.wilkinsonread.co.uk/news/sustainable-business-development-post-recession http://www.wilkinsonread.co.uk/news/using-management-information-for-performance-improvement Fri, 19 Mar 2010 00:00:00 GMT Setting the Standards A key theme in our approach to performance management is to collaboratively set professional standards, together with each key group of fee-earners. Individuals must know what they are expected to achieve, and how their current performance compares to these objectives. http://www.wilkinsonread.co.uk/news/using-management-information-for-performance-improvement http://www.wilkinsonread.co.uk/news/filling-the-pipeline-with-client-care Mon, 15 Feb 2010 00:00:00 GMT Just as there is, more than ever, an economic imperative to ‘flush’ cash through, it is vital for firms of all sizes to ensure they are managing the front end of their pipeline. Technical expertise is only valuable as long as the fee earner is achieving sufficient client instructions – from new or existing clients. http://www.wilkinsonread.co.uk/news/filling-the-pipeline-with-client-care http://www.wilkinsonread.co.uk/news/unblocking-the-pipeline Fri, 12 Feb 2010 00:00:00 GMT As the UK slowly emerges from recession, it is worth considering the impact on cash flow in small and medium sized businesses across the land. As has been acknowledged elsewhere, an upturn can be a dangerous time, putting extra strain on a firm’s cash flow and working capital management. http://www.wilkinsonread.co.uk/news/unblocking-the-pipeline http://www.wilkinsonread.co.uk/news/profiting-from-fixed-fees Mon, 25 Jan 2010 00:00:00 GMT We discussed this issue back in September and, looking at the discussion going on over on LinkedIn, it seems as though the debate isn’t going to abate. http://www.wilkinsonread.co.uk/news/profiting-from-fixed-fees http://www.wilkinsonread.co.uk/news/lawyers-newspapers-and-the-future-of-law Wed, 20 Jan 2010 00:00:00 GMT We have been involved in a discussion recently about the impact of the internet on the provision of legal services – and specifically whether law firms will face the same problems as newspapers, i.e. strategic confusion, and how to adapt their business model to continue adding value. http://www.wilkinsonread.co.uk/news/lawyers-newspapers-and-the-future-of-law http://www.wilkinsonread.co.uk/news/law-of-communication Thu, 24 Dec 2009 00:00:00 GMT There is a very interesting debate going on at the moment over on the Law Society Gazette’s LinkedIn group about the role of non-lawyers, and whether 2010 will see an influx of new external talent into firm management. Any LinkedIn members would be well advised to check it out, and to get involved. http://www.wilkinsonread.co.uk/news/law-of-communication http://www.wilkinsonread.co.uk/news/developing-business-through-the-database Wed, 02 Dec 2009 00:00:00 GMT It is commonplace to hear that cash in the legal market is in short supply – and, with the possibility of the economy emerging from recession in the next year, firms looking to grow again will have an even greater need for cash to stay solvent. Tighter budgets aside, how does this impact on the day to day operations of business developers? http://www.wilkinsonread.co.uk/news/developing-business-through-the-database http://www.wilkinsonread.co.uk/news/the-growth-imperative Tue, 03 Nov 2009 00:00:00 GMT We may not yet be out of the recessionary woods, but many firms are now (rightly) looking to the future, and considering their options for growth and development. In the past, this was something of a no-brainer – firms grew year on year, in some cases growing simply for the sake of growth itself. http://www.wilkinsonread.co.uk/news/the-growth-imperative http://www.wilkinsonread.co.uk/news/help-needed Tue, 20 Oct 2009 00:00:00 GMT We like to think of ourselves as thought leaders when it comes to the legal marketplace, and we hope that you are starting to think the same as you read this blog and visit our website. http://www.wilkinsonread.co.uk/news/help-needed http://www.wilkinsonread.co.uk/news/detailed-development Wed, 07 Oct 2009 00:00:00 GMT Strategy is about more than setting a vision or agreeing on a general course of action. It also involves setting out the specific milestones on the roadmap – the actions that will need to be implemented to achieve the vision. http://www.wilkinsonread.co.uk/news/detailed-development http://www.wilkinsonread.co.uk/news/developing-through-the-upturn Tue, 06 Oct 2009 00:00:00 GMT We have alluded in previous posts to the responses we’ve seen across the sector in the face of extremely tough conditions – including blanket cost-cutting, cutbacks in support functions, and a redirection of resources away from marketing and business development. http://www.wilkinsonread.co.uk/news/developing-through-the-upturn http://www.wilkinsonread.co.uk/news/remote-support-for-success Mon, 05 Oct 2009 00:00:00 GMT One of the less obvious consequences of the difficulties of the past 18 months for small and medium sized firms has been the challenge of producing sufficiently detailed figures for the needs of the bank manager. http://www.wilkinsonread.co.uk/news/remote-support-for-success http://www.wilkinsonread.co.uk/news/embracing-change Wed, 30 Sep 2009 00:00:00 GMT In spite of the well-publicised drawbacks of charging by the hour – that the incentive is for firms to spend as long as possible on a particular matter; that fees are largely divorced from the value delivered; and that it promotes the long-hours culture that still dominates the profession – most lawyers have been slow to embrace change. http://www.wilkinsonread.co.uk/news/embracing-change http://www.wilkinsonread.co.uk/news/getting-the-right-cost-structure-first-steps Tue, 29 Sep 2009 00:00:00 GMT As the economy starts to emerge (slowly) from recession, it would perhaps be understandable if managers took the opportunity to return to ‘business as usual’. But in the new legal market, there will be no ‘business as usual’ – firms need to wake up to the new commercial reality, and accept that their business model has to emphasise efficiency and profitability. http://www.wilkinsonread.co.uk/news/getting-the-right-cost-structure-first-steps http://www.wilkinsonread.co.uk/news/renewal-season Fri, 28 Aug 2009 00:00:00 GMT The Professional Indemnity renewals season is fast approaching again and, if commentary from within the industry is to be believed, then this year could be even more difficult than the last, particularly for smaller firms. http://www.wilkinsonread.co.uk/news/renewal-season http://www.wilkinsonread.co.uk/news/managing-the-bank Fri, 24 Jul 2009 00:00:00 GMT From all of our recent dealings with the banks, it has been clear that things are not as they once were – and that solicitors will quickly have to accept the new commercial reality. http://www.wilkinsonread.co.uk/news/managing-the-bank http://www.wilkinsonread.co.uk/news/the-holy-grail-of-coss-selling-3-the-process Thu, 23 Jul 2009 00:00:00 GMT There is no right or wrong time for undertaking this exercise, and there is no right or wrong time period for expecting results to come in, as this is all client-dependent. However, it never harms to set down timescales, to set down service expectations and, most of all, it never hurts to set income targets. http://www.wilkinsonread.co.uk/news/the-holy-grail-of-coss-selling-3-the-process http://www.wilkinsonread.co.uk/news/the-holy-grail-of-cross-selling-2-the-people-profile Sun, 19 Jul 2009 00:00:00 GMT It is a generally-held belief that any fee-earning member of a professional service firm is capable of initiating or identifying a cross-selling opportunity. Whilst I believe this is in principle true, the reality is that it comes much more naturally to some people than to others and, for a successful cross-selling campaign to have positive results and generate enthusiasm, it is important that the firm’s resources are put behind those most capable of delivering results. http://www.wilkinsonread.co.uk/news/the-holy-grail-of-cross-selling-2-the-people-profile http://www.wilkinsonread.co.uk/news/the-holy-grail-of-cross-selling-1-the-reasons Thu, 25 Jun 2009 00:00:00 GMT As the American writer Shirley Lord once said, “What really matters is what you do with what you have”. This could not be more pertinent for business developers in law firms today. http://www.wilkinsonread.co.uk/news/the-holy-grail-of-cross-selling-1-the-reasons http://www.wilkinsonread.co.uk/news/why-our-training-is-useful Fri, 12 Jun 2009 00:00:00 GMT In his 2008 book, Strategy and the Fat Smoker, the ex-Harvard lecturer and professional service consultant David Maister explained ‘Why (Most) Training is Useless’. Even starting from the point of being acknowledged as the best in his field, he recognises that, if you don’t put into practice what you have learned, you may as well not have learned it in the first place (much like the ‘Fat Smoker’, who knows exactly how to lose weight and quit smoking . http://www.wilkinsonread.co.uk/news/why-our-training-is-useful http://www.wilkinsonread.co.uk/news/tailored-consultancy Wed, 10 Jun 2009 00:00:00 GMT We have had quite a bit of demand recently for more information on our bespoke services. This post is a case study illustrating how we would tailor our consultancy services to our clients’ specific requirements. And how the “obvious” answer is not always the right answer! http://www.wilkinsonread.co.uk/news/tailored-consultancy http://www.wilkinsonread.co.uk/news/supermarket-law Fri, 05 Jun 2009 00:00:00 GMT According to the Law Gazette today, 69% of survey respondents ‘agree they would be concerned about the quality of (legal) service offered’ by banks and supermarkets. This may well be the case – after all, banks are currently very much out of favour. http://www.wilkinsonread.co.uk/news/supermarket-law http://www.wilkinsonread.co.uk/news/the-legal-services-act-and-legal-service-standards Wed, 03 Jun 2009 00:00:00 GMT We regularly ask clients to evaluate themselves and their colleagues across a range of criteria. We have found that, unsurprisingly and quite understandably, most lawyers pride themselves first and foremost on their legal skills. But in a market that is bound to shrink in the next couple of years, it won’t be a simple case of the firms with the best lawyers leading the way. http://www.wilkinsonread.co.uk/news/the-legal-services-act-and-legal-service-standards http://www.wilkinsonread.co.uk/news/the-importance-of-non-lawyers Fri, 29 May 2009 00:00:00 GMT I recently read a post on the Law Gazette’s blog entitled ‘Professional managers must be accepted into law firms, and fast’. I couldn’t agree more with this sentiment. http://www.wilkinsonread.co.uk/news/the-importance-of-non-lawyers http://www.wilkinsonread.co.uk/news/developing-your-business-during-recession Mon, 18 May 2009 00:00:00 GMT Now that times are tough, many firms seem to be taking the (somewhat short-sighted) view that non-fee earning functions ought to be the first to be cut back. On the other hand, the recession provides an opportunity for strong and effective Business Development professionals to prove their worth to their firm. http://www.wilkinsonread.co.uk/news/developing-your-business-during-recession http://www.wilkinsonread.co.uk/news/cash-is-king-in-recession Fri, 08 May 2009 00:00:00 GMT While panic still seems to be dominating opinion in much of the legal press, a number of commentators (this one included) have sought to provide practical recession response advice. In a recent article I wrote for FD Legal magazine, I highlighted a number of points that will be key to successfully managing your firm through the recession: http://www.wilkinsonread.co.uk/news/cash-is-king-in-recession http://www.wilkinsonread.co.uk/news/welcome-to-the-wilkinson-read-blog Mon, 27 Apr 2009 00:00:00 GMT This will be the first of a regular series of weekly blogs where our aim is to provide thought-provoking comment on issues of relevance to solicitors and other professionals running Partnerships. http://www.wilkinsonread.co.uk/news/welcome-to-the-wilkinson-read-blog