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Building for the future

Building for the future. Peter Scott PETER SCOTT CONSULTING. Where are we now?. The economy Legal Services Act implications Greater regulation and compliance PI insurers’ attitudes Technology Client needs are changing Greater need for resource A fragmented profession

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Building for the future

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  1. Building for the future Peter Scott PETER SCOTT CONSULTING

  2. Where are we now? • The economy • Legal Services Act implications • Greater regulation and compliance • PI insurers’ attitudes • Technology • Client needs are changing • Greater need for resource • A fragmented profession • A need to become more competitive PETER SCOTT CONSULTING

  3. The need to be more competitive “Competition is a process by which … services that people are not prepared to pay for, high cost methods of production and inefficient organisations are weeded out and opportunity is given for new…services methods and organisations to be tried”* Could this apply to the legal profession today? *Everyman’s Dictionary of Economics PETER SCOTT CONSULTING

  4. Four management rules for tough economic times • Partner performance • Delivering business development • Build loyal teams • Make good use of downtime See attached article PETER SCOTT CONSULTING

  5. Where are you now? What are the most important lessons you have learnt from this recession? PETER SCOTT CONSULTING

  6. A chance to make a new start • Which of those lessons will you use to build success for the future? • Name one change which would make a greater difference to your firm than any other PETER SCOTT CONSULTING

  7. Financial results are just the tip of the iceberg Slick Graphics Hyperlinks Cool GUI Stuff financial results Nice Pictures Your ability to manage clients, colleagues and yourself PETER SCOTT CONSULTING

  8. There may never be a better time to face up to your sacred cows PETER SCOTT CONSULTING

  9. Forward planning - focus on the fundamentals • The kind of firm you want to be • Your clients • Your people • How you can achieve your goals PETER SCOTT CONSULTING

  10. How to develop a realistic vision of the kind of law firm you want to be PETER SCOTT CONSULTING

  11. Strategy? • ‘A realistic plan or course of action to gain competitive advantage; • Which has clear and achievable objectives; and • Uses available (but scarce) resources (existing or to be generated) PETER SCOTT CONSULTING

  12. Differentiate strategy from… • An unrealistic and unachievable wish list • Implementation – the ‘making it happen’ PETER SCOTT CONSULTING

  13. FACE UP TOREALITY FOCUS ON BIG ISSUES • ENTER ZONE OF UNCOMFORTABLE DEBATE MAKE DECISIONS MAKE IT HAPPEN Strategy is a continuous journey… PETER SCOTT CONSULTING

  14. Developing a strategic vision in a partnership … is a process of finding out: • What your (current and prospective) clients value • What your partners value Identify key skills and behaviours which enable the consistent delivery of your value proposition PETER SCOTT CONSULTING

  15. This will require leadership • Thinking and visionary • Challenging • Inspirational • A determination to implement change PETER SCOTT CONSULTING

  16. Your clients

  17. What does a law firm need to do to be successful? Gain competitive advantage PETER SCOTT CONSULTING

  18. Competitive advantage “Competition is a process by which … services that people are not prepared to pay for, high cost methods of production and inefficient organisations are weeded out and opportunity is given for new…services methods and organisations to be tried”* How well do you know what your clients value? *Everyman’s Dictionary of Economics PETER SCOTT CONSULTING

  19. Core issue to add value • More than the competitors • In a way which is regarded as valuable by clients • Needs to be value clients care about - clients’ perspective - not yours PETER SCOTT CONSULTING

  20. Internal attitudes External perceptions An integrated strategy is required PETER SCOTT CONSULTING

  21. What do client’s want? “They always try to sell to us on price – but what we really want is to have a good job done at a reasonable price” Client feedback from a perception survey commissioned by a law firm PETER SCOTT CONSULTING

  22. You will add value if… • You provide clients with what they want – and more • At prices they perceive to be value for money; and • You do this better than the competition BUT for smaller firms to do this….? PETER SCOTT CONSULTING

  23. How to compete with the best? • Being small is not about being second rate - not a mirror image of larger firms - but must be able to compete with best of large and small in chosen markets • But depth of resource may be crucial in some markets PETER SCOTT CONSULTING

  24. Smaller firms need strategic focus • They cannot be ‘all things to all men’ • To be competitive requires focus on a client-type / work type mix • Sharper focus on client/work types than larger firms • wider focus than niche firms PETER SCOTT CONSULTING

  25. Position your firm to provide value for money High Client Perceived Added Value X Ave Suicide Zone Low Ave High Low Client Perceived Cost PETER SCOTT CONSULTING

  26. How can you find out what clients need? • Ask them • Commission a survey of clients and referrers Do your clients say you are adding value? PETER SCOTT CONSULTING

  27. Some clients’ perceptions • ‘I don’t think they show adequate interest in our business’ • ‘They are not proactive with their own clients’ • ‘They don’t think laterally’ • ‘They never visit, and they should if they want to increase the quality of the relationship’ PETER SCOTT CONSULTING

  28. Some more client comments… • We never see the partners • Their response times leave much to be desired • Their quality is patchy • I don’t believe they have the resources • They lack depth – if a partner is away, there is no one else PETER SCOTT CONSULTING

  29. Lack of communication with clients can be the problem • ‘Out of sight, out of mind. They must ensure regular communication’ • ‘I am not convinced I have their message or why they are different’ • ‘Their profile is very low – they need to create more noise in the market’ • ‘They must not assume that people know what they do’ PETER SCOTT CONSULTING

  30. Lack of resource may make a firm uncompetitive • ‘I don’t believe they have the resources’ • ‘Sometimes they lack polish and quality in depth’ • ‘Depth of expertise – I have only one partner to contact on a day to day basis, which is a little limiting…’ PETER SCOTT CONSULTING

  31. What can a law firm learn from such comments? • Highlight issues that need to be addressed • Partners should not go into ‘denial’ ‘they are not talking about us’! or ‘its not true’! PETER SCOTT CONSULTING

  32. Finding out what your clients value… • will identify the key skills and behaviours which will enable the consistent delivery of your value proposition • But – are your partners prepared to adopt the values and behaviours necessary to enable the firm to do so? • There may be a need to carry out an internal consultation PETER SCOTT CONSULTING

  33. Internal attitudes External perceptions To add value in this way will require an integrated strategy PETER SCOTT CONSULTING

  34. Your people

  35. Your people • Their values • Why high performance has never mattered more PETER SCOTT CONSULTING

  36. What do your partners really value?

  37. Your values? • What is valued in your firm? • Do you reward what you value? • Do you invest in what you value? What does it take to succeed at your firm? PETER SCOTT CONSULTING

  38. The views of partners in one firm… • We are not a united firm, but merely a collection of individuals • We are too “gentlemanly” in internal operating style • Is everyone prepared to put in the extra effort to make the difference? • If not we should reward more those who are prepared to work harder • Accountability needs to be spelt out and formally accepted by every partner PETER SCOTT CONSULTING

  39. And some more from partners in the same firm… • Some partners are seen as blocks to our making progress • Some partners are too comfortable and not prepared to stretch themselves • We should be a bottom line driven firm where every part of the firm should make its required margin • There should be zero tolerance financial management PETER SCOTT CONSULTING

  40. Is this a block on business development? “The only thing this firm values is personal billing!” PETER SCOTT CONSULTING

  41. Why should I? • Share my clients with my partners? • What good will it do me? • I will not earn any more whatever good things I do PETER SCOTT CONSULTING

  42. Sharing clients • Is it valued in your firm? • Is it measured? • Is it rewarded? (What gets rewarded gets repeated) PETER SCOTT CONSULTING

  43. Internal attitudes - but why should I? • To do this may require a shift in culture • There will be a need to build a culture of sharing PETER SCOTT CONSULTING

  44. Some useful questions to ask internally to gauge where partners stand on important issues • Why do you come to work? • What does this firm really value? • What do you most like about this firm? • What needs to be changed in this firm? • Are we really happy only earning £[ ]? • Are you prepared to let [Senior / Managing Partner] visit your clients to talk to them about the service we provide? • List [six] things which would really make a difference to this firm PETER SCOTT CONSULTING

  45. Are internal attitudes in your firm holding you back? Are you presently unable to add value to your clients because of internal attitudes and behaviour? PETER SCOTT CONSULTING

  46. Is a lack of internal skills holding you back? Do your people all have the skills necessary to enable your firm to achieve its vision? PETER SCOTT CONSULTING

  47. Building higher performance

  48. Building higher performance Values Skills & Behaviours Performance Metrics–Quality/Quantum Performance Review Closing the Performance Gap Learning & Development Strategy PETER SCOTT CONSULTING

  49. Where to start? • Developing a strategy for driving up performance should not be a piecemeal exercise • Every aspect of a firm should be looked at • Needs to take priority because it is a barrier to your becoming competitive PETER SCOTT CONSULTING

  50. Building higher performance • The market place and your competitors set the standards • Do you want to be a player in your market? • If you really want to compete - need to build a CULTURE OF HIGHER PERFORMANCE - Need to examine WHAT KIND OF FIRM YOU WANT TO BE PETER SCOTT CONSULTING

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