Roles and Responsibilities of a Partner

1. Roles and Responsibilities of a Partner Peter Scott Consulting for LawNet New Partner Development Programme

2. Aim of today’s session To provide you with practical skills which you can begin to put into practice today PETER SCOTT CONSULTING

3. The scope of today’s course • The roles of a partner - being a team player - being a business developer - being a manager • Core values • Leadership PETER SCOTT CONSULTING

4. It is not enough just to be a good lawyer So what else do you have to be? PETER SCOTT CONSULTING

5. Your role as a partner • Are you clear as to your role as a partner? • Do you know what will be required of you? ‘but nobody told me I should be doing that’ PETER SCOTT CONSULTING

6. What is partnership? The relationship that subsists between persons carrying on • a BUSINESS • IN COMMON • with a view to PROFIT Partnership Act 1890 PETER SCOTT CONSULTING

7. Your firm is a business • How much do you know about your business? • Must be managed as a business • By every partner PETER SCOTT CONSULTING

8. In common • In common – together • T.E.A.M - Together • Each • Achieves • More PETER SCOTT CONSULTING

9. Sharing and delegation of work • Sharing is the essence of partnership • Teamwork is key PETER SCOTT CONSULTING

10. Do you recognise any of these? PETER SCOTT CONSULTING

11. “Heavyweight gorilla” “You can’t manage me.I’m a big biller!” PETER SCOTT CONSULTING

12. “That’s a great idea …for the rest of you!” PETER SCOTT CONSULTING

13. Are you a team player? What does it mean to be a team player? PETER SCOTT CONSULTING

14. Are you in a team? • What roles do you play? • Are you a good team player? • Does the team work well together? • How could you improve your team’s performance? PETER SCOTT CONSULTING

15. How not to be a team player? ‘we have no room for those who put their personal agenda ahead of the interests of the clients or the office’ David Maister’s ‘Predictive package’ PETER SCOTT CONSULTING

16. With a view to making profit How? PETER SCOTT CONSULTING

17. What else do you have to be? A businessman / businesswoman What does this involve? PETER SCOTT CONSULTING

18. What else do you have to be? Abusiness developer PETER SCOTT CONSULTING

19. What else do you have to be? A manager PETER SCOTT CONSULTING

20. A manager of what? • yourself • client relationships • work • people • finance • change PETER SCOTT CONSULTING

21. What is Management? PETER SCOTT CONSULTING

22. A business developer • We are all different • Finders, minders or grinders • What are you? PETER SCOTT CONSULTING

23. What does it take to be a good business developer? Basic requirements? • Hunger • Being a communicator • Being a team player • Adding value PETER SCOTT CONSULTING

24. Value Clients Care About

25. What do we need to do to be successful? We need to gain competitive advantage HOW? PETER SCOTT CONSULTING

26. What are clients looking for? Core issue is to add value: • Morethan the competitors • In a way which - is regarded as valuable by clients - differentiates you – to create a ‘brand’ PETER SCOTT CONSULTING

27. What is ‘added value’?

28. 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 a mid-sized firm to do this…. PETER SCOTT CONSULTING

29. You need strategic focus • You cannot be ‘all things to all men’ • To be competitive requires focus on a client-type / work type value mix • The wider the core client-types, the narrower the work-type focus PETER SCOTT CONSULTING

30. How will mid-sized firms be able to compete? • Mid-sized firms with appropriate focus can succeed • But focus will be crucial - sharper focus on client/work types than larger firms - wider focus than niche firms PETER SCOTT CONSULTING

31. How to compete with the best? • Being mid-sized 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 • Depth of resource may be crucial in some markets PETER SCOTT CONSULTING

32. Value Clients Care About • Our clients’ perspective • Not our own perspective • Is there a gap? PETER SCOTT CONSULTING

33. The value gap • It is the client’s perception of value that matters • Too much emphasis on service attributes • Not enough on helping clients achieve results PETER SCOTT CONSULTING

34. The value gap Typical remarks by clients: • “I cannot recall any innovative thinking being applied” • “I don’t expect lawyers to be businessmen” PETER SCOTT CONSULTING

35. 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 PETER SCOTT CONSULTING

36. Closing the value gap You should be aiming for: • ‘the info of [x] has helped enormously • ‘[x] is always armed with new suggestions when we meet’ PETER SCOTT CONSULTING

37. Value is Personal • How do we get market share in our industry? • What do I do about the consolidation taking place in our industry? • What are the tax issues involved? • Our systems do not support the business • We need to improve our budgeting procedures • We need to get stock levels down CEO Strategic Tactical FD Operational Controller PETER SCOTT CONSULTING

38. Value Characteristics are Variable Ideas Contacts Knowledge of industry strategy Strategic Based on knowledge & wisdom Technical skills Methodology Tactical Operational Based on hours/technology Extra resource PETER SCOTT CONSULTING

39. The Competitive Moves High Perceived Value X Ave Suicide Zone Low Low Ave High Perceived Price PETER SCOTT CONSULTING

40. High Value – Added Services High value- added services – strategic impact on client – generally wisdom/experience driven • Identify and recognise needs of the decision maker • Understand client’s needs • Nurture wisdom/experience within the firm • Ensure added value is perceived as valuable PETER SCOTT CONSULTING

41. Moving to High Value Added Services • Focus on specific client types/work types • Seek leadership in a few, cohesive segments • Understand how brand influences PAV - brand is about differentiating yourself PETER SCOTT CONSULTING

42. Moving to High Value Added services • Do not add too much PAV – especially in a price sensitive market • Focus cost reduction only where it will not jeopardise value added • Ensure added value is always perceived as valuable PETER SCOTT CONSULTING

43. Low Value – Added Services Low value –added firms will compete on processes and price – technology driven services with minimum professional input • Value enhanced by - driving down cost - facilitating implementation of solutions • Invest in standardising processes PETER SCOTT CONSULTING

44. Issues in providing Low Value – Added Services • Understand the need to move north to hold position - constantly squeeze out more value for same cost • Ensure financial strength to stay the course • Avoid creating the perception of reduced “quality” • Be careful not to undermine PAV PETER SCOTT CONSULTING

45. Some Useful Tips • Understand the client’s needs and requirements • Show enthusiasm and a genuine interest in the success of your client’s business PETER SCOTT CONSULTING

46. Some Useful Tips • Provide access to experts and speciality teams when necessary • Take a business-oriented approach and consider the wider picture and situations facing his organisation PETER SCOTT CONSULTING

47. Some Useful Tips • Keep the client up to date and informed with respect to new developments which affect his business • Provide recommendations to improve the client’s business • Provide original and innovative thinking PETER SCOTT CONSULTING

48. Do not wait for the client to ask Be proactive PETER SCOTT CONSULTING

49. So how are you going to add value to your clients?

50. Any questions? PETER SCOTT CONSULTING