Horizon Scanning To Identify And Capitalise On New Growth Opportunities

Published in Managing Partner magazine
October 2015

Ted Levitt, the economist and business thinker who penned the game-changing Marketing Myopia in 1960, commented that “the future belongs to people who see possibilities before they become obvious”. His words capture the essence of the challenge faced by many legal professionals. In a world where the pace of change is quickening and the future appears uncertain, how can firms identify the new markets that will define their sustainability and success?

A strategic perspective on winning more business through pitches

Published in Managing Partner magazine
September 2015

Law firms are being subjected to evermore demanding pitch and tendering processes. Larger firms have teams dedicated to the winning of such business, whilst smaller firms tend to have a client partner who leads the firm’s response to such opportunities. Across the spectrum, there are some overall guidelines which, if followed, can help to improve win rates.

A knowledge-led approach to business development is key to law firm resilience

Published in Managing Partner magazine
July / August 2015

There is a nexus between business development and knowledge management that few firms exploit to the maximum; indeed, in many cases, they do not actively exploit at all. When boiled down to its base elements, all that a law firm does is leverage knowledge and relationships. The key strategic question is how to unearth and use the latent knowledge embedded in the relationships between the firm and its clients, prospects, contacts, intermediaries, people and wider stakeholders.

Attitudes to anticipate your law firm’s future

From next month, I will be writing a monthly column for Managing Partner magazine in which I shall examine the how law firms can position themselves to create a future that is both profitable and sustainable – the concept of ‘future-proofing’. To achieve this will mean being prepared to take decisive actions today (which some may regard as being unnecessary or overkill) to ensure that firms are able to cope with that which is appearing on the distant horizon, as well as whatever is just around the corner. Read more

Driving for Growth

My Editorial Advisory Board blog for Managing Partner magazine

http://www.managingpartner.com/blog/driving-your-law-firm-towards-more-aggressive-growth

Activity levels are on the increase in the UK legal market. Has the corner been turned? Can we now be more confident that the much-vaunted green shoots of economic growth have finally taken hold?

For the past twelve months, a growing swell of firms have reported increased activity levels; the challenge has been coping with enduring downward pressure on prices and implementing operational efficiencies in order to convert these increases into profits. Now we are seeing growth which suggests that some of these price pressures are easing too. Read more

Firms should focus on doing the simple things well

It never fails to surprise me how consistently firms fail to adequately prioritise their time and efforts to doing the simple things well. Surely putting one’s own house in order would deliver the most returns most quickly, whether by securing existing client relationships, expanding those that are nascent or providing a catalyst for the introduction of new service lines.

Effective business development = low risk + high trust

The best approaches to law firm marketing and sales share two characteristics: they aim to minimise perceptions of risk and to maximise feelings of trust between the decision maker and the firm.

Have we forgotten about clients in merger discussions?

Law firm mergers are fascinating things. They mix high drama and Greek tragedy as courting parties – initially with uncharacteristic coyness and latterly with a disregard to sensible decision making – waltz towards ultimate consummation. However, much of the discussion is tangential to the real issues at play.

Points of Inflexion

Students of differential calculus would define a point of inflexion as the place at which the tangent crosses the curve itself. Those of us in the commercial world (and less mathematically gifted!) might say that it is a turning point at which a major shift occurs in the business environment. This can have either positive or negative outcomes depending on one’s market position and ability to respond to opportunities and threats. As Andy Grove, the founder of Intel, said it is “an event that changes the way we think and act”.

Time to Think Differently

As fears grow of a continued slowdown in activity, there is a perceptible shift in emphasis from firms across the spectrum. Two trends are emerging among the leading players – a renewed focus on key
client management together with longer-term strategic clarity and rigour to ensure that a compelling position can be crafted in the face of increased competition.