Spring into Action!

“Vision without action is daydream. Action without vision is nightmare.” Japanese Proverb

Without a clear vision, coupled with a strategy to deliver it, firms leave their future success to chance.
But the vision must be more than clear, it must be achievable. And the strategy to achieve it must be founded in the firm’s resources, capabilities and client opportunities. Most importantly, and self-evidently, any vision will only become reality through changes to the behaviours and activities of people across the firm.

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.

Fit for Purpose?

“I am not concerned that I have no place, I am concerned how I may fit myself for one.” Confucius

As firms face the twin challenges of continued economic uncertainty and deregulation, those best equipped to prosper demonstrate clear alignment of vision, strategy, market positioning, target clients, internal structures and operational processes.

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.

Blue Sky not Required

“Innovation distinguishes between a leader and a follower.” Steve Jobs

A dictionary would support the proposition that innovation is simply introducing something new – nothing more, nothing less. It follows that innovation can take many forms. It can be internal or external and “new” can mean new to a particular use, sector or situation rather than new to the world.

Creating a Clear Line of Sight

“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” Sam Walton, Wal-Mart Founder

The client must sit at the centre of any strategy – those we serve today and those we engineer our firm to target in the future. Without a strategy that delivers superior value for clients at a price which generates sustainable levels of profitability, no firm can survive.

Running faster to stand still

“If you don’t know where you are going, any road will get you there.” Lewis Carroll

“Activity is increasing but pricing is difficult” would be a fair summation of the views expressed to me by Managing Partners over the last three months. Firms across all segments of the market are running faster to stand still. Naturally there is a determined focus on the cost base and efficiency improvements but these do not address the long term strategic issue – in a market in which client demands, competitive forces and investment requirements are spiralling upwards, it is not enough to increase intensity without clear direction.

Temerity in the Face of Turbulence

“The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday’s logic.” Peter Drucker

The legal sector faces a number of unprecedented challenges in the year ahead. The one with potential to disrupt most widely and deeply is a wholesale move to fixed-fee pricing. Surveys of in-house counsel show that they are resolute in demanding fundamental change over the next twelve months.

Getting over the gain line!

“Other things being equal, the higher your speed the better.” Jim Greenwood, ‘Think Rugby’

The British & Irish Lions’ tour of South Africa brings home the importance of ‘getting over the gain line’ – that imaginary line on the field which marks the point at which the ball is closer to the opposition try line than it was at the start of the move!

Time for a Reality Check

“The first responsibility of a leader is to define reality.” Max DePree

The words of Max DePree, the renowned leadership guru and member of Fortune magazine’s National Business Hall of Fame, should resonate with the leaders of professional service firms as they adapt to a new business paradigm.