Whether you see law firm management as an exciting place to be at the moment, or a daunting one, there is no doubt that those involved are being kept busy. What with the uncertainty over the 6th October date for ABSs, the introduction of OFR, and other market issues such as the extent to which law firms should be outsourcing, using social media and so on, there is a lot to keep law firm management up at night. However, it is vital that management remain focused on the essentials:
- what type of client do we want?
- what type of work do we want to do for them?
- how can we create value for them?
- where is our competition? and
- how can we carve out a successful position for ouselves?
All things should then flow from this framework. So,
decisions about your firm's structure (do you keep it as it is, do you look to merge, do you look to become an MDP, do you incorporate and look to external investment) should flow from your answers to the above. Similarly, decisions about your
marketing strategy and
use of social media; utilisation of on-line legal advice and drafting capabilities; whether to join a
national brand; whether to compete on
fees or quality; all of this should flow from your answers to the above.
Yes, it is vital to keep on top of market and regulatory developments (one of the most significant of which at the moment is actually the debate over reserved activities, and the possibility that we will end up with activity-based regulation rather than reserving an activity solely to lawyers), but it is equally vital to analyse and consider them in the context of your firm's overall strategy.
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