The Legal Sector 2011 - Your turn for deregulation - Prepare for change - Winners and losers?
Dale Bostock Relationship Director, Lloyds TSB Commercial April 2011
Legal Services Act 2007
Economic recession
 
Civil legal aid facing ‘devastation’ after £154m cut Thursday 18 November 2010 by  James Dean Lawyers warned this week tha...
<ul><li>£ Client Account Interest </li></ul><ul><li>O.5 % base rate </li></ul><ul><li>MoJ consultation: </li></ul><ul><li>...
The perfect storm
The Legal Practice in 2011
 
Who? and yet…
IT savvy?
What do they have in common? Legal Firm Partner
All born in 1953 Average age of a partner in a law firm  : 58 Tony Blair, Mark Thatcher, Chakka Khan, Paul Mariner
Succession Planning
Walking wounded Enlightened Undecided? Apathetic? In denial?
Catalysts
 
 
 
 
Deregulation Technology Globalisation
Transactional firms Process driven New entrants Corporate London  Provincial High St
Professional Indemnity Insurance
 
It’s not too late…
You  can  defend your position
Strategies
This could cost you your independence
Sales is not a dirty word
All hands on deck!
 
Segment your market – create micro markets
Create brand awareness – then brand loyalty
‘ the place you occupy in the consciousness of your constituents’ Brand
 
 
 
 
clients  -  customers
What does your ideal client look like?
Optimise IT
 
To summarise: 8 strategies  to defend your independence
<ul><li>Be innovative in your business development  </li></ul><ul><li>–  create a ‘sales culture’ </li></ul>
<ul><li>Segment  </li></ul><ul><li>–  create micro-markets and niches </li></ul>
3.  Create a brand  –  live the brand values
4.  Join the flight to quality
<ul><ul><li>5.   Differentiate between clients and customers  </li></ul></ul><ul><li>–  create packages of services </li><...
6.  Think like a client  (not a lawyer)
7.  Make the most of IT  –  lower production costs, become easier to deal with, find new customers & clients
8.  Measure and monitor what you need to  manage  - produce and  use  meaningful management information
Discuss Decide Do
Speakers Notes Dale Bostock April 2011
Speakers Notes Dale Bostock April 2011
Upcoming SlideShare
Loading in …5
×

High street law - defending your independence

466 views

Published on

Law Firms in the LSA era - 8 strategies to defend your independence.

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
466
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

High street law - defending your independence

  1. 1. The Legal Sector 2011 - Your turn for deregulation - Prepare for change - Winners and losers?
  2. 2. Dale Bostock Relationship Director, Lloyds TSB Commercial April 2011
  3. 3. Legal Services Act 2007
  4. 4. Economic recession
  5. 6. Civil legal aid facing ‘devastation’ after £154m cut Thursday 18 November 2010 by  James Dean Lawyers warned this week that civil legal aid services could be devastated by government plans that would see the total annual income of legal aid providers slashed by up to £154m. The proposed reforms would cut state help to all but the very poorest, the Law Society warned.Nearly 550,000 cases a year – including 265,000 family cases – will no longer be eligible for legal aid , and fees in civil and family cases will be cut by 10% across the board, the Ministry of Justice proposed in its consultation paper published on Monday.
  6. 7. <ul><li>£ Client Account Interest </li></ul><ul><li>O.5 % base rate </li></ul><ul><li>MoJ consultation: </li></ul><ul><li>Skimming? </li></ul>
  7. 8. The perfect storm
  8. 9. The Legal Practice in 2011
  9. 11. Who? and yet…
  10. 12. IT savvy?
  11. 13. What do they have in common? Legal Firm Partner
  12. 14. All born in 1953 Average age of a partner in a law firm : 58 Tony Blair, Mark Thatcher, Chakka Khan, Paul Mariner
  13. 15. Succession Planning
  14. 16. Walking wounded Enlightened Undecided? Apathetic? In denial?
  15. 17. Catalysts
  16. 22. Deregulation Technology Globalisation
  17. 23. Transactional firms Process driven New entrants Corporate London Provincial High St
  18. 24. Professional Indemnity Insurance
  19. 26. It’s not too late…
  20. 27. You can defend your position
  21. 28. Strategies
  22. 29. This could cost you your independence
  23. 30. Sales is not a dirty word
  24. 31. All hands on deck!
  25. 33. Segment your market – create micro markets
  26. 34. Create brand awareness – then brand loyalty
  27. 35. ‘ the place you occupy in the consciousness of your constituents’ Brand
  28. 40. clients - customers
  29. 41. What does your ideal client look like?
  30. 42. Optimise IT
  31. 44. To summarise: 8 strategies to defend your independence
  32. 45. <ul><li>Be innovative in your business development </li></ul><ul><li>– create a ‘sales culture’ </li></ul>
  33. 46. <ul><li>Segment </li></ul><ul><li>– create micro-markets and niches </li></ul>
  34. 47. 3. Create a brand – live the brand values
  35. 48. 4. Join the flight to quality
  36. 49. <ul><ul><li>5. Differentiate between clients and customers </li></ul></ul><ul><li>– create packages of services </li></ul>
  37. 50. 6. Think like a client (not a lawyer)
  38. 51. 7. Make the most of IT – lower production costs, become easier to deal with, find new customers & clients
  39. 52. 8. Measure and monitor what you need to manage - produce and use meaningful management information
  40. 53. Discuss Decide Do
  41. 54. Speakers Notes Dale Bostock April 2011
  42. 55. Speakers Notes Dale Bostock April 2011

×