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High street law - defending your independence

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

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


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  • 1. The Legal Sector 2011 - Your turn for deregulation - Prepare for change - Winners and losers?
  • 2. Dale Bostock Relationship Director, Lloyds TSB Commercial April 2011
  • 3. Legal Services Act 2007
  • 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.
  • 7.
    • £ Client Account Interest
    • O.5 % base rate
    • MoJ consultation:
    • Skimming?
  • 8. The perfect storm
  • 9. The Legal Practice in 2011
  • 10.  
  • 11. Who? and yet…
  • 12. IT savvy?
  • 13. What do they have in common? Legal Firm Partner
  • 14. All born in 1953 Average age of a partner in a law firm : 58 Tony Blair, Mark Thatcher, Chakka Khan, Paul Mariner
  • 15. Succession Planning
  • 16. Walking wounded Enlightened Undecided? Apathetic? In denial?
  • 17. Catalysts
  • 18.  
  • 19.  
  • 20.  
  • 21.  
  • 22. Deregulation Technology Globalisation
  • 23. Transactional firms Process driven New entrants Corporate London Provincial High St
  • 24. Professional Indemnity Insurance
  • 25.  
  • 26. It’s not too late…
  • 27. You can defend your position
  • 28. Strategies
  • 29. This could cost you your independence
  • 30. Sales is not a dirty word
  • 31. All hands on deck!
  • 32.  
  • 33. Segment your market – create micro markets
  • 34. Create brand awareness – then brand loyalty
  • 35. ‘ the place you occupy in the consciousness of your constituents’ Brand
  • 36.  
  • 37.  
  • 38.  
  • 39.  
  • 40. clients - customers
  • 41. What does your ideal client look like?
  • 42. Optimise IT
  • 43.  
  • 44. To summarise: 8 strategies to defend your independence
  • 45.
    • Be innovative in your business development
    • – create a ‘sales culture’
  • 46.
    • Segment
    • – create micro-markets and niches
  • 47. 3. Create a brand – live the brand values
  • 48. 4. Join the flight to quality
  • 49.
      • 5. Differentiate between clients and customers
    • – create packages of services
  • 50. 6. Think like a client (not a lawyer)
  • 51. 7. Make the most of IT – lower production costs, become easier to deal with, find new customers & clients
  • 52. 8. Measure and monitor what you need to manage - produce and use meaningful management information
  • 53. Discuss Decide Do
  • 54. Speakers Notes Dale Bostock April 2011
  • 55. Speakers Notes Dale Bostock April 2011