What law firms should do to survive in the new world

Grasping the opportunity – 2012 and beyond Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

Legal Mentors’ experience10 years Harris Walters with strategicplanning activitiesObvious need for planning in legalmarketplace as ABS loomed2007 formed Legal Mentors Ltd Strategic Planning process for law firms Continual mentoring CPD courses Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

What’s happening?Legal Services Act and ABS - new opportunities, different modelsPartnership/LLP becoming out-of dateNew entrants, technology & processesare beginning to transform delivery oflegal services Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

New entrants ‘faceless’:internet or call-centre based . Retailers (Co-op), Banks, Insurance companies and many more too… … although Co-op Legal Services now also trialling face-to-face delivery through high street branches Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

What clients want ….Better availability and accessibilityClearer (fixed/capped?) pricingFace-to-face serviceQuicker turnaroundProactive management of their caseTo be kept informed How do you compare? Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

Solicitors often don’t know what to do“It will soon blow over”Many don’t see change as necessaryOften little experience of changeLittle or no proper business trainingABS opportunity - you and… IFA? Accountant? Undertaker! Are you planning for change? Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

What you should be doing… Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

Need a clear StrategyTo take advantage of the changesStrategic and Marketing Plans ABS? Structure Branding Service lines Location Financials Succession and exit Do you have clear written plans? Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

Reduce cost base Improve marginsDeal with Under-performing staff and Partners Too high a ratio support/earnersImprove financial controlsUnderstand and measure KPIs www.legalspeechrecognition.com Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

Improve Client ServiceFirst impressions Reception Telephone answering Offices WebsiteHoursCall-backs“I take responsibility” attitude You are up against the professionals now! Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

Sell and cross-sell Duty of care “Our client” not “my client” Packages Pricing CRM Proactive Marketing isnt a department, it is a way of life for everyone in the firm“You will be needing a Will now you have completed on the house” Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

Meeting the challenge:New business structuresMarketing/Brand networksMembership groupsPurchasing groupsABSsFranchises “Doing nothing is not a valid option” Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

Why join a franchise?The new opportunity for established firms An additional brand alongside existing firm A new start: A new ethos – no ‘baggage’ New markets / locations Experiment with ABS Opportunity for ‘high fliers’ Lower cost base Improved margins Create higher business value Without compromise to your existing brand Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

Contrasting brands… one owner It has been done before… Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

Optimum solutionHave clear Strategic and Business PlansHighly efficient infrastructure Lower overheads Advanced IT Practice management with integrated OFR Compliance Paperless office Outsourced legal cashieringOn-going business training and mentoringGreat client serviceAccess to ‘Centres of excellence’ Cross referralsNational Brand Build value for exit Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

ContactHelping you to plan your successful futurewww.legal-mentors.comMartin Wyatt martin@legal-mentors.comMichael Porter mike@legal-mentors.com01233 712150 Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com

http://www.legal-mentors.com	238
http://www.face2facesolicitors.net	160
http://sitebuilder.yola.com	74
http://legal-mentors.com	31
http://www.google.co.uk	1

What law firms should do to survive in the new world

by face2face solicitors on May 28, 2012

Accessibility

Categories

Upload Details

Usage Rights

5 Embeds 504

Statistics

What law firms should do to survive in the new world Presentation Transcript