Growth Strategies for Law Firms

Understand the growth options available and develop an effective strategy for your firm.

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Details

Description

New legal market entrants are rapidly changing the game.

As a law firm leader you’ll need to assess the services you currently offer to clients and the positioning of your your firm in order to develop your strategy for future growth and success.

Managing Partner’s new report on Growth Strategies for Law Firms provides clear advice on the growth options available and expert guidance on the key factors you need to consider in order to tailor an effective strategy for your firm. Topics covered will enable you to:

  • Develop a simple model for defining your firm’s growth objectives; 
  • Assess client needs and expectations in light of new services being offered in the market;
  • Identify the relevant benefits/risks of options such as mergers, ABSs, and diversification; 
  • Assess and identify which growth option is most suitable for your firm;
  • Develop a financial strategy that ensures effective cash flow management;
  • Create value pricing strategies that add benefits to both clients and the firm; and,
  • Recruit and develop the right people to reach your firm’s growth potential.

Along with practical insights into new entrants such as Co-operative Legal Services, Saga and AA Legal Services, Riverview Law, Stobart Barristers, and more, you’ll find informative case studies from Quindell Portfolio Plc and Gordon Brown Law Firm LLP highlighting the successes they have achieved as a result of their growth strategies.

Contents

Chapter 1: Current market conditions

Chapter 2: The new competition

Chapter 3: Defining your strategy

Chapter 4: Comply or die – Using OFR as a growth strategy

Chapter 5: Law firm finance – Strategic considerations for growth

Chapter 6: Restructuring the practice

Chapter 7: Pricing

Chapter 8: Growth by merger

Chapter 9: Alternative business structures

Chapter 10: Using people wisely

Chapter 11: Diversification strategy – Keeping your eyes open

Chapter 12: Finding the skills to manage change

Check our Executive Summary and full table of contents here

Authors

Viv Williams
Viv Williams is chief executive officer of 360 Legal Group, and is a consultant to law firms on management, practice development, and marketing. Viv is also non-executive chairman of software specialists Ochresoft Technologies Ltd. During a career spanning 20 years in marketing, and as managing director of two floated Plc companies, Viv has been able to provide practical management insight for all businesses, including professional services firms. Combining this with his time working at Hammonds and Charter & Law Group, assisting solicitors and accountants to improve their management systems and marketing and increase profitability, Viv cultivated the necessary experience to become managing partner at the 2020 Lawyers Group (now 360 Legal Group) in 2003, offering law firms marketing, management, and strategy skills, as well as innovative ideas to transform their law practices into successful businesses. Viv has written numerous articles for the legal press and writes a monthly blog for the Law Society Gazette, as well as being the key note speaker at numerous conferences and seminars. Viv firmly believes that now is the time for law firms to grasp the challenges and opportunities presented by the Legal Services Act and alternative business structures, as well as by the pressure of the continuing credit crisis. 360 Legal Group provides solutions to those law firms which are prepared to rise to the current challenges and become the modern firms of the future. It provides change management support and advises law firms which are looking to buy, sell, or merge their practices. For more information, visit the 360 Legal Group, or contact Viv via email.