Growth Strategies for the Modern Law Firm

Growth is an imperative for any successful business. Law firms facing rising costs, pricing pressure, and the need to invest in staff, resources, and service delivery are finding that growth is not as easy to achieve as formerly, and that market share must be wrestled from the competition. 

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Description

Since the economic downturn law firms that once saw growth as easy and inevitable are finding that the only way to achieve this is now to wrest market share from the competition. There is no one "right" way to do this; some firms have opted for a determined policy of buying market share and recruiting lateral talent, while others rely on more organic growth.

With contributions from a wide range of thought leaders and industry experts, Growth Strategies for the Modern Law Firm provides advice on a number growth options available, and shares practical guidance designed to help firm leaders to formulate and implement a profitable, sustainable growth strategy.

Topics covered include:

  • Aligning strategy, culture, and performance management with a growth agenda
  • Utilizing a key relationship management program to retain and grow clients and referral sources
  • Implementing listening programs to better serve clients, and create a platform for differentiation and growth
  • Making cross-selling a cornerstone of growth strategies and firm culture
  • Critical success factors that enable lateral hiring to be a key to client growth
  • Creativity and innovations impact on growth strategies for legal departments
  • Systematic programs for lawyer business development
  • Organic growth strategies through focusing practice specialties
  • Holistic approaches to improving client experience that drives client growth
  • and much more...

Contents

Part 1: Insight and Practice

  • Chapter 1: Aligning strategy, culture, and performance
    management with a growth agenda.
  • Chapter 2: Designing a key relationship program
    – Getting started and process overview
  • Chapter 3: Let your clients be the guide to your strategic
    success
  • Chapter 4: Crafting a cross-selling culture shift
    – An eight-phased approach
  • Chapter 5: Lateral hiring can be key to client growth
    – If you do it right
  • Chapter 6: Why creativity and innovation are the key to value
    enhancement for legal departments

Part 2: Case Studies

  • Case study 1: Fast forward – Driving top-line revenue for your
    law firm
  • Case study 2: Stewarts Law’s organic growth strategy. 111
    By John Cahill, managing partner and co-founder of
    Stewarts Law LLP
  • Case study 3: The LP Way – A revenue growth strategy. 119
    By Angela Hickey, executive director at Levenfeld Pearlstein LLC

 

 

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Authors

Ian Turvill
Chief Marketing Officer, Freeborn & Peters LLP
Angela Hickey
Executive Director, Levenfeld Pearlstein LLC
John Cahill
Managing Partner and Co-Founder, Stewarts Law
Jill Weber
Chief Marketing and Business Development Officer, Stinson Leonard Street
Deepa Tharmaraj
Legal Director, Dell Inc
Susan Pettit
Founder and Managing Director, Client Central
David H Freeman
David H Freeman, JD, a former lawyer and now CEO of the David Freeman Consulting Group, has helped thousands of managing partners, group and department leaders, partners, counsel, and associates become better leaders and rainmakers in hundreds of law firms world-wide. For nearly two decades, he has worked with over one-third of the AmLaw 200, and in 2013, for the second consecutive year, he was recognized as the best law firm business development and coaching service provider in a National Law Journal survey. He is an internationally acclaimed speaker who presents at law firm retreats, law firm networks, international, national, and regional conferences, LMA and ALA chapter meetings, bar association meetings, and law schools.  David’s main areas of practice include leadership training and coaching; business development training and coaching; accelerated cross-selling; client service training and planning; retreat design, facilitation, and speaking; and business development culture assessments. He was Co-Chair of the Legal Marketing Association’s 2010 Annual Conference, he has written a unique book for law firm leaders called Weekly Reminders for Revenue-Focused Leaders, and he is a co-author of Law Firm Marketing Leaders: Tips from a Collection of Experts. He also wrote an on-going leadership column for American Lawyer Media’s newsletter, Marketing the Law Firm, and he has authored many other articles on the revenue-related aspects of management, leadership, service, strategy, and business development for most of the major legal publications. David also produces practical video tips focused on leadership and business development, he has developed a DVD-based personal rainmaking system for lawyers called CMOplaybook®, and he created a business development culture assessment tool for law firms called Culture Xray®. David can be reached via email at the consulting group.
Robert Pay
ROBERT PAY started his career in London where he first worked in advertising as an account manager for a number of multinational clients. He then moved to Deloitte Haskins & Sells as marketing manager for the banking and securities practice both for the UK and the international firm; it was here that he first got involved in key relationship management for US, UK, and Japanese banks. He was then recruited by Clifford Chance to establish its first marketing function and set up a key relationship program, the first in a major law firm. Robert then served at the London Stock Exchange as head of marketing where he partnered with investment banks to develop a successful campaign to compete with NYSE and Nasdaq for international IPO business; he also launched and served on the board of Aim, working with regional and national legal and accounting firms to promote this successful growth companies market. He then became managing director of Jaffe Europe, working with a wide range of law, accounting, and consulting firms, largely on client relationship and satisfaction programs. Moving in-house, he then led the marketing functions of BSI Management Systems, a global certification body, and international law firm Taylor Wessing LLP. Based in New York since 2008, he currently works for Alvarez & Marsal LLC, a global professional services firm best known for restructuring and performance improvement. He is also an associate of InfiniteSpada and Z/Yen Group. Robert is a graduate of Oxford University where he majored in history. He has an MBA (distinction) from Cass Business School, City University, London; he holds a UK Market Research Society Diploma (distinction); and is a certified business coach. He is fluent in French, German, and Spanish. He has designed and implemented key relationship programs for accountants, lawyers, and consultants, and in financial institutions. He is contactable at robert@robertpayconsulting.com.
Andrew Hedley
Andrew Hedley works with the leaders of law firms on issues of vision, strategy, and change. He established Hedley Consulting in 2005 after almost a decade as the business development director of two UK top 20 international law firms. His practice is recognised as a leading boutique strategy consultancy within the legal sector.  Andrew is a recognised expert in the field of law firm mergers. Whilst working within private practice he was a member of a small strategy group tasked with pursuing M&A opportunities which led to the execution of a number of significant mergers as well as numerous early-stage negotiationsand evaluations. He has carried this expertise through to his consultancy practice and now advisesfirms at all stages of the merger process – from creating initial strategy, to candidate firm identification and evaluation, through the full negotiation and business case development process and, finally, postcompletion implementation strategy and delivery. Andrew’s wider practice is focused on the legal sector and issues of vision, strategy, and change in what is an increasingly dynamic and unpredictable market. He is engaged by firms on both a project and retained basis to assist in developing strategy which responds to these challenges and creates sustainable competitive advantage. In addition to his strategic project advice, Andrew is also much sought after as a strategy group guide for away-days, a partner retreat speaker, workshop facilitator, and moderator.He has written numerous articles and masterclass features on the subject, as well as contributing chapters on the topic to published works, including The Law Society’s Law Management Section Merger Toolkit (2012). He is on the editorial advisory board for Managing Partner magazine and writes a monthly column on the topic of mergers which has been widely acclaimed. He is also the author of Ark Group’s Developing Strategic Client Relationships (2008) and Client Strategy in a Changing Legal Market (2011). Andrew is also on the advisory panel of NetworkMP, a leading peer network for managing partners of professional services firms. He sits on the judging panel of the MPF European Practice Management Awards and The Lawyer Management Awards. He is also the course director of the Cambridge Marketing College CIM Professional Diploma in Professional Services Marketing. Andrew has been admitted as a Fellow of the Institute of Directors, the Strategic Planning Society, the Chartered Management Institute, Cambridge Marketing College, and the Royal Society of Art. He is a member of the Triple Nine Society and the Cum Laude Society of the USA. Andrew can be contacted via email at Hedley Consulting. For more information please visit their website.