“Strategy”, or the “S word”, is often overused and misunderstood, probably because many organisations refer to plans as strategies when they are just plans.
A proper approach to developing a strategy involves defining where you currently are, examining anticipated developments in your market and your practice, defining your destination and, while on the journey, assessing and aligning the policies, processes and resources necessary to achieve that new vision or position.
This approach is responsive to the future, aiming to take action ahead of time to protect and grow business success. It roots current action in that view of the future and brings with it a degree of change.
If your practice uses a strategic process to define business objectives, you will know. The practice will have told you how the future looks, what your part is and why operational changes are being made or are in the pipeline. In an uncertain world, a practice with a strategy is like an airplane with a pilot and co-pilot at the helm. They constantly assess new data and, within the mission of getting from A to B, make new decisions as required. This contrasts with the autopilot setting of a practice without a strategy.
Note: If the strategy was well-considered in the first place, the need for constant change is minimal, as there ought not to be many large surprises. Using the plane analogy, the pilots do their checking for every flight, but most flights go according to plan without the need for an emergency landing!
Without the forward-looking element of the strategy, a well-run organisation can make small incremental changes based on experience. In a slowly developing market this will appear effective.
But what happens when the legal market changes quickly?
If your practice involves strategic thinking, you will have been able to weather the credit crunch well. This was a sudden change, but was heralded months before the full effects were felt. With quick and decisive action based on an updated strategy, the full effects would have been minimised and opportunities spotted to ensure growth. If this is not a description of your practice, or the one you work for, we might conclude strategic thinking is not alive and well.
Another change on the horizon since 2006 has been the deregulation of the legal market proposed by the Clementi Review, the first reforms of which should be implemented in the summer of 2011, according to the Legal Services Board.
If you do not yet have a strategy for dealing with what would be a fundamental shift in the shape of the legal market, now is the moment!
BigWig Legal Network
What is BigWig Legal Network?
The deregulation of UK legal structures will have a huge impact on how Law is practised and new legal services are offered. BigWig Legal Network is the UK’s first membership development organisation for fee earners in legal practices, priced for membership affordability, which will offer what legal professionals desire most of all: Accurate, dependable new insights and techniques for developing the legal services of the future.
Find out more at our Last Wednesday meetings.