Tag Archives: corporate legal services

“Don’t you want me, baby?”

Seeking a product used by most law firms, I had the pleasure of putting out to tender a significant contract worth around £150k per annum.

The existing supplier was a well-known company in the market and the point of contact was highly credible, trustworthy and pleasant. In fact, he was a thoroughly decent bloke. One of the challenging suppliers was recommended by a friend, but was otherwise completely unknown to me.

The existing supplier knew they were in a competitive situation and telephoned several times to take stock of the situation and to ensure they put the best tender forward that they could. Indeed, the resulting tender was more competitive than the year before: they provided additional features and this justified the tender process if nothing else did.

The challenging supplier came to see me and my colleagues three times. They were well-prepared with colourful charts and other sales tools, and also mentioned other products they provided. Their enhanced product offered slightly better value than that of the existing supplier. They were very attentive and could not do enough for us.

The existing supplier was obviously disappointed, but accepted the inevitable when the challenging supplier won the contract. Since that sale, the new supplier has maintained the initial contact through in-person visits and invitations to evening talks and other events, always providing valuable insights and clear, attractive supporting material.

Clients want to feel their professional advisers are part of the team. Team working is about clear regular communication. The original supplier above did a good job, but had been so busy doing the job that they lost ground to a personal visit from a rival.

It is a tight legal market at the moment with insufficient work for most, but how many have made a point of visiting existing clients in between matters just to keep the relationship and communication going?

The last thing you need right now is your existing clients wondering if you want them!

* The title of this post refers to The Human League’s single from their third album Dare (1981)

Liam Wall
Founder
BigWig Legal Network

www.bigwignetwork.co.uk

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.

Decision Speed Captain Kirk?

When it comes to evolution, I am no expert, but I am familiar with the simple summary of “Survival of the Fittest”. A key part of survival for an animal is making decisions in response to new opportunities or threats. These decisions must be made in real time and can be imperfect.

Within a commercial organisation, hundreds of major and minor decisions are made every day in just the same way. The outward-facing decisions are made by the Board. Sometimes these decisions are made quickly as events occur rapidly. In the past weeks, the Board at BP and at BA have been making outward-facing decisions. The ability of these organisations to react quickly is crucial to their success and survival. From the outside, they may seem to be the largest and sturdiest starships in their galaxies, but even they are vulnerable to poor or slow decision-making. Indeed, anyone who ever watched Star Trek will not remember Kirk taking long to make life-and-death decisions!

In the world after the Clementi Review and the Legal Services Board deregulation, the question is, how quick will law firm decision-making need to become? Partnerships are not noted for making rapid or radical decisions. This is an observation rather than a criticism. At the moment, law firms evolve at a rate determined by the comfort zone of partners who are all owners and solicitors.

Post the Alternative Business Structure, this rate of change may be determined by Directors appointed by shareholders. Given that Directors are unlikely to be solicitors and will do their job by determining policy rather than following it, they will have little vested interest in maintaining the status quo.

If the Partnership Model is to prosper in this new world, decision-making speed may need to move at the pace determined by non-solicitors!

Liam Wall
Founder
BigWig Legal Network

www.bigwignetwork.co.uk

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.

Corporate Clients want more for less. Or do they?

A few years ago, I observed the procurement process a major law firm went through in the hope of being appointed to a bank’s legal panel. Apart from the online fee process, the bank also wanted to know what other services were on offer. They wanted access to partners and fee earners for free to make internal seminar presentations, as well as access to the firm’s library and research capabilities. Also, online billing and a line-by-line review of what they had been charged.

At the time the feeling was simply that the bank wanted to have their cake and eat it too. Banking was highly profitable at the time and it may have been just that. But many other corporates use the online process carefully to set legal fees and to extract the most benefit.

Times are changing for the legal profession.  Rather than fight your clients who seem to want more for less, why not consider what is happening and embrace the opportunity to work with them to increase the productivity on their files and share the additional profit?

Why? Continue reading