Tag Archives: professional standards

Who needs a Strategy?

“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!


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.

Scotland the Brave……Not

It seems the Scottish Law Society has withdrawn the proposed move to Alternative Business Structures which would have permitted significant external ownership of Scottish firms. Ian Smart, President of Law Society of Scotland, commented that a revised compromise would be tabled later in May. This followed a significant back lash from Scottish solicitors who feared, among other things, grave abuse of the regulations by criminal gangs. You can read a description of some of the issues raised in Mike Wade’s TimesOnline article and from the horse’s mouth in this news release from The Law Society of Scotland.

The proposed changes, which are in the pipeline for the rest of the UK in 2011/2012, are designed to provide greater access to legal advice. There is no suggestion that getting hold of one of the 100,000 plus solicitors in the UK is difficult. However, with hourly fee rates at traditional firms that start at around six times the national average pay rate for even basic advice, it is the price that is the challenge. Many small businesses and individuals that need advice simply prefer to take the risk. Continue reading