The devil is in the detail – why law firms need a clear strategy to back up their vision
With 2014 rapidly drawing to a close, it's only natural for law firms to be looking to the future.
December 11, 2014 at 11:00 AM
3 minute read
With 2014 rapidly drawing to a close, it's only natural for law firms to be looking to the future. And in the case of several firms – including, as we write this week, Addleshaw Goddard and Linklaters – we are talking far beyond New Year's resolutions for 2015.
In an increasingly fast-moving and competitive market, knowing where you want to be positioned in the long term is critical. Whether the goal is to be a leading global firm – like Linklaters – or a "premium UK business law firm" – like Addleshaws – the key is to ensure that worthy top-line ambitions that risk being so general they
are virtually meaningless are underpinned by substance. Without a clear, detailed and attainable vision of what the firm wants to be and how it can differentiate itself, it is all too easy for law firms to get lost in the crowd and fall into the sprawling camp of also-rans.
Every bit as important as the vision is the implementation. Simply saying you want to be global or high quality is easy; ensuring that the average commercial partner in a large UK or international firm agrees with the often tough decisions that need to be made to get there is altogether more difficult.
This requires more than just a target. It requires a clearly laid out strategy for how you plan to reach your goal and the precise metrics on which you are going to measure your success. Setting out a vision of what you want to be means nothing without a strategy for achieving it.
For firms of all shapes and sizes it is often at the implementation stage that strategy becomes a little fuzzy around the edges. As our Big Question survey this week finds, acceptance – and use – of external management consultants by law firms is on the rise. But to get full value from the service, firms should make sure that consultants devote equal weight to the route as to the destination.
One thing is certain. As firms head into 2015 off the back of favourable market conditions – notwithstanding political uncertainties and ongoing questions about the eurozone – most can look forward to a decent end to the year, with or without a clearly defined vision and strategy to guide their future development. Only when the market turns will any shortcomings become apparent and the real winners emerge.
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