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An approach to match the times
Innovation implies creativity. It's about finding new ways to make productivity gains, drive client loyalty and eek out profit. Solutions may run against the current working practices of law firms. Co-developing options with your client base will power the debate at management and partnership levels, and enable you to drive change. |
Innovative ideas
Record Associates undertakes business improvement projects within the legal sector on:
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client collaboration
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sales campaigns
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high value tenders
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pricing
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client listening
Contact us on:
+44 (0)1444 811 269 or
or visit our website at:
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| Greetings!
Many of the drivers behind the growth of law firms over the last six years have now stalled; new instructions have slowed, price pressures are mounting and recovery is falling. So how can firms proactively counter negative growth and prepare for the upturn, or should the focus remain on managing the bottom line? Commentators and researchers in the legal industry, such as Richard Susskind (in his book The End of Lawyers?) and the Nisus Consulting FTSE GC report, have long held that law firms need to fundamentally review how they work with their clients. The Lawyer suggested last week that a new paradigm will emerge that may require major structural changes within law firms to remain competitive and profitable. But how can we mimimise risk if we start the journey through this (uncomfortable and uncertain) process? |
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Innovation groups
Increasingly sophisticated legal buyers, whether in-house legal, finance or commercial, have clear objectives that they are working towards. An independent assessment of what those objectives are and how they will be measured against them will quickly identify common themes. Transparency, efficiency, sourcing and commerciality are likely to feature highly but it will take much skilled questioning to get to the bottom of these themes.
'Innovation groups', comprising a broad cross-section of the firm and led by individuals who leave their personal objectives at the door, can then take each theme and develop the following:
- The group's understanding of the theme (or real issue)
- What they mean to the client
- What this will mean to the firm
- Analysis of the gap between what clients want and what the firm currently delivers
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Client collaboration
It is common for trade buyers to collaborate closely with suppliers to find new solutions in industry, manufacturing and services. Establishing working groups with your closest clients, focused on singular themes, moves a step beyond client service reviews or transaction debriefs because they identify mutual productivity gains. Joint working groups can agree new (and profitable) ways of working, the systems and technology that will be needed to deliver them and the process to implement them.
The key to launching this collaboration will be recruiting clients who have a large legal spend across several work types, are regular and sophisticated buyers, and use other law firms whom you could realistically take work from. Internally you will need several influential and early adopting partners, and business leaders.
Innovations with one client can then be rolled out to others in a risk-free way. If you would like to discuss client collaboration and innovation groups, click here register an interest. |
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Innovation barriers
McKinsey reports that over 50% of firms who enter a recession as leaders emerge as laggards. A common thread amongst these laggards was that they were unable to break down the barriers to innovation.
By using the voice of the client as your leverage, difficult decisions like creating new working methods, realigning incentive structures, investing in IT, assuming more risk internally or externally sourcing work will be easier to debate across the partnership. And it will put your best assets (staff and clients) in charge of developing the future of your firms. | |
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