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As the country makes these first, tentative, steps out of lockdown and with consumer and business confidence starting to build, the legal community has to take urgent stock and firms need to decide what to do now. It is vital that law firms are setting themselves up to make the most of the new world into which we are all emerging and many will be asking themselves what to do and, as importantly, what not to do.
Many law firms may not have considered the importance of non-executive input as they move forward. Adding external commercial skills into the decision-making process will help firms maximise the value of their earnings in the new-normal that will develop post the pandemic. More seriously, many law firms will assume that they can build their businesses on their own using the executive talents that worked before - a decision which could lead them disastrously astray. Law firms that embrace outside experience from the commercial world can drive their business forward in surprising ways. Non-executive input will help firms find routes forward that avoid the pitfalls of going back to the old ways exploit the new opportunities of the deregulated world.
What does non-executive support mean in practical terms? It means, at its most fundamental, acquiring the benefits of a highly experienced commercial voice to support the hard work of the executive management team - someone to bounce ideas off and who can help guide change.
Non-executive support can come in many forms and be short or long-term in nature. Non-execs can add huge value, for example, when working on one-off projects or deployed as a consultant, contributing commercial and strategic input into big change projects or new working practices. Non-execs can also provide professional support in merger, disposal or acquisition planning. Non-execs can also be employed as a member of the management team, retained to provide ongoing continuous input to the strategy and direction of the business.
Viv Williams Consulting has extensive experience of all these models and a proven track record in helping law firms move forward. The team have wide-ranging experience in legal and many other regulated industries and bring an unrivalled skill set to helping law firms expand. Talk to us now and find out about how simple and valuable adding non-exec talent can be and discover the rewards of non-executive support to the world of Law Firms.
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