Your law firm has navigated the storm. Where to, now?
posted 26th May 2021
Photo by Amir Esrafili on Unsplash
Congratulations, your law firm has navigated the storm. You've done a lot of things well in the last year. You've moved to remote working, not without its glitches, but it's working well and you don't see yourselves going back to a full office.
You've managed your expenses tightly; you've engaged your team on Zoom and mainly enjoyed the quizzes and video wine tastings. Client work has continued; the conveyancing market has bounced nicely. You might even have had the most profitable year ever: many have in the small and mid-tier market.
But where to now?
A number of issues will face your firm as you and your partners emerge from the last year. How much further can you add digital systems to improve efficiency and the experience of your clients? Where are your new customers going to come from? Do you need a broader management skill set to think about the future, and how your firm is going to thrive?
How are you really coping with the compliance, funding and cyber protection risks that no one likes talking about, or spending money on, but which are each an iceberg lurking in the dark waters.
Lastly, succession planning remains a massive issue across the industry. How do you eventually get out of your law firm, and achieve fair value for your life's work? Do you have a plan? Do the next generation of lawyers have any interest in your equity?
Typically 30% of staff across an industry move on after a recession. How many of your most talented staff will be in that 30%? And what are you doing to keep them?
If forced to, is your business even saleable and at what price?
These are not easy issues to address. An external perspective will help. It will provide clarity to your thinking. It will help you design the new future of your firm. It will help create a plan to deliver that future.
We have an experienced team ready to support your review of your strategic options. If you find yourself at the crossroads, pick up the phone (0333 242 3993). We'd love to talk to you. Alternatively, Contact the team at Viv Williams Consulting to arrange your free, confidential, no obligation consultation. Click here to book.
You may also find it useful to complete one of our diagnostic tools and will then receive a confidential report for your firm to utilise. Click here for the Growth Diagnostic or Click here for the Finance Diagnostic.