Ian Turvill, Soo Darcy, Angela Hickey, John Cahill, Jill Weber, Deepa Tharmaraj, Susan Pettit, David H Freeman, Robert Pay, Andrew Hedley

Growth Strategies for the Modern Law Firm (eBook, ePUB)

• Format: ePub

Produktbeschreibung

Since the economic downturn law firms that once saw growth as easy and inevitable are finding that the only way to achieve this is now to wrest market share from the competition. There is no one "right" way to do this; some firms have opted for a determined policy of buying market share and recruiting lateral talent, while others rely on more organic growth. With contributions from a wide range of thought leaders and industry experts, Growth Strategies for the Modern Law Firm provides advice on a number growth options available, and shares practical guidance designed to help firm leaders to formulate and implement a profitable, sustainable growth strategy. Topics covered include: Aligning strategy, culture, and performance management with a growth agenda Utilizing a key relationship management program to retain and grow clients and referral sources Implementing listening programs to better serve clients, and create a platform for differentiation and growth Making cross-selling a cornerstone of growth strategies and firm culture Critical success factors that enable lateral hiring to be a key to client growth Creativity and innovations impact on growth strategies for legal departments Systematic programs for lawyer business development Organic growth strategies through focusing practice specialties Holistic approaches to improving client experience that drives client growth and much more...

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Produktdetails

• Verlag: Globe Law and Business
• Seitenzahl: 125
• Erscheinungstermin: 8. Juli 2016
• Englisch
• ISBN-13: 9781787427778
• Artikelnr.: 62948531

Autorenporträt

By Ian Turvill; Angela Hickey; John Cahill; Jill Weber; Deepa Tharmaraj; Susan Pettit; David H. Freeman; Robert Pay and Andrew Hedley - Edited by Soo Darcy

Inhaltsangabe

Executive summary viiPart 1: Insight and PracticeChapter 1: Aligning
strategy, culture, and performance management with a growth agenda . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3By
Andrew Hedley, director of Hedley ConsultingThe growth imperative . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . 3Strategic overview – The nature of growth . . . . . .
. . . . . . . . . . . . . . . . . . . . 5Exploring strategic options and
choices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8Positioning and Ansoff's generic strategies . . . . . . . . . . . . . . .
. . . . . . . . . . 8Client retention and growth . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Sales
pursuit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Pricing
strategy and robust financial hygiene . . . . . . . . . . . . . . . . . . .
. . . . 11Culture and performance management . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . 12The recipe for growth . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . 13Chapter 2: Designing a key relationship program– Getting
started and process overview . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . 15By Robert Pay, director of business development
(global shared services) at Alvarez & MarsalWhy a key relationship program?
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. 15Preconditions for successful adoption of a KRP.....................
17Getting buy-in for the concept . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . 17The design process . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . 20Setting the program objectives . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22Relationship program design team . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . 22Launching the concept . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . 28Piloting . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . 33Launch . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . 36Barriers to key relationship programs . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Chapter 3: Let
your clients be the guide to your strategic success . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45By Susan
Pettit, founder and managing director of Client CentralThe problem . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . 46The guide . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . 47The plan . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49The results . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54Chapter 4:
Crafting a cross-selling culture shift: An eight-phased approach . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . 57By David H. Freeman, J.D., CEO of the David Freeman
Consulting GroupChange the game . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57Cross-serving as a catalyst for change . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . 58The eight phases of a cross-serving culture
shift . . . . . . . . . . . . . . . . . . . 59Chapter 5: Lateral hiring can
be key to client growth – If you do it right . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . 67By Ian Turvill, chief marketing officer of Freeborn
& Peters LLPCritical success factor 1 – Develop and communicate an explicit
strategy for lateral hires . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . 67Critical success factor 2 – Recognize
that successful integration begins long before and extends far after the
hire date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68Critical success factor 3 – Apply close scrutiny to performance versus
plan and make course corrections over time . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . 77Conclusion . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . 80Chapter 6: Why creativity and
innovation are the key to growth strategies for legal departments . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . 81By Deepa Tharmaraj,
legal director at Dell IncCreativity and
innovation.................................................. 82Why would an
in-house legal team need to innovate? . . . . . . . . . . 84How will
in-house legal departments innovate? . . . . . . . . . . . . . . . . . . .
87What tools are available to help us unlock the innovativeideas?
............................................................................
90Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. 92Part 2: Case StudiesCase study 1: Fast forward – Driving top-line
revenue for your law firm . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . 97By Jill Weber, chief marketing and business development
officer at Stinson Leonard StreetAn innovative idea . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . 98An integrated approach . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99The power of first impressions . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . 103The “Valley of Despair” . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . 103Results . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . 104A packaged product . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . 106Case study 2: Stewarts Law's organic growth strategy
. . . . . . . . . . . . . 109By John Cahill, managing partner and
co-founder of Stewarts LawAbout Stewarts Law . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . 109Our product . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . 109Our people . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . 110Our profitability . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . 111Improving product, people, and profitability . . . . . . . . . . .
. . . . . . . . . . . . . 113The other stuff . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . 113The results . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . 114Postscript . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . 115