Meet the challenges posed by today’s highly competitive legal services marketplace and put your law firm on the path to profitable growth.
The legal landscape in the UK is changing by the day. New threats to the survival of law firms are arriving from a number of directions:
- increases in regulatory burdens
- restrictions on sources of revenue
- accelerating consolidation among legal practices
- competition from outside the sector, now that the Legal Services Act (“Tesco Law”) allows non-lawyers to invest in and own legal businesses via Alternative Business Structures.
This unprecedented period of flux is accompanied by an increased awareness of the need to modernise business practices. In the face of all this upheaval, few legal firms can succeed without specialist external support.
TCii’s solution for law firms in pursuit of growth
Discreet, knowledgeable and relevant support is not easy to come by. But when it is affordable and works, it can deliver a step change in performance. When it doesn’t work, this is often due to a piecemeal approach – focusing, for example, on a training session or a marketing initiative.
To solve this problem, TCii has developed a comprehensive and cohesive set of interventions to rapidly help legal practices to gain competitive advantage and achieve sustainable, profitable growth. We call this service Legal Leverage™, and through it we will help you develop, fine-tune, gain buy-in to and successfully implement a simple but robust growth strategy.
Here are some of the issues that Legal Leverage™ can address:
- Setting objectives – where is your business now, and where do you want it to be in one, three and five years’ time?
- CSFs and KPIs – isolating the critical success factors for growing your business, and setting key performance indicators to measure performance against those CSFs.
- Client targeting and development – selecting your target markets and devising plans to reach and influence them.
- Competition and competitive positioning – based on an objective, frank and clear assessment of your current and future markets, and your own and your competitors’ strengths and weaknesses.
- Trend analysis – what further developments are likely to take place in the legal services marketplace, and how can you prepare for these challenges?
- Mergers and acquisitions – are they your best option for organic growth? Or are there alternatives that might suit your business better?
- Pricing strategy – what impact does your service pricing have on your growth and profitability? And how can you use pricing to develop your business and position it competitively in the marketplace?
- Systems and processes – are they are aligned with your business strategy? And are they flexible enough to support the development of your growth initiatives instead of acting as barriers to change?
- Action plans – what are the pressing issues you need to address? What are the best solutions, and how will you implement them?
- Progress monitoring and control – ensuring that agreed solutions are implemented successfully and on schedule.
- Internal communications – including dissemination of information about new initiatives, and mentoring and training of staff.
- Ongoing support – objective and independent advice and guidance to steer you safely through this period of change.
The development and implementation of each Legal Leverage™ plan is bespoke, and is dependent on the current status of the firm and cooperation of the decision-making partners. Our involvement can range from purely advisory to active involvement in implementation of the strategy and plans.
The following case studies illustrate some of the ways in which we can help legal practices to succeed:
- Mentoring helps a breakaway legal firm to launch successfully in adverse market conditions
- A fresh approach helps a top 30 UK law firm increase PEP by 30%
Next steps to a fully tailored Legal Leverage™ plan
For further information about Legal Leverage™ and how it can help your law firm not only survive but thrive in today’s – and tomorrow’s – challenging marketplace, email us or call us on 020 7099 2621.