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Managing a law firm in 2009: Top Ten Tips

DISTRIBUTION VERSION. Managing a law firm in 2009: Top Ten Tips. Kim Tasso (a poor replacement for Viv Williams). Over 20 years’ marketing and sales experience

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Managing a law firm in 2009: Top Ten Tips

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  1. DISTRIBUTION VERSION Managing a law firm in 2009:Top Ten Tips Kim Tasso (a poor replacement for Viv Williams)

  2. Over 20 years’ marketing and sales experience • Previous senior in-house positions at Deloittes and Nabarro (WGM, Mayer Brown, Olswang, AtisReal, Hempsons, haysmacintyre, Royds, Seddons) • In 15 years won/retained over 250 clients • Legal clients: 1 Brick Court, Boodle Hatfield, D Young & Co, Herbert Smith, Keating Chambers, LawNet, The Law Society, Manches, Nelsons, Osborne Clarke, sjberwin, Rix & Kay, Thomson Snell & Passmore, Veale Wasbrough • Non legal clients: Allsop & Co, Arcadis AYH plc, ColliersCRE, Crispin & Borst (Vinci), Davis Langdon, Grant Thornton, Segro, Tenon • Honours degree in psychology, MBA, diplomas in marketing, coach/mentoring and NLP • Journalist for legal, marketing, banking and property magazines • Author of “Dynamic Practice Development - Selling Skills and Techniques for the Professions” , co-author of “Media relations in property” and author of “Growing your property partnership”

  3. My aim today… Bridge the gap between management and marketing (and between newbies and experts) Consider the “Survive” vs. the “Thrive” tips Prompt thought, debate and discussion with particular reference to recent examples

  4. Seismic shift or temporary blip?

  5. SURVIVE?

  6. Produce a KPI/key drivers sheet for the critical numbers to watch monthly (fees, utilisation, WIP, profit, cash flow, debtors, new instructions etc)? Benchmark performance against leading firms? Balance overdue cost-cutting with investment for the future? Analyse markets, services, clients and teams by profit? Analyse ROI on all new projects (including marketing)? Allow marketers access to profit figures so that they can do their job? 1. Get a firm grip on the finances

  7. Financial Frighteners

  8. Accept the reality that things will never be the same again? Aware of all the regulatory (e.g. the code of conduct) and market changes? Support the marketers in a comprehensive marketing audit to assess what’s really going on? Recognise that some areas of the firm are in decline/dying? Seize the opportunities rather than waiting for the threats? Accept that you can’t just do more of the same, you have to do something different? 2. Do a reality check

  9. Flexibility or fear?Code of conduct – principles based regulation

  10. All partners agree on the vision, mission and goals? Measurable? Know how you will compete in a tough market? Diversity or “stick to the knitting?” Understand the shape of the firm in three years’ time? Know what investment in technology, people and premises? Where do you want to focus the BD effort? 3. Prepare a plan

  11. 4. Get big, get small, get niche or get out

  12. Merger mania?

  13. Know who generates most income and profit? Know where they came from? Know why they stay - Invest in research to confirm client perceptions, satisfaction and suggestions? Key account planning behaviours and procedures embedded in the firm? Great database/technology support? Train lawyers in relationship management and how to provide real added value? 5. Love your existing clients

  14. Recent panels/“hubs” out to tender A flight to quality and to value Relationship Management 101 What clients really, really want From the horse’s mouth So long loyalty

  15. THRIVE

  16. Professor Richard Susskind’s “The end of lawyers”? Declining profits Commoditisation Web 2.0 collaboration No more pyramid R&D Social networks and online communities Fundamental re-engineering Internet marketing revolution? Outsourcing (www.legaladvice.com, www.mylawyer.com) Non intrusive marketing Facebook and PPC Twitter 6. Use new technology

  17. Geographic expansion? Consolidation in the Middle East Expansion in China (SJ Berwin uses Hong Kong chief) Opening up of Africa (White & Case) New sectors and segments? Silver surfers Generation G Never-marrieds New legal services? Insurance backed Client development centre and business simulator (Addleshaw Goddard) Fraud and identity theft Virtual world divorce/crime New on-line services? Online mediation (e.g. cybersettle) Uncontested divorce (www.divorceonline.co.uk) New delivery platforms/channels? Instant messaging Telephone briefings/webinars Telepresence 7. Develop new services and markets Blue Ocean Strategy (W Chan Kim/Renee Mauborgne) promotes creating new market space or "Blue Ocean" rather than competing in an existing industry.

  18. Real understanding of profit sources? Averse to risk-sharing fee deals? Retainer arrangements? Non time/lawyer based services? Cost management systems used for price estimating? (Learn from the property industry) Value based billing? 8. Be creative about pricing

  19. New relationships? Eversheds uses Tyco model (Global Account Management System) to win new client New services? Pannone - Best of both worlds. Investment in SEO company. Door2law and Connect to Law Nelsons online document drafting services Loyalty cards and price incentives New non-legal services? Leverage trusted adviser status (elderly clients) for properties and contractors Psychological, financial and career support with divorce 9. Innovate FT Innovative Lawyers - Marketing and PR (October 2008)

  20. March 2009 - Legal Disciplinary Practices (LDPs)? Combine eight types of legal professional – solicitor, barrister, legal executive, licensed conveyancer, patent agent, trade mark attorney, notary and costs lawyer Must provide legal services and the non-lawyers (who can make up to 25%) must offer ancillary services 2012 - Multidisciplinary practices (MDPs)? Beyond legal services 2012 - ABS (Alternative Business Structures)? Allow external investors and flotation Finance for big brands 10. Look at LMPs, MDPs and ABS

  21. Uncomfortable bedfellows?Professional Service Firm Index

  22. Aware of and involved in planning? Lawyers with commercial awareness? Support staff in service delivery (servuction)? Talk to senior support staff about joining the partnership? Active change management programmes? (e-learning investment) Succession planning? Truly empowered? Golden Rule - Take care of your people

  23. From Kim’s Blog:Pirates and Gladiators– 23 March 2009Success and be damned?Business development vs. reputation management - 1 April 2009

  24. Managing a law firm in 2009:Top Ten Tips Kim TassoBA(Hons) DipM FCIM MCIJ MBAwww.kimtasso.comIn association with www.360legalgroup.co.uk 199 Argyle Avenue Whitton Twickenham TW3 2LR 07831 687882 020 8898 0631 kim@kimtasso.com

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