Alliance and Creating Value – a Brave New World Peter Scott Peter Scott Consulting

Alliance and Creating Value – a Brave New World

Peter Scott

Peter Scott Consulting

PETER SCOTT CONSULTING

A New National Law Firm Vision



To build a New National Law Firm across

the UK (including in London) which over a

period of time will become “greater” than

the sum of the individual firms which comprise it


Why?

A fragmented profession

The economy

Legal Services Act implications

Client needs are changing

Technology

Globalisation

Greater regulation and compliance

PI insurers’ attitudes


What do law firms need to do to be successful?

They need to be able to gain

competitive advantage


What are clients looking for?

Core issue is to add value:

More than and better than the competitors

In a way which: - is regarded as valuable by the clients - differentiates you – to create your ‘brand’


You will add value that clients care about if…

You provide clients with what they need

At prices they perceive to be value for money; and

You do this better than the competition

‘They always try to sell to us on price – but what we are really looking for is a good job to be done at a reasonable price’


What does ‘adding value’ in this way require?

RESOURCE


Is lack of resource making you

uncompetitive?

This is what clients said about one firm –

‘I don’t believe they have the resources’

‘Sometimes they lack polish and quality in depth’

‘Depth of expertise – I have only one partner to contact on a day to day basis, which is a little limiting…’


The need for resource

Lack of resource of expertise

(client perception surveys will show if this is the

case)

Lack of financial resource

(inability to invest in your people and in the

business)


Resource

Can we provide ON OUR OWN the resources

necessary to enable us to achieve our goals?

If not, then consider joining with others to help you to

achieve your goals



To build a New National Law Firm across

the UK (including in London) which over a

period of time will become “greater” than

the sum of the individual firms which

comprise it


The Vision

To build a BRAND which can begin to

compete with larger, more developed law

firms for better quality, higher value work

leading to greater competitiveness and

profitability


The BRAND must reflect the substance of the new firm in terms of …

QUALITY of its people and clients

How it ADDS VALUE

Satisfied clients are the only measure of

success and are key to building a

profitable law firm


This will require RESOURCE

Resource which individual firms cannot

realistically and at an economic and

acceptable cost provide themselves


The SCALE of the new firm will enable…

the new firm to be developed at an

acceptable economic cost to each

constituent firm

- which the individual firms could not on their own provide


Quality Resource to enable the new firm to…

Attract and retain the best

talent



Provide clients with the depth

and breadth of expertise they

now require, where and when

they need it



Build the quality management

which will be required to

successfully compete as a law

firm in the future



Provide the necessary

infrastructure to underpin the

effective provision of high

quality legal services

demanded by clients


The Vision

To build a BRAND which can begin to

compete with larger, more developed law

firms for better quality, higher value work

leading to greater competitiveness and

profitability


Is this a Vision you share?


Is this a Vision you are prepared to make a reality?

Any questions?

Documents

Alliance and Creating Value – a Brave New World Peter Scott Peter Scott Consulting