Client Strategy in a Changing Legal Market
Published on 28. February 2011
Book
Paperback/Softback
107 pages
978-1-907787-39-3 (ISBN)
Description
Without the ability to attract and retain clients - at a price which delivers an acceptable level of profitability - your business is simply no longer viable. Constant review of your client strategy is vital to ensure the emerging needs of your clients and your firm's competitive capabilities remain aligned in a radically shifting market. With in-depth analysis of the tools, methods and strategies available, Managing Partner's Client Strategy in a Changing Legal Market report will enable you to develop resilient client strategies that will increase profits whilst delivering real value to your clients. Subjects covered include: * Strategy in the New World Order - the options available and their implications; * The forces driving change - industry and client perspectives; * Core tools and models for client strategy development: o PESTEL analysis; o 5-Forces analysis; o Internal capability auditing; and o Scenario and contingency planning.
* The impact of alternative fee arrangements; * What clients value from a competitive perspective; * Choosing your clients - segmentation, targeting and positioning; * Using innovationto develop client strategies that deliver results; * Using value curves to improve client service strategy; * Emerging business models and their effect on service delivery; * The role of the partnerin delivering client strategy; * Overcoming the cultural and organisational barriers to change; and more - Respected author and consultant to top international law firms, Andrew Hedley, draws on leading case studies from firms, clients and agencies - CMS Cameron McKenna, Carillion, Epoq, Hedley Consulting and Fronterion - to provide you with a comprehensive review of the market place. Best practice guidance also allows you to extract the experience and knowledge of those who are currently succeeding 'in the field'.
* The impact of alternative fee arrangements; * What clients value from a competitive perspective; * Choosing your clients - segmentation, targeting and positioning; * Using innovationto develop client strategies that deliver results; * Using value curves to improve client service strategy; * Emerging business models and their effect on service delivery; * The role of the partnerin delivering client strategy; * Overcoming the cultural and organisational barriers to change; and more - Respected author and consultant to top international law firms, Andrew Hedley, draws on leading case studies from firms, clients and agencies - CMS Cameron McKenna, Carillion, Epoq, Hedley Consulting and Fronterion - to provide you with a comprehensive review of the market place. Best practice guidance also allows you to extract the experience and knowledge of those who are currently succeeding 'in the field'.
More details
Language
English
Place of publication
United Kingdom
Publishing group
Globe Law and Business Ltd
Target group
Professional and scholarly
ISBN-13
978-1-907787-39-3 (9781907787393)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Person
Andrew Hedle y helps the leaders of law firms to create mould-breaking strategies, develop strong brands, forge robust client relationships and design compelling client propositions. His work is characterised by intellectual rigour, a focus on change dynamics and an action-orientation in developing strategy that is both stretching and achievable. Hedley Consulting is recognised as a leading boutique strategy consultancy within the legal sector. Following his MA, Andrew completed an MBA in 1993. Both focused on professional services strategy and business development. He has over 20 years' experience of managing and advising professional service firms, with approaching 15 years focused on the legal sector. Andrew sits on the judging panel of the MPF European Practice Management Awards and is a member of the Advisory Panel of NetworkMP, a leading peer network for managing partners of professional service firms. Andrew is the course director of the Cambridge Marketing College CIM Professional Diploma in Professional Services Marketing, the only CIM accredited qualification focused on the needs of the professional services sector. He is a contributor to specialist marketing and management publications, a regular conference speaker and sits on the editorial board of Managing Partner magazine. Andrew is a member of the Strategic Planning Society, Chartered Institute of Marketing, Institute of Management, Institute of Directors and a Chartered Architect. He is also a Fellow of the Royal Society of Art.
Content
Part One: Planning and Implementing a Client Strategy in the 'New World Order' Chapter 1: A strategic perspective...1 Why strategy matters most in the 'New World Order'...1 But what is strategy?...2 A competitive perspective...2 Core competencies: Maximising the assets that make the firm unique...3 'Simply Better'...4 'Blue Ocean' approaches...4 The 'Strategic Triangle'...4 Adopting a model for strategy development...5 'Get big, get niche or get out'...7 All roads lead to service - ...8 The importance of brand...11 A new client orientation...13 Why client strategy should have a strong focus on retention...14 Chapter 2: Forces driving change...17 PESTEL overview...17 Scenarios and contingency planning...18 'Five Forces' analysis...18 A worked example of how PESTEL and Five Forces analysis may be used in practice...22 Internal capabilities audit...24 The impact of alternative fee arrangements...25 A view from the US...29 The succession question...31 Chapter 3: Choosing your client...33 Principles of segmentation, targeting and positioning...33 Segmentation...34 Targeting...36 Positioning...37 Chapter 4: Client strategy development...39 Client push - Law firm pull...39 Client push...39 The Association of Corporate Counsel (ACC) 'Value Challenge'...40 Global Leaders in Law (GLL)...41 Law firm pull...42 Fostering innovation as an essential ingredient of law firm strategy...43 A 'Blue Ocean' approach - Using value curves to develop client service strategy...45 Chapter 5: Developing a new approach to service strategy...53 A model for developing a service strategy...53 Understanding what clients value from a competitive perspective...53 Recipes not ingredients...55 Understanding the extended marketing mix...56 Investing in new skills and capabilities...57 Service development through disaggregation and reassembly...59 Outsourcing...60 Offshoring, onshoring and north-shoring...61 Chapter 6: Making it all work in practice...63 What is the timeline? When will the impact be felt?...63 The challenge of change...63 The cultural implications of a strategy based on sharing...64 The role of the partner in delivering a client strategy...66 Aligning performance management with strategic objectives...70 Client centricity as a way of life...71 Part Two: Case Studies and Expert Analyses Expert analysis 1: Acritas - How to build a world class law firm brand...75 Case study: Norton Rose Group...79 Case study 1: CMS Cameron McKenna - The future of fees...81 The rules of the game have changed...81 Pricing to win - What's driven pricing up the agenda?...81 The development process...82 The product - The 'Future of Fees' report...83 Implementation and launch...84 Particular challenges...85 The results...85 Case study 2: Carillion - The relationship between general counsel and the law firm...87 Reengineering employment law...87 Collaboration through a single online portal...88 Unbundling and outsourcing of legal services...88 The drivers of change...89 To the future...92 Case study 3: Epoq - Client strategy in the changing legal market...93 Epoq's background...93 Strategic challenges in the legal services market...94 Developing a new approach for high-street firms...96 Beginning the process of change...99 Expert analysis 2: Hedley Consulting - Outsourcing the core...101 Expert analysis 3: Fronterion - Legal outsourcing's emergence as a strategic priority...103 The 'What?'...103 The 'Why?'...103 The 'How?'...104 What now?...106 Index...107