The legal services marketplace has become ever more competitive.
Identifying a robust business strategy and sources of competitive
advantage are difficult challenges for law firms today. The review
of legal services carried out by Sir David Clementi, leading to the
Legal Services Bill, paves the way for yet more change, competition
and consolidation. As well as reviewing the way that law firms are
regulated, the Bill will de-regulate the ownership of law firms, so
that they can be made public or owned by multi-disciplinary
principals. For the first time, firms now face the prospect of not
being wholly owned and managed by lawyers, and of being able to
seek capital in the general finance markets in the same way as
other businesses. Stephen Mayson has been a consultant to law firms
all over the world for more than 20 years, and is one of the most
respected commentators on legal practice. In this new book, he
presents the first in-depth and systematic treatment of strategy,
competitive advantage and valuation for the legal services market.
The text provides practical guidance for law firms on how respond
to the reforms to be introduced by the Legal Services Bill, and in
particular how to build and preserve value in the new environment.
It explores in detail a range of factors that firms need to address
in order to face both known and new forms of competition, and build
a sustainable business. In the first part of the book, the author
explores the emerging landscape of legal services. He discusses
fair market valuation and the link between strategy, competitive
advantage and valuation, before addressing regulation and
competition. Here the decline of regulatory barriers (including the
Clementi Review and the Legal Services Bill) and the effects of
maturing markets are examined, as well as the issues and challenges
of consolidation and polarisation of legal service providers, and
globalisation. Mayson then examines the nature of competitive
advantage, including its foundations and sustainability. In the
third section, the principles of valuation, including definitions
of value and methods of valuation, are looked at, in addition to an
analysis of the drivers of value in law firms and guidance on how
to optimise and sustain income. A section on the implications of
valuation then focuses on issues such as the possible tensions
between individuals and the organisation, collective action and
commitment, and the longevity of the firm. In the final section,
the author looks at the foundations of strategy, such as: its
context; the 'strategic triangle' of services, clients and
geography; strategic objectives and risks; the strategic response;
and the building of capital for competitive advantage (including a
discussion of financial, physical, human, social and organisational
capital). The book ends with a discussion of future prospects for
the legal services market. Law Firm Strategy: Competitive Advantage
and Valuation is an invaluable text for those already managing law
firms, those looking to compete with existing law firms in the new
environment, and those who are not lawyers but find themselves with
an opportunity to own, invest in or manage a legal services
business.
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