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At its core, the purpose of strategy in any for-profit organization
is to position the firm to achieve better and more sustainable
returns than the competition. In other words, the purpose of
strategy is to capture a sustainable competitive advantage. Doing
so requires the firm to satisfy major stakeholders (primarily
customers, but also knowledge workers, shareholders, and others)
over both the near and longer term. Ultimately, business strategy
is about winning in competitive markets. Strategic Planning for Law
Firms: A Practical Roadmap - authored by renowned strategic
management expert John Sterling - provides the reader with a
workable, real world strategic planning process they can use in
their own firms. That process includes: - An approach to developing
a strong analytical foundation and framework - providing an
objective, factual assessment of the internal and external
environment facing the firm; - A means of defining the firm's
strategic direction - enabling the firm to articulate and agree
upon its direction including: *What the firm (or practice group)
aspires to become over the long run; and *What position(s) the firm
or practice intends to occupy (i.e. what it will be known for). -A
means of developing action oriented strategies - enabling the firm
(or practice) to agree upon the sometimes difficult trade-offs
among its strategic alternatives, enabling it to focus resources on
achieving its aspirations and desired market positions; and - An
approach for identifying near term action plans (and prioritizing
those action plans) so that individuals are directly engaged in
(and are accountable for) roles that put the strategy into
operation on a day-to-day basis. Readers of the previous edition
will find much new to explore in the second edition, including a
thoroughly updated discussion of the core strategic issues facing
law firms; refreshed case studies that outline real world responses
to current strategic issues, strategic planning challenges, and
strategy implementation imperatives; a deep dive into applying
"Blue Ocean" strategy in a law firm setting; and a discussion of
how the "Business Model Canvas" can be used to rethink practice
areas, pricing, and ancillary businesses.
In an era in which law firm performance is increasingly public -
and a determining factor for where the best lawyers decide to
practise - it seems clear that firm management would want to adopt
tools that are proven to improve performance. An increasing number
of firms are now adopting this long established tool and there is
growing evidence that firms which employ balanced scorecards to
drive strategy implementation have significantly improved
shareholder returns. Balanced Scorecards for Law Firms report
provides a vital introduction for firms wanting to know more about
how the balanced scorecard can improve their own firm's
performance. The report and the tools explained within it reach
well beyond revenue per lawyer and profit per equity partner to
identify meaningful measures and actions related to the development
of quality people, highly satisfied clientele, and superior
business practices and processes. Specifically, the report will
give you a clear understanding of: The balanced scorecard concept
and tool, its practical application and the results you can achieve
from its adoption; How to apply the concept in a law firm
environment - the central opportunities and challenges the tool
presents for law firm management; and Each of the major elements of
a balanced scorecard - with an emphasis on their meaning in a law
firm environment: Financial measures; Client measures; Learning and
growth; and Business processes. Balanced Scorecards for Law Firms
provides you with pragmatic advice, real world case studies and
invaluable expertise to help you begin utilising a tool that can
dramatically improve focus, accountability and execution of
strategy. Begin outperforming your competitors in an increasingly
difficult and aggressive market place.
Law firm practice group leadership is not for the faint hearted. As
firms compete increasingly at practice group level, leaders are
being asked to run their groups like business units; to develop and
implement a strategic plan that supports the goals and
competitiveness of the firm; and to coordinate and lead their
partners to enhance the efficiency, performance, and profitability
of their groups. Many firm leaders complain that some of their
group heads are not producing the results they want to see. But how
many practice group leaders receive the tools and support they need
to succeed in this critical role? How many are selected for
demonstrable leadership skills? And how often are they held
accountable for how well - or otherwise - they perform in the role?
With contributions from a wide range of experts, this second
edition of Effective Practice Group Leadership explores these key
questions and more, building on the first edition with new insights
and thought leadership. The book examines the position of the
practice group leader (PGL) in law firms today, the challenges of
the role, and the changes to it, innovations and how modern
practice groups are changing, and demonstrates the enormous
contribution PGLs can make to the profitability and performance of
their law firms, when armed with the tools and the authority.
Could you benefit from expert guidance on how to stay competitive
and streamlined in a legal marketplace that is increasingly
competitive? Law firms are finding it harder to adapt quickly to a
legal landscape that is constantly evolving. That's why it's
imperative for law firm leaders to recognise and respond to this
change in order to stay competitive. While the economy has
improved, key challenges from the recession remain. Clients are
more demanding, reducing cost is as important as it ever was, and
firms realise that operational efficiency is crucial to gaining
small but important margins. In this market, those small margins
can be game-changers for large and small firm alike. This new and
updated edition of The Lawyer's Guide to Strategic Practice
Management equips law firm leaders with the very latest guidance
and market knowledge on how to improve and refine current
management strategies in order to thrive and compete in today's
legal marketplace. From the latest developments in technology and
AI, how to improve your firm's coverage on LinkedIn to increasing
motivation to act on cross-selling opportunities, this guide is an
amalgamation of guidance from the most talked-about thought leaders
in the legal sphere. The second edition contains 7 new chapters
covering strategy; market and client development; people and talent
management; finance and pricing and optimisation and technology.
Key features of this updated guide 33 chapters covering six key
areas of law firm management Contains valuable material such as
diagnostic questionnaires, how-to guides, case studies and
action-planning worksheets Hear from a range of thought leaders and
experts in the law firm management sphere including: Viv Williams
(CEO of 360 Legal Group) Patrick J. McKenna (strategist and advisor
to premier law firms) Chrissie Lightfoot (CEO of EntrepreneurLawyer
Ltd) Geoff Coughlin (co-founder of Emphasis on Skills Ltd) Order
your copy of this guide to: Review revenue and profit models,
profitability strategies and law firm profit drivers Examine the
various alternatives to the traditional billing hour Measure and
manage the performance of your lawyers Find market niches and
develop individual business development strategies Learn about the
adoption of client listening programmes Use big data for billing
and cost and forecasting analysis Build the business case for legal
project management Improve client and staff communication,
connectivity and collaboration strategies Inform your management
strategy with the very latest market insights and find solutions to
your management challenge. Order your copy of this updated guide.
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