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HedsUP! From Hedley Consulting

Welcome to the Winter 2010
issue of HedsUP!

Running faster
to stand still

"If you don’t know where you are going, any road will get you there."
Lewis Carroll 		December 10


Running faster to stand still
"Activity is increasing but pricing is difficult” would be a fair summation of the views expressed to me by Managing Partners over the last three months. Firms across all segments of the market are running faster to stand still. Naturally there is a determined focus on the cost base and efficiency improvements but these do not address the long term strategic issue – in a market in which client demands, competitive forces and investment requirements are spiralling upwards, it is not enough to increase intensity without clear direction.

Becoming more efficient is necessary but not sufficient. It is focused on running the same race faster. Strategy should be centred on finding a different race to run.

This is the real challenge facing the leaders of the many look-a-like firms if they are to avoid a continuing downward spiral of pricing and profitability.

I hope that you enjoy this issue of HedsUP! If you have any questions or would like further information please do not hesitate to contact me.

Best wishes,
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Andrew Hedley
Andrew Hedley
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On your desktop

Game Plan

Alternative fee arrangements are here to stay. A combination of increased competitive sophistication and recession economics mean that clients of all hues are increasingly unwilling to pay their lawyers on the basis of hourly charges. Client demand means that legal services must be delivered better, faster and cheaper. Firms must enhance delivery, increase transparency, provide fee certainty and, importantly, a reduction in overall spend year-on-year if they are to prosper.

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Tackling Partner Disputes

A discussion roundtable considering ways in which partner disputes may be resolved, in which Andrew Hedley participated, was reported in the October issue of Managing Partner magazine. To read the article click here

Power of the Crowd

The latest issues of the Legal 500 and Chambers & Partners directories have been published recently, while Waterlow’s Solicitors’ and Barristers’ Directory is out in February. Firms and partners will either laud them as erudite works or dismiss them as misinformed – the key determinant being their individual showing. The cycle is endless, with marketing departments even now gathering information, confirming client credentials and building their knowledge bank for the next submission. Is it all worth it? Just how important are the legal directories in terms of client decision-making?

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News Bytes

Client Strategy in a Changing Legal Market

Andrew Hedley is currently working on a new, comprehensive report that will be published early in 2011. The changes of the last two years, combined with what will be an increasingly turbulent competitive environment in the future, mean that historic strategies have less relevance. This report will consider the options open to firms and examine that way in which those in the vanguard of the profession are adapting their strategies to cope with this new paradigm. If you would like to be informed when the report is published please email us.

Brave New Firm

Andrew Hedley provided comment in a feature looking at how international law firms have tackled strategic change at times of merger. To read the article click here.

NetworkMP Advisory Panel

Andrew Hedley has joined the Advisory Panel of NetworkMP, a peer network for Managing Partners and Chief Executives of Professional Service firms. Managing Partners join to network with peers, both formally and informally, in both structured and agenda free meetings, to discuss their roles, strategy, objectives and the day to day pressures they are under in leading a professional services firm. For more information about NetworkMP click here.

The Lawyer Business Development Conference 2011

Andrew Hedley will be speaking at The Lawyer Business Development Conference 2011 which is to be held on 16th / 17th February in central London. His talk, which will open the conference, is entitled Market forecast: Opportunities for business development in 2011. For more information about the conference click here.

Developing Strategic Client Relationships Report

Andrew Hedley’s comprehensive report, Developing Strategic Client Relationships, published by ARK Group, continues to attract purchasers from around the world. Running to over 150 pages, with case studies of leading firms and ground breaking initiatives in this area, the report brings a much needed strategic perspective to client development and relationship management. For more information about the report and to order a copy click here.

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