HedsUP! From Hedley Consulting

Welcome to the Winter
issue of HedsUP!

Fingers Crossed?

“The biggest risk is not taking any risk... In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”
Mark Zuckerberg

Winter 2013

2012 saw numerous “big plays” by firms, both nationally and internationally, as they set about positioning themselves to take advantage of market opportunities or dealing decisively with challenging market conditions. Early indications are that 2013 will paint a similar picture with mergers, restructurings, redundancies and strategic repositioning dominating the headlines in the opening few weeks. It is also fair to say that the numbers of headline grabbing firms are small when viewed in the context of the whole market, but their influence in shaping that market and the thinking of other law firm leaders is huge.

Many other firms are active in reshaping their businesses incrementally but determinedly, moving towards clear goals and implementing strategies which are appropriate to their competitive position and demonstrating great resilience as well as delivering strong performance.

There is, however, a huge rump of firms who are metaphorically crossing their fingers and hoping against hope that the market will change, that the old business model will return or that a knight on a white charger will appear to rescue them. Their grips on both reality and economic survival are becoming increasingly tenuous.

I’m reminded of an old management saying that there are three types of business; those which make things happen, those which watch things happen and those which wonder what happened. Which are you?

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,

Andrew Hedley

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On your desktop

The Innovation Advantage

This article is concerned with the ways in which innovative approaches have already changed the nature of law firm practice, and how they will continue to do so at an accelerating pace in the future. In particular it will consider service innovation and how firms might develop processes to improve their creation of innovation opportunities and the execution of those which they choose to pursue.

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Service Quality and Reputation Management Strategy

As Benjamin Franklin so wisely said: ‘It takes many good deeds to build a good reputation, and only one bad one to lose it’. His words should be a wake-up call for managing partners that have placed their trust in the fingers-crossed method of reputation management, rather than adopting a more thoughtful and measured approach. In the world of professional services there are a relatively small number of universal truisms.

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A merger is an opportunity to bring about positive cultural change

A firm’s culture is both one of its core defining characteristics and, for better or worse, a driver of its longer-term performance. Changing a deeply-embedded culture is one of the most challenging and transformational opportunities for any leadership team. At a time of merger, it is one way in which real synergies can be realised.

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Mergers can be effective in moving partners out of their comfort zones

Many merger business plans talk about creating a firm which is better than the sum of its parts by taking an external view. While a market perspective is crucial, it is but half of the challenge. It is enticing for the merger team to create a compelling external narrative, but this should accompany what will often be a rather more difficult sermon about the need for internal change.

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News Bytes

MPF Awards for Management Excellence 2013

Andrew Hedley has again been invited to be a member of the judging panel for the 11th annual MPF Awards for Management Excellence 2013. The Awards are an integral part of the MPF International Management Excellence Summit 2013, in association with Harvard Business Review and the Financial Times.

The Definitive Law Firm Management Guide

Andrew Hedley contributed to the second edition of The Definitive Law Firm Management Guide which was published in December 2012. For more information click here.

Hed2Head, Hedley Consulting’s blog, is live!

Hed2Head, the blog of Hedley Consulting, is now live and be accessed either via www.hedleyconsulting.com or directly at www.hed2head.com. Complementing our longer articles, master classes and knowledge pieces, Hed2Head will provide regular snapshots and opinion on the latest market developments and emerging trends.

Law Management Section Merger Toolkit

The Law Management Section Mergers Toolkit, with two chapters contributed by Andrew Hedley, is designed to help firms gain a better understanding of the merger process and provides practical guidance throughout. Andrew Hedley chapters consider the strategic drivers for merger and how to unlock the merger dividend. For more information or to order a copy click here.

The Cambridge Chartered Programme

Andrew Hedley has been appointed as a specialist tutor on Cambridge Marketing College's new Chartered Programme. This is a unique initiative aimed at helping delegates gain and maintain their Chartered Marketer status through a structured range of activities from networking events, through courses to self-study materials. For more information about the college click here or to download a copy of the Chartered Programme prospectus click here.

Client Strategy in a Changing Legal Market Report

Andrew Hedley’s Client Strategy in a Changing Legal Market report has now been published and is available to purchase online. Client strategy sits at the heart of all strategy. Without the ability to attract and retain clients, at a price which delivers an acceptable level of profitability, no business can be viable in the longer term. To read more or to order the publication 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 email enquiries@hedleyconsulting.com.

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