Spring 2015

Realising Potential

“Consult not your fears but your hopes and your dreams. Think not about your frustrations, but about your unfilled potential. Concern yourself not with what you tried and failed in, but with what is still possible for you to do.”
Pope John XXIII

Welcome to the Spring issue of HedsUP!

My work has given me two important insights about most firms; they sit on a significant untapped well of opportunity but are hindered by an inability to unlock the full potential of their people and client base. Consequently this latent promise is largely unrealised.

A firm needs a twin pronged strategy to address these shortcomings. Firstly, a commitment to developing its people, giving them the skills and processes to maximise the client opportunity. Simultaneously it should mine its client base to better understand and target the low-hanging fruit. Developing one’s people takes time and so short term success in generating additional revenue is vital. It provides both cash flow to fund ongoing investment and the evidence of progress needed to spur further action.

Demonstrating that the climb will be worth the view is a critical factor in bringing about the behavioural change required to make client-centricity the norm.

This is vital for any development programme to succeed; once the initial eagerness has waned is be vital to deliver incremental evidence of progress in order to refuel ambition and maintain momentum. This is because, for most firms, initial intellectual enthusiasm for a new initiative is not as great a challenge as the ability to maintain an emotional commitment. Underpinned with suitable processes and systems, this will create a longer-term shift of attitude, approach and delivery. This should be the real objective and measure of success.

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

Use Strategic Focus to Dominate a Market

High performing firms share one characteristic. They all have focus - they know what they are in business to do and not do. Their unwavering focus is expressed through a defined group of target clients or industries, legal practice areas, jurisdictions or market places.

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Using Proxies to Differentiate and Build Confidence in Your Law Firm

Choosing between law firms is difficult. For many clients, even those with in-depth knowledge of the profession, the decision to appoint a firm is laden with risks. These centre on three factors in the client's mind; that the service being procured is complex; its costs are potentially high; and the consequences of things going wrong may be very significant. Research indicates that reducing risks and building trust between a firm and its clients are critical. It follows that the types of client relationship development activities which work well are those that directly address these concerns.

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Investing in the Partners of the Future

There was a time when, in order to be invited to join a UK partnership, the prerequisites were good lawyering skills, a long tenure at the firm and to be seen as a "good egg" by the other partners. An aspiration for partnership was assumed and firms ran themselves profitably with minimal management intervention. This model was founded in a world with no price competition, minimal client pressure and limited requirements for efficient operations.

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News Bytes

Growth Strategies for Legal Services

Andrew Hedley is to chair a panel discussion, The Client’s Perspective on Business Development, at the forthcoming Growth Strategies for Legal Services conference which is to be held on 18th June in London. The conference brings together a number of well-regarded commentators, advisors and clients to provide a perspective on emerging client-centric strategies in business development. For more information about the event 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.

The Cambridge Chartered Programme

Andrew Hedley is 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.

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's 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 Law Firm Merger: A Leader’s Guide to Strategy and Realisation

An in-depth report by Andrew Hedley into the role of the leader in the merger process has been published by ARK Group. The executive summary is available to download here.To read more about the report and to purchase a copy 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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