http://www.hedleyconsulting.com The latest articles from Hedley Consulting. en-gb 27th April 2012 Copyright: (C) Hedley Consulting 15 It never fails to surprise me how consistently firms fail to adequately prioritise their time and efforts to doing the simple things well. Surely putting one’s own house in order would deliver the most returns most quickly, whether by securing existing client relationships, expanding those that are nascent or providing a catalyst for the introduction of new service lines. http://hedleyconsulting.com/pages/know/12mar-simplethingswell.html http://hedleyconsulting.com/pdf/12mar-simplethingswell.pdf 27th April 2012 Despite having been centre stage for almost two decades, it remains the case that the effective management of client relationships and the delivery of quality and consistent levels of client service are two of the key management challenges facing many firms. These obstacles are multi-dimensional since the practice of client relationship management (CRM) contains facets which are simultaneously both internal and external, as well as reaching across departments and involving both legal and support teams. http://hedleyconsulting.com/pages/know/11dec-bp-chap3.html http://hedleyconsulting.com/pdf/11dec-bp-chap3.pdf 11th April 2012 While it may be self-evident that the law firm partner has a central role in the creation, development and implementation of a successful marketing and business development strategy, the nature of this role is less well articulated. This chapter considers the nature of this role and the relationship between the individual partner, the business development department and the firm as a whole. It takes a holistic view of business development and the numerous interactions that are needed for effective delivery of a strategy. http://hedleyconsulting.com/pages/know/11dec-bp-chap7.html http://hedleyconsulting.com/pdf/11dec-bp-chap7.pdf 11th April 2012 An effective strategy for capitalising on emerging market opportunities is a standing agenda item for the boards of internationally-minded firms. Indeed, the topic is so enduring that some markets have moved from emerging to emerged in the time that the subject has been under consideration. It has become clear that a range of options can be adopted, each with merits as well as potential drawbacks. http://hedleyconsulting.com/pages/know/11dec-emergingmarkets.html http://hedleyconsulting.com/pdf/11dec-emergingmarkets2.pdf 22nd January 2012 In the turbulent business environment faced by modern law firms it is imperative that any strategy is robust. By this I mean that it has inbuilt flexibility, enabling it to respond appropriately and quickly to changing circumstances, as well as having sufficient resilience to allow firms to cope with more transient market fluctuations. It is incumbent on the management team to put in place systems and measures to mitigate any potentially adverse developments (as well, of course, to maximise any opportunities which may arise).This can be achieved by ensuring that the firm has good ‘horizon gazing’ capabilities and through the use of scenario planning techniques. http://hedleyconsulting.com/pages/know/11dec-bp-chap.html http://hedleyconsulting.com/pdf/11dec-bp-chap2.pdf 22nd January 2012 The best approaches to law firm marketing and sales share two characteristics: they aim to minimise perceptions of risk and to maximise feelings of trust between the decision maker and the firm. http://hedleyconsulting.com/pages/know/11nov-effectivebusinessdevelopment.html http://hedleyconsulting.com/pdf/11nov-effectivebusinessdevelopment.pdf 25th November 2012 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. A firm’s client strategy should be under constant review in order to ensure that the emerging needs of the client and the firm’s competitive capabilities remain aligned. In a market that is undergoing fundamental and far reaching change, this requirement has never been more pressing. http://hedleyconsulting.com/test/pages/know/11nov-changingmarket.html http://hedleyconsulting.com/test/pdf/11nov-changingmarket2.pdf 24th November 2011 Along with the other ‘traditional’ professions, law firms have witnessed real transformational changes in the last 25 years, in some cases willingly, but in many, as a response to market demands. One of the most significant changes has been in lawyers’ attitudes to their clients. http://www.hedleyconsulting.com/pages/know/11nov-livetoserve.html http://www.hedleyconsulting.com/pdf/11nov-livetoserve2.pdf 24th November 2011 Law firm mergers are fascinating things. They mix high drama and Greek tragedy as courting parties – initially with uncharacteristic coyness and latterly with a disregard to sensible decision making – waltz towards ultimate consummation. However, much of the discussion is tangential to the real issues at play. http://www.hedleyconsulting.com/pages/know/11oct-mergerdiscussions.html http://www.hedleyconsulting.com/pdf/11oct-mergerdiscussions.pdf 1st October 2011 For most law firms, a successful strategy must blend the concept of opportunity-fit with that of resource-stretch. This is because, having identified new client or market opportunities, it is often not a simple task to reengineer the firm to provide an alluring competitive fit. Firms are constrained by relative inertia in introducing new business units, working practices or product lines. http://www.hedleyconsulting.com/pages/know/11oct-resourcingstrategy.html http://www.hedleyconsulting.com/pdf/11oct-resourcingstrategy.pdf 21st September 2011 Long-standing, high-value clients are invaluable to a business, because they become more profitable over time. And a key client programme can help you make sure they stay put. Programmed designed to support better management of a law firm's most important clients have three distinct stages - acquiring, developing and managing. http://www.hedleyconsulting.com/pages/know/11aug-playing-keeps.html http://www.hedleyconsulting.com/pdf/11aug-playing-keeps.pdf 21st August 2011 If much of what has been written is to be believed, it could easily be assumed that strategic success simply hinges on the achievement of scale. Simply by being bigger, planting more flags in the map, increasing purchasing power over suppliers and improving the gearing ratio, all will be well. The reality, of course, is not so straightforward. Scale may be a necessary precondition to achieving strategic objectives but, in itself, will not define a firm in the eyes of intelligent purchasers. Scale may be necessary but it will not be sufficient. http://www.hedleyconsulting.com/pages/know/11jul-chasingscale.html http://www.hedleyconsulting.com/pdf/11jul-chasingscale2.pdf July 2011 The rise in international mergers over the past two years has raised a number of interesting issues about the way in which law firms can best service clients on a global basis. One of the more introspective questions asked by some in the profession is whether these unions are real mergers or not. If we take merger to mean the sharing of profits from a common pool on a global basis, the answer clearly is no. However, if the measure of a merger is the effective delivery of a unified brand and consistent client experience, a different yardstick applies. http://www.hedleyconsulting.com/pages/know/11feb-globalfirms.html http://www.hedleyconsulting.com/pdf/11feb-globalfirms2.pdf June 2011 The latest issues of the Legal 500 and Chambers and 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? http://hedleyconsulting.com/pages/know/10oct-powercrowd.html http://hedleyconsulting.com/pdf/10oct-powercrowd2.pdf/ June 2011 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. http://hedleyconsulting.com/pages/know/10oct-gameplan.html http://hedleyconsulting.com/pdf/10oct-gameplan2.pdf June 2011 The book Blue Ocean Strategy challenges the primacy of competitive strategy theories. While originally developed to support longer-term corporate strategy, the principles of a Blue Ocean approach can be adapted to create new value propositions and strongly differentiate a law firm. Rather than simply dominating existing markets, it argues that strategy should be about creating new markets and focusing on value creation through innovation. A business should concern itself with “how to create uncontested market space and make the competition irrelevant”, rather than simply trying to overcome current competitors in ways which are often profit eroding. http://hedleyconsulting.com/pages/know/10sep-competitiveforce.html http://hedleyconsulting.com/pdf/10sep-competitiveforce2.pdf June 2011 The enduring market for legal services, with supply significantly exceeding demand, means that law firms are being challenged by their clients to deliver their services better, faster and cheaper than ever before. Impending deregulation seems set to be a further catalyst for this now established trend. A wide range of conversations with managing partners reveals that increased activity is not being commensurately matched with increased revenue. Firms are running harder to stand still and the long term prognosis for profitability is bleak, unless a different operating model can be introduced. http://hedleyconsulting.com/pages/know/10ago-landpromise.html http://hedleyconsulting.com/pdf/10ago-landpromise2.pdf June 2011 Having a clear understanding of the role that competitive intelligence plays in the strategy process, coupled with a determination to unearth insights that will serve to enhance strategy and create advantage, will help all law firm leaders increase their certainty and confidence in the outcomes of their deliberations. In short, there is a clear opportunity to create competitive advantage through the acquisition and use of high quality competitive intelligence. http://hedleyconsulting.com/pages/know/10jul-competitive.html http://hedleyconsulting.com/pdf/10jul-competitive2.pdf June 2011 The principle drivers behind law firm mergers are fundamentally economics and sustainable competitive position, but at the core of their long-term success is the ability to create a unified culture and shared sense of purpose. Even in the most unbalanced of law firm marriages, it is a foolhardy managing partner that ignores levels of cultural fit and doesn’t take action to resolve deep-seated cultural differences. Dealt with early, such idiosyncrasies can be resolved quickly and effectively. Left to fester, they become all pervasive and difficult to purge. http://hedleyconsulting.com/pages/know/10jun-mergingcultures.html http://hedleyconsulting.com/pdf/10jun-mergingcultures2.pdf June 2011 What sort of world will the law firms of tomorrow inhabit? How will firms respond to changing client demands? What will the fundamental economics of a legal services business look like in ten years? What skills will be needed to succeed and where will they be acquired? These are some of the core questions which the leaders of major law firms consider regularly and which guide their strategies. They are also crucial issues for individuals who are ambitious to succeed in the profession over the next decade. http://hedleyconsulting.com/pages/know/10may-fitforthefuture.html http://hedleyconsulting.com/pdf/10may-fitforthefuture2.pdf June 2011 Being a partner isn’t what it used to be! The economic climate, impending deregulation, ever rising client demands, attitudinal changes (both in society and among young professionals), the apparent obsolescence of the historic charging model and the impact of IT on process efficiency are all catalysts forcing change in many firms. As leaders of the firm, partners must be in the vanguard of this change process. http://hedleyconsulting.com/pages/know/10apr-newmodel.html http://hedleyconsulting.com/pdf/10apr-newmodel2.pdf June 2011 Perusing law firms’ corporate communication materials and browsing their websites is a pretty mundane pastime. In truth there are only so many ways in which even the most eloquent of wordsmiths can say the same thing over and over and over again. Taken at face value we live in a world inhabited by lawyers who are businesspeople in disguise, wholly commercial in their approach and clear communicators, getting to the core of the issue immediately, charging transparently and delivering to deadlines. All of this is surrounded by a ‘service wrapper’ that promises an experience like no other; indeed, one so good that the client will look forward to engaging their lawyers on a regular basis! http://hedleyconsulting.com/pages/know/10mar-walkingthetalk.html http://hedleyconsulting.com/pdf/10mar-walkingthetalk2.pdf June 2011 Virtual Law Partners (www.virtuallawpartners.com) was established in May 2008 with eight attorneys and now has around 50. It describes itself as a “virtually connected and geographically distributed firm that provides excellent legal service at very competitive rates”. By looking at the fundamental costs of a law firm through a different lens, and by being prepared to challenge all of the taken-for-granted assumptions about what a firm needs to be credible in the client’s eyes, a new, still nascent model had been created. http://hedleyconsulting.com/pages/know/10feb-virtuallyreality.html http://hedleyconsulting.com/pdf/10feb-virtuallyreality2.pdf June 2011 The past year has seen unprecedented turbulence for the legal profession, but is perhaps simply a portent of what is to come. Longstanding rules of competition and client relationship management have been cast to one side. A new, resolutely commercial, approach is to the fore, which is an anathema to those steeped in the longstanding traditions of the gentleman solicitor. For the vast majority of firms, it is a truism that future prosperity will be derived from being better at running a legal services business rather than by being better at the law. http://hedleyconsulting.com/pages/know/10jan-outofthisworld.html http://hedleyconsulting.com/pdf/10jan-outofthisworld2.pdf June 2011 When business is tight, maximising the opportunity afforded by pitches, presentations and proposals is quite rightly an area of intense focus for firms. But what are the simple guidelines which, if followed, can help to improve win rates? http://hedleyconsulting.com/pages/know/10jan-pitchperfect.html http://hedleyconsulting.com/pdf/10jan-pitchperfect2.pdf June 2011 The strategy for embarking on a merger need not be overly sophisticated, but it must be founded in reality and supported by some testing of the assumptions on which it is based. Many managing partners regard the delivery of a successful merger as their gold-standard achievement. In one act they see themselves able to demonstrate, for the entire world to see, that their firm is going places, has ambition, and is prepared to move decisively and determinedly to achieve its goals. http://hedleyconsulting.com/pages/know/09nov-roadislong.html http://hedleyconsulting.com/pdf/09nov-roadislong2.pdf June 2011 Many firms are coming to terms with a very uncomfortable truth: that growth is the only way out of the perilous position in which they find themselves. In many cases, costs have been pared to a point at which any further marginal reductions will have limited impact. Furthermore, the extended timescale over which such measures will take effect will not meet current demands to balance the finances. Indeed, further cost cutting may well ultimately damage the business in the longer term. http://hedleyconsulting.com/pages/know/09oct-bdmasterclass.html http://hedleyconsulting.com/pdf/09oct-bdmasterclass2.pdf June 2011 n these challenging times, the need to be more effective at managing strategic client relationships is ever more important. Those clients that continue to deliver revenue (albeit perhaps at significantly reduced levels) need determined focus, care and attention. Competitors are more desperate than ever to capture a share of their legal spend and are prepared to go to extraordinary lengths, in terms of both reduced fee levels and enhanced service promises, to secure the work. http://hedleyconsulting.com/pages/know/09oct-changinggameplan.html http://hedleyconsulting.com/pdf/09oct-changinggameplan2.pdf June 2011 Forget the logic about counter-cyclical investment, when cash is in short supply discretionary budgets feel the pain. This is even more the case in businesses with high fixed and semi-fixed cost bases like professional service firms. It can therefore be no surprise that business development and marketing budgets across the professional services sector are pared to the bone. For marketers, the challenge shifts from grand plans to doing more with less – developing business on a shoestring! http://hedleyconsulting.com/pages/know/09oct-devbusiness.html http://hedleyconsulting.com/pdf/09oct-devbusiness2.pdf June 2011 On 15 June 2009, The Times predicted that the next two years will see a reduction in the number of lawyers employed in private practice in the UK by 10,000 (or over ten per cent). On 13 July 2009, the London Evening Standard carried a feature ‘Mumbai Law: 1000 City staff “will lose jobs” as legal work goes to India, outlining Indian law firms providing outsourced services to UK law firms and corporates. http://hedleyconsulting.com/pages/know/outsourcing-core.html http://hedleyconsulting.com/pdf/outsourcing-core2.pdf June 2011 Observation and experience over the past 20-plus years have led me to formulate the ‘First Law of Professional Firm Management’. It can be simply stated and I have found it to be true in firms of all sizes, shapes, hues and colours. It is most strikingly accurate among partners neither tasked with current management responsibilities nor with any historic experience of such roles. http://hedleyconsulting.com/pages/know/primus-pares.html http://hedleyconsulting.com/pdf/primus-pares2.pdf June 2011 It is widely accepted that the 'Pareto effect' applies to most businesses, with 80 per cent of turnover coming from 20 per cent of the client base. Indeed, my experience of many professional-service firms operating in the commercial sphere is that the numbers are even more compelling. It is not at all unusual for 90 per cent of revenue to emanate from the top ten per cent of client relationships. http://hedleyconsulting.com/pages/know/profit-keyclients.html http://hedleyconsulting.com/pdf/profit-keyclients2.pdf June 2011 Changes to the CIM syllabus could mean that the minimum overall period for completion of the Professional Diploma for some delegates will increase from one year to two. From 1st June this year, the new syllabus means, unless you have a degree with at least 30% marketing content, you will have to complete the CIM Professional Certificate course as a foundation before moving onto the Diploma. http://hedleyconsulting.com/pages/know/oneyear.html http://hedleyconsulting.com/pdf/oneyear2.pdf June 2011 It’s that time again! Students studying for the PSMG Cambridge Marketing College CIM Professional Diploma are approaching the ‘crunch’ as assignment first drafts are completed for discussion with tutors. Requests for study leave have been lodged and social events cancelled. But life need not be this difficult! There are a few guiding principles which, if followed, make the passage to qualification much more straightforward. http://hedleyconsulting.com/pages/know/work-smarter.html http://hedleyconsulting.com/pdf/work-smarter2.pdf June 2011 In the current recession, managing partners have a great opportunity to overhaul their information and knowledge-management functions for long-term growth and profitability. To succeed will require addressing critical information and knowledge-management issues, but the results will fundamentally re-shape legal business creating the profitable next-generation law firm. http://hedleyconsulting.com/pages/know/brave-newworld.html http://hedleyconsulting.com/pdf/brave-newworld2.pdf June 2011 An acid test of the efficacy of any strategy is the way in which it is able to accommodate and respond to uncertainty and unforeseen risks as they emerge over time. While we live in an increasingly non-linear world, many strategies are still constructed using a surprisingly one dimensional model. http://hedleyconsulting.com/pages/know/risky-scenarios.html http://hedleyconsulting.com/pdf/risky-scenarios2.pdf June 2011 When marketing guru Ted Levitt said: “The future belongs to people who see possibilities before they become obvious”, he captured the essence of the challenge faced by those in fast-changing environments. How do firms cope with a world in which the pace of change has never been greater and the future is so uncertain? http://hedleyconsulting.com/pages/know/crystall-ball.html http://hedleyconsulting.com/pdf/09apr-crystallball2.pdf June 2011 Every firm has huge untapped potential in the form of hidden knowledge about clients, relationships, experience and technical issues. If unearthed and shared, this could create a step-change improvement in business performance. http://hedleyconsulting.com/pages/know/opening-up.html http://hedleyconsulting.com/pdf/09mar-openingup2.pdf June 2011 “What matters more, qualification or experience?” was the question posed to me recently. This got me thinking about the impact of formal education versus on-the-job experience on career development. The honest answer is that both are vital, situation specific and, in many respects, one is a catalyst for the other. By this I mean that, in some situations a through theoretical understanding will be vital to the resolution of an issue whilst, in others, the experience forged from years on the front line will be what is required. http://hedleyconsulting.com/pages/know/learning-life.html http://hedleyconsulting.com/pdf/09jan-learninglife2.pdf June 2011 When the PSMG collaborated with Cambridge Marketing College to create the world’s only CIM endorsed Professional Diploma for Professional Services Marketing it had two clear aims – to create a bespoke programme that addressed the particular needs and issues faced by marketers in our sector and to put in place a dual qualification recognising the requirement for a transferrable CIM diploma as well as a focused professional services award. http://hedleyconsulting.com/pages/know/learning-succeed.html http://hedleyconsulting.com/pdf/09jan-learningsucceed2.pdf June 2011 "If you are ignorant of both your enemy and yourself, then you are a fool and certain to be defeated in every battle. If you know yourself, but not your enemy, for every battle won, you will suffer a loss. If you know your enemy and yourself, you will win every battle.” When SunTzu penned The Art of War in the sixth century BC, the issues at stake were those of life and death, not business gain or loss. However, the principles of his advice are also applicable to those concerned with charting a course through the increasingly choppy waters of commerce in the 21st century. http://hedleyconsulting.com/pages/know/thought-leader.html http://hedleyconsulting.com/pdf/09jan-thouhtleader2.pdf June 2011 When asked by managing partners to stress-test the revenue growth projections in the business plans of practice groups my approach is straightforward. I ask group heads to explain, in detail, where their revenue will come from based on four segmentations – by geography, by sector, by service line and by key client. When viewed through a structured lens, the gap between what is on the books (or planned for) and what is in the ether is apparent. Generally, the cause of the gap is a lack of realism together with a naive belief that if you want something hard enough it will come to pass. http://hedleyconsulting.com/pages/know/devil-detail.html http://hedleyconsulting.com/pdf/09jan-devildetail2.pdf June 2011 ‘What gets measured gets done’ is an old adage of management. It is also a universal truism that many firms ignore when designing and implementing performance management and reward systems. It is crucial that these are aligned with the organisation’s strategic objectives. Many firms are now moving towards a series of interrelated metrics, which are then combined into a ‘performance dashboard’ – which drives investment priorities and forms the basis by which performance is measured. http://hedleyconsulting.com/pages/know/measured_done.html http://hedleyconsulting.com/pdf/08nov-measureddone2.pdf June 2011 Over the past 20 years, I have observed a range of leaders and leadership styles in professional service firms. Over this same period, there has been an exponential increase of interest in the subject of leadership, and the crucial role that it plays in the success (and occasionally the failure) of law firms. This case study consolidates these observations and suggests a descriptive framework aimed at increasing understanding and effectiveness in this area. http://hedleyconsulting.com/pages/know/observations_onlfl.html http://hedleyconsulting.com/pdf/08nov-observations2.pdf June 2011 Ignore the importance of cultural fit at your peril when merging firms. Culture clash is one of the most common reasons mergers fail. Within professional services, where the importance of common values and behaviours in creating cohesive firms is indisputable, getting the cultural aspects of a merger wrong can be disastrous. http://hedleyconsulting.com/pages/know/mind_matter.html http://hedleyconsulting.com/pdf/08oct-mindmatter2.pdf June 2011 Views on the shape and focus of the law firm of the future are widely divergent but, invariably, pessimism is expressed by many as to how the profession as a whole will fare over the next decade. The common view is that the quality of work (and life) for the median lawyer will continue to be eroded. Why is this so and what can be done to improve fortunes? http://hedleyconsulting.com/pages/know/lawfirm_future.html http://hedleyconsulting.com/pdf/08sep-lawfirmfuture2.pdf June 2011 Integrated marketing communications is the name; clarity and consistency is the game. Students of marketing communications are inculcated with the need to create compelling, consistent and clear messages that can be directed at an array of targeted delivery channels. In considering communications (whether internal or external) it is crucial to ensure all potential mechanisms and materials, their impact and inter-relationships, are considered and aligned. http://hedleyconsulting.com/pages/know/talk_voice.html http://hedleyconsulting.com/pdf/08sep-talkvoice2.pdf June 2011 If law firms are to be effective in building a competitive advantage through knowledge management (KM) they need to invest in both their infrastructure capabilities and the influencing skills of their knowledge leaders and advocates. The impact of KM leadership has two dimensions; Creating a better understanding of how a firm can create competitive advantage through adopting a leading position together with a wider recognition of the importance of personal leadership skills by senior KM professionals, accompanied by ongoing investment in developing these capabilities. These will be at the heart of delivering ultimate success. http://hedleyconsulting.com/pages/know/leading-theedge.html http://hedleyconsulting.com/pdf/08sep-leadingtheedge2.pdf June 2011 One of the hot topics of the moment (and, in all likelihood, the foreseeable future) is the impact of external investment into the profession as a result of the Legal Services Act. The knowledge strategist will recognise that any assessment of their firm for investment appraisal purposes will involve thorough due diligence of the KM function and a view being taken of its ‘value added’ contribution and potential. http://hedleyconsulting.com/pages/know/what_worth.html http://hedleyconsulting.com/pdf/08sep-whatworth2.pdf June 2011 A downturn sorts out the wheat from the chaff! It’s not a nice thought, either for those affected or even the bystanders, but it’s largely true. A coherent argument can be made that a period of recession is a necessary part of the creation of a healthy market. Those that have a strong underlying business will survive and take advantage of the opportunities that such a climate inevitably throws up, while those who have lived with the illusion of a great business during bull market years, when making a profit is relatively easy, will be found out. http://hedleyconsulting.com/pages/know/crunch_time.html http://hedleyconsulting.com/pdf/08sep-crunchtime2.pdf June 2011 “Why else does a managing partner exist if not to make decisions?” This was a comment recently made at a conference I was chairing. Three things immediately struck me. Just how much autonomy do managing partners have in their decision making? What issues affect decision making in professional firms? And how will managers cope with ever-decreasing time windows within which to make decisions – especially when the impacts of those decisions grow increasingly critical for the firm’s future prospects? http://hedleyconsulting.com/pages/know/decisions.html http://hedleyconsulting.com/pdf/08jul-decisions2.pdf June 2011 There are many models in use that help decision makers better understand their competitive position and to guide their strategy formulation. They range in complexity from the intellectually impenetrable through the overwhelmingly obtuse to the stunningly simple. http://hedleyconsulting.com/pages/know/intell_shape.html http://hedleyconsulting.com/pdf/08jun-intellshape2.pdf June 2011 When Dale Carnegie said: “There is only one way to get anybody to do anything. And that is by making the other person want to do it”, he struck at the essence of the art of persuasion. In Verbal Judo George Thompson reinforced this view: “The goal of persuasion is to generate voluntary compliance… The great communicators have that art. They somehow get people to do what they want them to do by getting them to want to do it.” http://hedleyconsulting.com/pages/know/powers_persuas.html http://hedleyconsulting.com/pdf/08jun-powerspersuas2.pdf June 2011 Following a number of years in which revenue growth has been achievable without too much effort, there will be many management teams with the misplaced belief that they have a strong business model. In truth, during the bull years, the volumes of work available means that all can feast. A period of recession will provide evidence of those businesses with underlying strengths, as opposed to those that were simply in the right place at the right time. http://hedleyconsulting.com/pages/know/driv_growth.html http://hedleyconsulting.com/pdf/08may-drivgrowth2.pdf June 2011 When boiled down to its essence, what does a professional-services firm do if not manage knowledge and ideas (in the broadest definition of these words) and develop relationships. Indeed, from a business-development perspective, one of the most interesting areas to explore is the knowledge embedded in client relationships, both individual and systemic, that can be used to shape better ways to build a strong client franchise. http://hedleyconsulting.com/pages/know/dont_know.html http://hedleyconsulting.com/pdf/08apr-dontknow2.pdf June 2011 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. http://hedleyconsulting.com/pages/know/reput_manag.html http://hedleyconsulting.com/pdf/08mar-reputmanag2.pdf June 2011 The return of the Spice Girls and their Wannabe anthem offers a timely reminder to professional services marketers of the requirement to understand and deliver the needs of their clients. This is best achieved by listening instead of telling and by acting on the basis of a deep understanding rather than a range of self-serving suppositions. http://hedleyconsulting.com/pages/know/what_want.html http://hedleyconsulting.com/pdf/08feb-whatwant2.pdf June 2011 Everyone accepts that we live in a multicultural society and operate in a world where barriers to business across national frontiers are dismantling at an ever increasing rate. There is positive potential for firms in their response to these cultural challenges and opportunities. Culture is a key driver for professionals. The overriding cultural norms of any profession govern the behaviour of its members and the unique culture of any firm is also a huge potential source of differentiation. http://hedleyconsulting.com/pages/know/av_cacop.html http://hedleyconsulting.com/pdf/07dec-avcacop2.pdf June 2011 Technology has enabled mass communication at a level never before experienced. With over 12,000 specialist publications in the UK, enabled by improved technology and ever-reducing production costs, the ability to talk in a highly focused way is at a new threshold. This promise of highly targeted messages together with the compelling propositions they can carry has enticed many professional firms into the brave new world of direct marketing communications with their clients and prospects. http://hedleyconsulting.com/pages/know/anybody_listen.html http://hedleyconsulting.com/pdf/07nov-anybodylisten2.pdf June 2011 Ambitious firms recognise that being excellent at their core legal skill is simply not enough – creating an enhanced commercial understanding of their clients’ needs and building the business development skills of their people are two ways in which the firm can create a strong and enduring brand position. http://hedleyconsulting.com/pages/know/bus_nous.html http://hedleyconsulting.com/pdf/07oct-busnous2.pdf June 2011 The best businesses have an insatiable hunger to make things better for both their clients and themselves. For those law firms which have adopted a less ambitious approach to marketing and business development strategy, it is time to take a long hard look at their existing processes and how these can be strengthened for business success. http://hedleyconsulting.com/pages/know/wake_up.html http://hedleyconsulting.com/pdf/07oct-wakeup2.pdf June 2011 Keeping your options open is a philosophy to which many management teams subscribe, either overtly or by their actions. This isn’t to say that unwavering dogma is a good thing, but rather that a clear sense of direction, being prepared to say ‘no’ to ideas that don’t fit, and a commitment to achieving objectives, are crucial components of a successful firm. http://hedleyconsulting.com/pages/know/burn_boats.html http://hedleyconsulting.com/pdf/07oct-burnboats2.pdf June 2011 For professional firms too much emphasis on the cover and not enough on the content has heralded the demise of many a branding initiative. Moreover, firms’ inability to walk the talk of their brand promises has sadly done more than waste oodles of money. It has actively disenfranchised clients and confused the market. http://hedleyconsulting.com/pages/know/book_cover.html http://hedleyconsulting.com/pdf/07sep-bookcover2.pdf June 2011 The trepidation with which David Bowie’s lyrics approach the topic of change is mirrored by the behaviours of management teams in professional firms everywhere. http://hedleyconsulting.com/pages/know/ch_changes.html http://hedleyconsulting.com/pdf/07ago-changes2.pdf June 2011 Every horse can win a race, but selecting the right race to run in is key. Law firms should choose the arenas best matched to their capabilities for differentiation and competitive advantage. http://hedleyconsulting.com/pages/know/horses_courses.html http://hedleyconsulting.com/pdf/07jun-horsescourses2.pdf June 2011 The ‘balanced scorecard’ has taken its place in the glossary of management terminology to such an extent that it is easy to assume all managing partners are fully conversant with the theory and are applying it to their firms on a daily basis. Neither of these assumptions is necessarily true, however. http://hedleyconsulting.com/pages/know/balanc_busin.html http://hedleyconsulting.com/pdf/07jun-balancbusin2.pdf June 2011 The support departments in major law firms have proved as effective as their practice group counterparts at building edifices and creating silos. http://hedleyconsulting.com/pages/know/opp_knocks.html http://hedleyconsulting.com/pdf/07jun-opportknocks.pdf June 2011 The twelfth annual PM Forum Global Conference in September will address one of the biggest challenges facing professional service firms today; how does a firm create an environment in which innovative thinking can flourish, that allows clients and firms to create deep bonds and where the best ideas are used to create compelling marketing propositions? http://hedleyconsulting.com/pages/know/emb_wallp.html http://hedleyconsulting.com/pdf/07jun-embosswallp.pdf June 2011 A perplexing question: Are business development and knowledge management strange bedfellows or birds of a feather? The insightful answer: When boiled down to its base elements, all that a law firm does is leverage knowledge and leverage relationships. http://hedleyconsulting.com/pages/know/birds_feather.html http://hedleyconsulting.com/pdf/07apr-birdsfeather.pdf June 2011 “It’s my ball and you can’t play with it!” is both the mantra of the incorrigible infant and the modus operandi of the petulant professional. Behind the phrase lies an implicit understanding, “we can play together, perhaps even playing the game that you want to play, but only if ultimately I’m in control. Take away my control and I’ll take away my ball!” http://hedleyconsulting.com/pages/know/ball_play.html http://hedleyconsulting.com/pdf/07apr-ballplay.pdf June 2011 The credibility of marketing and marketers within professional services is a perennial issue. Many marketers in the sector find the low esteem in which they are held by the firms that employ them both frustrating and demotivating. However, credibility and the opportunities to do stretching and challenging work are not birthrights but must be earned. One of the foundations is a solid grounding in marketing theory coupled with its application to professional services. http://hedleyconsulting.com/pages/know/unq_success.html http://hedleyconsulting.com/pdf/07jan-unqsuccess.pdf June 2011 Innovation is like managing a football team, everyone thinks that they can do it, a few people actually do it, but only a handful make a success of it. It is also widely recognised as being one of the most important pre-requisites for building a sustainable business in the 21st Century. But what is it? Why is it so important and how can we foster an innovative climate within the professional service sector? http://hedleyconsulting.com/pages/know/innovate.html http://hedleyconsulting.com/pdf/06sep-innovate.pdf June 2011 What about the knowledge embedded in the relationship with the client or contact? Why isn't this seen as being and integral part of knowledge management by many law firms? http://hedleyconsulting.com/pages/know/busin_develop.html http://hedleyconsulting.com/pdf/06apr-busindevelop.pdf June 2011 The strategic approach that you adopt for your firm is unlikely to provide a complete solution to the differentiation challenges that you face. This is because you will have to decide a practical path that reconciles your strategic theory with the reality of your firm and all of its idiosyncrasies, personalities, politics and taken-for-granted assumptions about the way that it operates. http://hedleyconsulting.com/pages/know/diff_approach.html http://hedleyconsulting.com/pdf/04apr-diffapproach2.pdf June 2011 In any business situation, it is crucial to make active choices about the battlefield on which you wish to compete. These choices also direct the investment of scarce resources within a firm, which need to be prioritised and aligned with clear strategic objectives. http://hedleyconsulting.com/pages/know/dif_battles.html http://hedleyconsulting.com/pdf/04mar-diffbattles2.pdf June 2011 There must be a clear framework that allows coherent decisions to be made about the future direction of the business. These decisions will not just guide marketing and sales activity but will also influence recruitment policy, IT strategy, working practices and indeed the whole shape of the business going forward. If the strategy fails to do this, then it isn’t a strategy, it’s just window dressing. http://hedleyconsulting.com/pages/know/diff_matter04.html http://hedleyconsulting.com/pdf/04feb-diffmatters2.pdf June 2011