Law Firm Detailed Strategic Business Review
The Strategic Partner provides essential support to law firms, offering a range of products, services and consultancy tailored to the Legal sector. Our experience and focus provides you with additional support when you need it and we will work closely with the Firm's owners as a Partner to you.
Our strength lies in our knowledge, experience and connections. We work with you on a continued basis so we truly understand your firm and, where needed, we will provide key services, guidance and support. Our focus is to work with you as a valued Partner, helping you to increase productivity and profitability and control risk through cost effective solutions without deteriorating service delivery.
Our Law Firm Detailed Strategic Business Review Service
This service involves a detailed review of your business looking across the whole firm covering a range of critical areas for the successful management and profitability of a law firm. Through the time spent with you we will get to know your firm in detail and present back the results with a series of recommendations for your consideration and implementation.
This is a bespoke service to each firm ensuring that we focus on what is important to the firm and delivering advice, recommendations and strategy that meets the firm’s requirements. Our goal is to deliver practical solutions to help make the firm more efficient and profitable. Areas a review may cover are as follows: -
- Vision - What is the overall vision of the Equity and goals for the next 12-24 months? This will enable us to put into perspective the information gathered and identify where you will or may not achieve your goals and what can be done to ensure you do. Where is your operation aligned to these goals and where issues may be that should be addressed?
- Structure - Review the structure of the firm and make proposals or recommendations for potential change.
- The Future Strategy - What is the strategy for the firm and overall future direction? Does the strategy of the Partners meet that of the staff and where are there differences. This will enable proposals to align approach to ensure the future strategy delivers on expectation.
- Forecasts - Through understanding the goal and strategy of the firm work with you to build a strategy and forecasts for the firm to measure achievements and success.
- Staff - Who is needed and why and any identify any recruitment needs or potential reductions in numbers and from which areas and why. We will clearly set out the financial benefits and why the Practice will not be impacted negatively by any changes. We will consider reward management structures that could work alongside enhancements to the existing staff management programme.
- Succession - working with you to put together an effective succession strategy, if appropriate working with the people you have identified in the firm as the potential future partners. We will help you put together an approach that sets out what they need to achieve to reach the status of Equity Partner and discuss a training programme for that to happen alongside targets and expectations. We can also look at the retirement plans for existing partners and discuss strategy and structure to provide for such retirement.
- LLP & Partnership Agreement - As appropriate review the Partnership agreement to ensure this meets the needs of both the partners and the firm making recommendations to bring this up to date.
- Processes & Workflow - from case capture through to closure, identify any changes to the current method of running cases to ensure consistency of service and fee generation and ensuring you are getting maximum value from your legal work.
- Systems - Review your use of case management technology and other systems to identify any needed system changes or technology that could result in time and expense savings.
- Management Information - Information you currently use and how it is obtained enabling to identify where you can use your system to provide better management information needed to run the firm, manage the people and provide visibility to the Partners.
- Expenditure - Understand where you are spending money and help to identify savings that can be achieved, where and how for your consideration.
- Marketing - What is your current approach to marketing and does the strategy you have meet expectations. Where external suppliers are providing services are they performing or falling short? How could your strategy be made stronger or adapted to deliver on expectation?
- New work generation and business development - Discussion on skills sets and how they are presented. Collect ideas and strategies from people in the firm and how and what they are prepared to do to help the firm grow. Do you have experience and knowledge that you are not using? Are people willing to enhance their skills and do more etc? This will also include understanding your self-generated work and your existing client base to establish potential remarketing etc. Look at where your opportunities exist and how you can exploit them.
- Regulation and Compliance - Review the key regulatory tasks in running a law firm (COLP and COFA responsibilities) and how you apply core activities within the firm to provide a regulatory controlled environment. We will be specifically looking at the application of the Solicitors Code of Conduct and the Solicitors Accounts Rules. Also review the firms approach to risk management and application of file review and audits.
Following agreement to engage with the service we will spend time with The Partners to understand the goals of the firm now and expectations of the review.
This will enable the review to focus on what you need, i.e. experience, cost savings, staff, systems, marketing opportunities, process improvements, succession, regulation, IT, Case Management.
If there any areas which are high priority we can make sure we allocate specific time to such areas.
Through knowledge gathering we would expect to have a full and detailed understanding of the firm to gain a true understanding of what is happening now enabling recommendations for change or enhancement.
The practical review will involve speaking to each member of staff (or key people you identify). Not an interview but a discussion where we will find out who they are, their experience and what they see the future to be, views on the firm, things they would like to change or see more of etc. This will enable identification of the right team moving forward and any skills gaps there may be in the firm.
These meetings will enable us to: -
- Identify where individuals are over or under resourced to assist you with staff and resource planning.
- Gain an understanding of the current costs incurred in running the firm to help you with identifying expense savings.
- Establish how the systems are used and identify any gaps or issues that may arise from systems not being fully integrated or used in the firm.
- Understand what Management information is available and how it is used and interpreted across the firm and by who.
- Look at supplier interaction and controls, who you use, how you interact with them and control spend and commitments.
- Understand the current approach to client service and experience that sits in the firm. establish the current approach to matters matter management i.e. are you consistent in opening files, providing quotations, following up leads, dealing with complaints, forms of communication (email or letters), case history storage, billing, payment processes, data protection, anti-money laundering etc.
- Review application of regulation and compliance to ensure there are no gaps or issues you should be aware of and if so how to rectify them and there is a consistent approach and application of your policies firm wide.
- Understand current incoming business in more depth, where it is from, how it is generated and managed. Do you get the best out of every enquiry? Does your new business and marketing strategy meet the needs of the firm.
- Overview of management and how the staff are managed and how they respond to the culture and management style. This will include your performance management and review structure.
- Files reviews can perform part of the review to establish if what we are told in terms of approach etc. is actually applied in practice and can be demonstrated at case level.
- Competitor analysis to establish where your main challenges come from which will be obtained by market research and also speaking with your staff.
When the review is complete we will compile a detailed report for you to consider clearly setting out the brief, what we have learned and a serious of findings and recommendation.
This will only be sent to you for sharing with those you think necessary.
The report will also be accompanied by a presentation and we would propose to attend to provide the feedback in person.
We can then discuss the findings and recommendations.
As this is a bespoke service we will discuss your requirements and establish what you are seeking to achieve from the review and we will provide a price to you for the review and reporting.
For more information about our Regulation and Compliance service you can call us on 02078421830 or you can email us at email@example.com.
Download our Law Firm Detailed Strategic Review brochure here for more information.