Page 37 - Leaders in Legal Business - PDF - Final 2018
P. 37
2) Subject Matter Areas to Add Value
There is no consulting firm capable of advising on every business challenge or
opportunity. The subject areas are endless, from blue-sky thinking about a possible new practice
to enter to working hands-on on the day-to-day implementation of a new robotics process.
The following broad categories provide a small cross-section of the spectrum:
Strategy: This is ably covered elsewhere in this e-book. Topics might include:
– Where to compete and how;
– Finding growth markets and coping with declining markets;
– Entering new practice areas or getting out of unprofitable ones;
– Geographic strategy (cities, regions, and countries) — getting in, working profitably, or
getting out;
– Innovating how work is done and progressing the firm’s operating model;
– Developing the firm’s strategic intent and business model;
– Implementing strategies to reach that intent; and
– Designing an M&A strategy, and deciding whether to merge.
Relational capital: This includes everything that is market-facing, such as:
– Increasing business development returns;
– Managing key client relationships;
– Developing referral sources;
– Brand building and profile raising; and
– External communications.
Service platform: This area covers everything having to do with service delivery, such as:
– Developing and growing the firm’s portfolio of services;
– Pricing, alternative fee arrangements, and pricing management;
– Delivery processes such as legal project management and process mapping;
– Knowledge, intellectual property, and innovation development;
– Intelligent process automation / robotics; and
– Sourcing, flexible working, and outsourcing of legal work.
Human capital: This area covers a number of topics related to talent (after all, law firms are,
first and foremost, people businesses), such as:
– Winning the war on talent;
– Recruiting the best partners, business managers, and fee earners;
– Leadership development and assessments;
– Diversity development;
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There is no consulting firm capable of advising on every business challenge or
opportunity. The subject areas are endless, from blue-sky thinking about a possible new practice
to enter to working hands-on on the day-to-day implementation of a new robotics process.
The following broad categories provide a small cross-section of the spectrum:
Strategy: This is ably covered elsewhere in this e-book. Topics might include:
– Where to compete and how;
– Finding growth markets and coping with declining markets;
– Entering new practice areas or getting out of unprofitable ones;
– Geographic strategy (cities, regions, and countries) — getting in, working profitably, or
getting out;
– Innovating how work is done and progressing the firm’s operating model;
– Developing the firm’s strategic intent and business model;
– Implementing strategies to reach that intent; and
– Designing an M&A strategy, and deciding whether to merge.
Relational capital: This includes everything that is market-facing, such as:
– Increasing business development returns;
– Managing key client relationships;
– Developing referral sources;
– Brand building and profile raising; and
– External communications.
Service platform: This area covers everything having to do with service delivery, such as:
– Developing and growing the firm’s portfolio of services;
– Pricing, alternative fee arrangements, and pricing management;
– Delivery processes such as legal project management and process mapping;
– Knowledge, intellectual property, and innovation development;
– Intelligent process automation / robotics; and
– Sourcing, flexible working, and outsourcing of legal work.
Human capital: This area covers a number of topics related to talent (after all, law firms are,
first and foremost, people businesses), such as:
– Winning the war on talent;
– Recruiting the best partners, business managers, and fee earners;
– Leadership development and assessments;
– Diversity development;
23
