Page 40 - 2019 - Leaders in Legal Business (q)
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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;
– Learning, professional development, and training;
– Talent management and human resources; and
– Internal communications.
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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;
– Learning, professional development, and training;
– Talent management and human resources; and
– Internal communications.
25
