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Alliance and Creating Value – a Brave New World

Alliance and Creating Value – a Brave New World. Peter Scott Peter Scott Consulting. A New National Law Firm Vision. A New National Law Firm Vision. To build a New National Law Firm across the UK (including in London) which over a period of time will become “greater” than

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Alliance and Creating Value – a Brave New World

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  1. Alliance and Creating Value – a Brave New World Peter Scott Peter Scott Consulting

  2. A New National Law Firm Vision PETER SCOTT CONSULTING

  3. A New National Law Firm Vision To build a New National Law Firm across the UK (including in London) which over a period of time will become “greater” than the sum of the individual firms which comprise it PETER SCOTT CONSULTING

  4. Why? • A fragmented profession • The economy • Legal Services Act implications • Client needs are changing • Technology • Globalisation • Greater regulation and compliance • PI insurers’ attitudes PETER SCOTT CONSULTING

  5. What do law firms need to do to be successful? They need to be able to gain competitive advantage PETER SCOTT CONSULTING

  6. What are clients looking for? Core issue is to add value: • Morethan and better than the competitors • In a way which: - is regarded as valuable by the clients - differentiates you – to create your ‘brand’ PETER SCOTT CONSULTING

  7. You will add value that clients care about if… • You provide clients with what they need • At prices they perceive to be value for money; and • You do this better than the competition ‘They always try to sell to us on price – but what we are really looking for is a good job to be done at a reasonable price’ PETER SCOTT CONSULTING

  8. What does ‘adding value’ in this way require? RESOURCE PETER SCOTT CONSULTING

  9. Is lack of resource making you uncompetitive? This is what clients said about one firm – • ‘I don’t believe they have the resources’ • ‘Sometimes they lack polish and quality in depth’ • ‘Depth of expertise – I have only one partner to contact on a day to day basis, which is a little limiting…’ PETER SCOTT CONSULTING

  10. The need for resource Lack of resource of expertise (client perception surveys will show if this is the case) Lack of financial resource (inability to invest in your people and in the business) PETER SCOTT CONSULTING

  11. Resource Can we provide ON OUR OWN the resources necessary to enable us to achieve our goals? If not, then consider joining with others to help you to achieve your goals PETER SCOTT CONSULTING

  12. A New National Law Firm Vision To build a New National Law Firm across the UK (including in London) which over a period of time will become “greater” than the sum of the individual firms which comprise it PETER SCOTT CONSULTING

  13. The Vision To build a BRAND which can begin to compete with larger, more developed law firms for better quality, higher value work leading to greater competitiveness and profitability PETER SCOTT CONSULTING

  14. The BRAND must reflect the substance of the new firm in terms of … • QUALITY of its people and clients • How it ADDS VALUE Satisfied clients are the only measure of success and are key to building a profitable law firm PETER SCOTT CONSULTING

  15. This will require RESOURCE Resource which individual firms cannot realistically and at an economic and acceptable cost provide themselves PETER SCOTT CONSULTING

  16. The SCALE of the new firm will enable… the new firm to be developed at an acceptable economic cost to each constituent firm - which the individual firms could not on their own provide PETER SCOTT CONSULTING

  17. Quality Resource to enable the new firm to… Attract and retain the best talent PETER SCOTT CONSULTING

  18. Quality Resource to enable the new firm to… Provide clients with the depth and breadth of expertise they now require, where and when they need it PETER SCOTT CONSULTING

  19. Quality Resource to enable the new firm to… Build the quality management which will be required to successfully compete as a law firm in the future PETER SCOTT CONSULTING

  20. Quality Resource to enable the new firm to… Provide the necessary infrastructure to underpin the effective provision of high quality legal services demanded by clients PETER SCOTT CONSULTING

  21. The Vision To build a BRAND which can begin to compete with larger, more developed law firms for better quality, higher value work leading to greater competitiveness and profitability PETER SCOTT CONSULTING

  22. Is this a Vision you share? PETER SCOTT CONSULTING

  23. Is this a Vision you are prepared to make a reality? PETER SCOTT CONSULTING

  24. Any questions?

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