Strategy is, alongside leadership, one of the two key components of any successful professional services firm. To compete, and succeed, firms need both a robust and effective strategy and the ability to implement it (which brings us back to leadership).
A soundly based strategy will be founded upon the firm’s existing or readily obtainable resources – if it isn’t then the likelihood is that we’re looking at a wish list, not a strategy.
But that strategy needs to have aspirational elements to it. Either as part of the strategy itself or as a separate corporate ‘vision’, there needs to be a clear articulation of where the firm aspires to be. This sets the direction of travel. And once the direction of travel is set, winning stakeholder buy in is the next goal. From there, effective leaders build commitment by relentless communication of the business’s objectives and goals, and lead by personal example.
Now more than ever it’s critical that law firms aim to offer something different to the market: whether that be a niche offering, a geographically tight largely private client based firm for example in a market town, or a commercially biased firm aiming at SMEs and OMBs from a larger town or smaller city. The list of course goes on. What law firms can no longer be is ‘all things to all men’: no-one believes a law firm claiming to specialise in more than dozen practice areas, or to have ‘deep market knowledge’ of ten or more sectors. With help from an external resource such as Nigel, firms need to find the one thing that will enable them to compete most advantageously in their chosen markets.
We help law firms and barristers chambers review their strategic options, formulate strategic plans and advise them on implementation. As we’ve said before, it’s an execution game; if you can’t ‘do’ it, being able to ‘talk the talk’ get’s you nowhere.