HedsUP! From Hedley Consulting

Welcome to the Autumn 2010
issue of HedsUP!

Innovation Imperative

"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson

September 10

Innovation can take many forms. Delving into a dictionary would support a proposition that innovation is simply introducing something new - nothing more, nothing less. Business innovation is also highly contextual; in many instances that which is considered innovative is not new to the world but rather to that industry.

In the legal sector we are seeing a wave of service innovation, with firms adopting strategies which seek to create distinct, and valuable, client propositions. Many of these emulate approaches and techniques which can be seen in other industries. This is about the transfer of ideas and best practice which are proven to deliver results in analogous situations.

Nothing here is ground breaking when looking across industries but some of it may be game changing within this one! Those firms able to shape both their businesses and people to work in a different way will emerge as dominant over the next five years.

I hope that you enjoy this issue of HedsUP! If you have any questions or would like further information please do not hesitate to contact me.

Best wishes,

Andrew Hedley

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On your desktop

Competitive Force
Published in Managing Partner magazine

The book Blue Ocean Strategy challenges the primacy of competitive strategy theories. While originally developed to support longer-term corporate strategy, the principles of a Blue Ocean approach can be adapted to create new value propositions and strongly differentiate a law firm. Rather than simply dominating existing markets, it argues that strategy should be about creating new markets and focusing on value creation through innovation. A business should concern itself with “how to create uncontested market space and make the competition irrelevant”, rather than simply trying to overcome current competitors in ways which are often profit eroding.

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Land of Promise
Published in KM Legal magazine

The enduring market for legal services, with supply significantly exceeding demand, means that law firms are being challenged by their clients to deliver their services better, faster and cheaper than ever before. Impending deregulation seems set to be a further catalyst for this now established trend. A wide range of conversations with managing partners reveals that increased activity is not being commensurately matched with increased revenue. Firms are running harder to stand still and the long term prognosis for profitability is bleak, unless a different operating model can be introduced.

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The Role of Competitive Intelligence in Shaping Strategy
Published in Competitive Intelligence: Improving Law Firm Strategy & Decision Making

Having a clear understanding of the role that competitive intelligence plays in the strategy process, coupled with a determination to unearth insights that will serve to enhance strategy and create advantage, will help all law firm leaders increase their certainty and confidence in the outcomes of their deliberations. In short, there is a clear opportunity to create competitive advantage through the acquisition and use of high quality competitive intelligence.

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News Bytes

The Lawyer Business Development Conference 2011

Andrew Hedley will be speaking at The Lawyer Business Development Conference 2011 which is to be held on 16th / 17th February in central London. His talk, which will open the conference, is entitled Market forecast: Opportunities for business development in 2011. For more information about the conference click here.

Lloyds TSB Commercial Professional Practices Advisory Forum

Andrew Hedley has been invited to be a member of Lloyds TSB’s newly formed six person Professional Practices Advisory Forum. The Forum has been established to ensure that the bank’s specialist relationship managers have the information they need to deliver quality services and advice to their solicitor customers and to hear from experts outside of the banking industry about the issues that are of most importance to practitioner.

Developing Strategic Client Relationships Report

Andrew Hedley’s comprehensive report, Developing Strategic Client Relationships, published by ARK Group, continues to attract purchasers from around the world. Running to over 150 pages, with case studies of leading firms and ground breaking initiatives in this area, the report brings a much needed strategic perspective to client development and relationship management. For more information about the report and to order a copy click here.

MPF European Practice Management Awards 2010

Andrew Hedley is again a member of the judging panel for the MPF Annual European Practice Management Awards. Europe’s premier awards for excellence in professional services management, now in their 9th year, showcasing leadership in a wide range of management disciplines. The ceremony and gala dinner will take place on 14th October in London. For more information about the awards click here.

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