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Welcome to the Summer issue of HedsUP!
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“Create a place where the best people always have a seat on the bus.”
Jim Collins, “Good to Great”
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Putting in place a strategy for succession planning should always feature as a key objective of any leadership team. It now sits centre stage as one of the most significant issues faced by many firms, driven by a combination of inertia in the years following the great recession, increased uncertainty and risk together with generational changes.
The modern legal services industry is dynamic, and many of the historic ‘rules of engagement’ between firms and those who work within them have lost their relevance. A career trajectory in which one joins a firm after graduation, remains for the next four decades, slowly but inexorably rises through the ranks, before retiring as senior partner into a comfortable dotage has been consigned to the history pages for the majority. The certainties of the past have gone and been replaced with increased risk and a new age of competition.
There are, of course, also great possibilities for those individuals and firms prepared to adapt to this new paradigm. As Ralph Nader said, “the function of leadership is to create more leaders, not more followers”. The genesis of such a leadership pipeline is both a key challenge and opportunity; for firms as they build a sustainable future and for leadership teams in securing a powerful legacy.
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
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Horizon Scanning To Identify And Capitalise On New Growth Opportunities
Ted Levitt, the economist and business thinker who penned the game-changing Marketing Myopia in 1960, commented that “the future belongs to people who see possibilities before they become obvious”. His words capture the essence of the challenge faced by many legal professionals. In a world where the pace of change is quickening and the future appears uncertain, how can firms identify the new markets that will define their sustainability and success?
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Team Morale Is Directly Linked To The Ability To Deliver Differentiated Client Services
In previous articles, I have written about how the lack of any meaningful differentiation between law firms on criteria that are of value to clients leads inexorably to price-driven competition. When we can see no difference between the services on offer, we buy the cheapest available. The same psychology plays out in the employer brand arena. Firms with only the blunt instrument of the salary cheque in their differentiation armoury are ill equipped to attract, secure and retain the best talent.
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The Cultural Dimensions Of Leveraging Institutional Knowledge
Many law firms position themselves as having a client-centred strategy but fail to embrace knowledge sharing about clients and relationships. Generally, it is not a paucity of systems which prevents firms from capitalising on their client knowledge. Whilst systems will drive speed and efficiency, it is attitudes that drive effectiveness and enable firms to fulfil the potential of their client base. The term ‘knowledgeability’ best describes the attitudinal and cultural shifts that are needed. Knowledgeability is a collective term for the many techniques by which a firm’s latent knowledge can be transformed into business assets. The key to realising this opportunity is to shape culture to prioritise the sharing of knowledge and relationships.
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A Strategic Perspective On Winning More Business Through Pitches
Law firms are being subjected to evermore demanding pitch and tendering processes. Larger firms have teams dedicated to the winning of such business, whilst smaller firms tend to have a client partner who leads the firm’s response to such opportunities. Across the spectrum, there are some overall guidelines which, if followed, can help to improve win rates.
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News bytes
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The Lawyer Leadership Summit Advisory Board
Andrew Hedley has been invited to join the advisory board for The Lawyer Leadership Summit which is to be held on 28th and 29th September 2016 in London. The summit offers law firm leaders the opportunity to network with senior thought leaders from the legal services industry along with other professionals from across the rapidly changing legal services market. Delegates will include managing and senior partners from the world’s top firms along with C-suite professionals and other business services group leaders.
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The Cambridge Chartered Programme
Andrew Hedley is a specialist tutor on Cambridge Marketing College's new Chartered Programme. This is a unique initiative aimed at helping delegates gain and maintain their Chartered Marketer status through a structured range of activities from networking events, through courses to self-study materials.
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Law Management Section Merger Toolkit
The Law Management Section Mergers Toolkit, with two chapters contributed by Andrew Hedley, is designed to help firms gain a better understanding of the merger process and provides practical guidance throughout. Andrew Hedley's chapters consider the strategic drivers for merger and how to unlock the merger dividend.
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Client Strategy in a Changing Legal Market Report
Andrew Hedley’s Client Strategy in a Changing Legal Market report has now been published and is available to purchase online. Client strategy sits at the heart of all strategy. Without the ability to attract and retain clients, at a price which delivers an acceptable level of profitability, no business can be viable in the longer term.
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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 email enquiries@hedleyconsulting.com.
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