Business Strategy & Consultancy
Developing a meaningful business strategy
Do you have a clear business strategy that creates a real competitive advantage and one that everyone in the firm is united behind, understands and works together to achieve.
A clear, well defined strategy that sets out your competitive advantage is essential to the future success of your business and your future growth and profitability. It also ensures that your HR, marketing and IT strategies can unite behind a clear set of objectives and work effectively in tandem to achieve the business goals and realise your true potential.
Unfortunately the business strategy of many law firms is often undefined, unclear or simply doesn’t exist.
Legal Reach can help; so whether you are looking to penetrate your existing markets, expanding into new markets through existing or new channels to market or even looking to diversify, we can lead you through a well define process that ensures you have a strategy that is unique to you and your business. And one that works.
Supporting your management team
Many of the more successful law firms have looked to professionals to help them with their strategic management and business service areas (marketing, HR, IT etc.), implementing a hybrid management executive team of both lawyers and non lawyer professionals.
However that comes at a cost, which can be significant if you appoint the right kind of experienced senior non lawyer professionals. And its a cost that many smaller law firms simply can’t afford, meaning they either manage areas of the business themselves or bring in less qualified and experienced people.
Getting the right blend of experienced senior managers, people with the experience and ability to deliver in a complexed matrix structure is vital. Recognising this, Legal Reach has a number of solutions which enable you to capitalise on its experience and expertise in managing law firms and driving growth … but at a much lower cost.
Business Audits
Many law firms simply chose to ignore the benefits that a business audit can bring … not only in helping to define the business strategy but also in the role that it brings in supporting its management team in driving enhanced performance, growth and profitability.
In simple terms, a business audit is a formal process in which a firm can assess and manage its businesses processes effectively, taking into account the strategic objectives of the firm, its goals and the processes in place to achieve them.
In short, a well managed business audit is vital to remain competitive and ensure that the firm is providing outstanding value to its clients while also driving profitability.
There are many different approaches that can be applied. With a breadth of experience across many different practices, we can lead you through the many processes , helping you decide which is the right and most effective one for you … and once agreed, manage the process to ensure it identifies and then delivers business improvements and ultimately increased efficiency and profitability.
Maximising your growth through M&A
From true mergers to acquisitions and the growing trend of acquiring complementary non-legal services, M&A can be an ideal way to stimulate growth, gain competitive advantage, enter into new sectors and increase market share whilst also driving greater efficiency and ultimately enhanced profitability.
But given that the most optimistic assessments are for 50% of M&A deals to fail, successfully maximising M&A is a significant challenge. And there isn’t just one single factor at play in why such a high proportion fail; From a lack of strategic ‘fit’ to an initial poor evaluation and diligence process, leading to an over valuation and under estimation of the time (and the existing management capacity) to take on an effective integration process, to culture compatibility, lack of real synergies and a poor integration plan, the list is long.
With much of the legal profession predicting continued consolidation and growth through acquisition, and having experienced the best (and worst) of M&A, Legal Reach is ideally placed to help you. We will not be able to remove the challenges and issues but we will be able to guide you through them … and bring to the table practical lessons learnt that will help you realise the true potential that M&A offers in growing your business.
Building a Strong & Powerful Brand
There is so much written about brand development, execution and management, that cutting through to what it is really about … and the benefits that a strong, well positioned brand can give in helping to realise your businesses true growth potential, is often difficult.
The vast majority of law firms don’t have a brand. At best they have an identity and at worst all they have is a logo and no sense of what they are, how they are different or why clients should use them.
Putting it simple, a well defined and executed brand, with clear messaging that creates a competitive and appealing market positioning that is constantly re-enforced through the business, will attract and keep clients, reduce new client acquisition costs and ultimately build brand equity and value in your business.
Having helped to create some of the leading legal brands in the UK over the last 20 years, Legal Reach can lead you and your business through a simple but effective process that will tease out your true business identity and create a competitive and meaningful brand for the business … as well as helping you to enforce this across all internal and external stakeholders.
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