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Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Grasping the opportunity – 2012 and beyond
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Legal Mentors’ experience
10 years Harris Walters with strategic planning activitiesObvious need for planning in legal marketplace as ABS loomed2007 formed Legal Mentors Ltd
Strategic Planning process for law firmsContinual mentoringCPD courses
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
What’s happening?
Legal Services Act and ABS - new opportunities, different models
Partnership/LLP becoming out-of dateNew entrants, technology & processes are beginning to transform delivery of legal services
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
New entrants ‘faceless’:internet or call-centre based
.Retailers (Co-op), Banks, Insurance companies and many more too…… although Co-op Legal Services now also trialling face-to-face delivery through high street branches
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
What clients want ….
Better availability and accessibilityClearer (fixed/capped?) pricingFace-to-face serviceQuicker turnaroundProactive management of their caseTo be kept informed
How do you compare?
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Solicitors often don’tknow what to do
“It will soon blow over”Many don’t see change as necessaryOften little experience of changeLittle or no proper business trainingABS opportunity - you and…
IFA?Accountant?Undertaker!
Are you planning for change?
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
What you should be doing…
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Need a clear Strategy
To take advantage of the changesStrategic and Marketing Plans
ABS?StructureBrandingService linesLocationFinancialsSuccession and exit
Do you have clear written plans?
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Reduce cost baseImprove margins
Deal withUnder-performing staff and PartnersToo high a ratio support/earners
Improve financial controlsUnderstand and measure KPIs
www.legalspeechrecognition.com
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Improve Client Service First impressions
ReceptionTelephone answeringOfficesWebsite
HoursCall-backs“I take responsibility” attitude
You are up against the professionals now!
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Sell and cross-sell
Duty of care“Our client” not “my client”PackagesPricingCRMProactiveMarketing isn't a department, it is a way of life for everyone in the firm
“You will be needing a Will now you have completed on the house”
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Meeting the challenge:
New business structuresMarketing/Brand networksMembership groupsPurchasing groupsABSsFranchises
“Doing nothing is not a valid option”
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Why join a franchise?
The new opportunity for established firmsAn additional brand alongside existing firmA new start: A new ethos – no ‘baggage’
New markets / locationsExperiment with ABSOpportunity for ‘high fliers’ Lower cost baseImproved marginsCreate higher business value
Without compromise to your existing brand
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Contrasting brands… one owner
It has been done before…
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Optimum solution
Have clear Strategic and Business PlansHighly efficient infrastructure
Lower overheadsAdvanced ITPractice management with integrated OFR CompliancePaperless officeOutsourced legal cashiering
On-going business training and mentoringGreat client serviceAccess to ‘Centres of excellence’
Cross referralsNational Brand
Build value for exit
Copyright Legal Mentors Ltd May 2012 www.legal-mentors.com
Helping you to plan your successful futurewww.legal-mentors.com
Martin Wyatt [email protected] Porter [email protected] 712150
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