Areas of Practice: some examples
Strategic planning
I have regularly advised law firms internationally of all sizes on their strategic planning, and in addition has conducted both full and abbreviated strategic and operational reviews.
An intensive review or audit of a law firm’s existing strategic plan always adds value, leading to modifications to bring an existing plan up to date or to provide the impetus necessary to drive implementation. Such planning involves updating the facts and assumptions on which the plan was created, evaluating implementation and accomplishments to-date and bringing a new focus to the firm’s efforts.
Partner Profit Sharing and Remuneration
As I wrote in his chapter on mergers for the book Law Firm Strategy – After the Legal Services Act, “It has frequently been observed that merger is not a strategy in itself but needs to be considered as a tool to implement or assist strategy. Equally, growth for growth’s sake is not a strategy”.
When a firm is seeking to merge, acquire or be acquired it is important to ensure that the partners obtain the highest possible long term benefit from the deal. I have advised firms on some or all of five distinct elements of merger planning – agreeing the firm’s Strategic Focus; initial research of the market and identification of potential targets; creating a shortlist, approaching potential targets and arranging an initial exploratory meeting; merger negotiations and implementation; merger integration to maximize the potential from the concluded M&A project.
Mergers and Acquisition
Many law firms increasingly find that the structure of their firm was built to cope with historical challenges and is no longer fit for the firm’s current strategy or its size.
In my work in this area I have adopted an approach which seeks to find for each firm a structure and constitution which facilitates strategic and operational decisions, manages risk, and provides business units that match the strategy as well as linking decision-making with the point of implementation. Equally, my approach takes care to provide a means of assessing responsibilities and accountabilities throughout the organisation and to ensure each business unit has clear and unambiguous business objectives, in line with the firm’s strategy.
Governance & Management
About one-third of my working life has in recent years been spent in helping firms internationally in the challenge of ensuring the optimal method of profit sharing and partner remuneration.
I continue to assist firms to create a balanced scorecard approach to partner development and assessment. Even where a carefully crafted strategic plan is in place, its implementation is frequently poorly done. I often see strategic planning exercises ending up with a list of initiatives and action points which land firmly in the laps of the managing partner or top management team.
Partners then exhale a huge collective sigh of relief that they have ended up with nothing to do, no changes to make and no initiatives to pursue. The Managing Partner in turn ends up with an impossibly large list of initiatives.
Strategy Execution
Law Firm Economics, Funding and Profitability
The pursuit of profit lies at the heat of every partnership endeavour and the strategy of every firm needs to be tested against the imperative to improve the firm’s overall economic position.
It is no surprise, therefore, that law firm finances is one of Nick’s core capabilities – virtually every strategic or structural assignment undertaken by Nick over the last few years has contained elements of financial analysis and economic advice.
I have undertaken many partner and associate workshops on subjects such as working capital management, pricing and the levers of profitability.
He has advised boards and managing partners on profitability optimization and long term funding and investment plans. Deep and shallow dive economic analysis is also undertake.