PETER SCOTT CONSULTING Leadership and change

PETER SCOTT CONSULTING Adapting to change ‘It is not the strongest of the species that survive nor the most intelligent, but the ones who are most responsive to change’ Charles Darwin ‘Origin of species’

PETER SCOTT CONSULTING Developing your ‘vision’ ‘Vision is the art of seeing things invisible’ Jonathan Swift

PETER SCOTT CONSULTING Today is about challenging your thinking

PETER SCOTT CONSULTING Challenging everything about your firm as it is today

PETER SCOTT CONSULTING However something needs to be present first… Leadership

PETER SCOTT CONSULTING Leadership… Thinking and visionary Challenging Inspirational Ability to take partners with you A determination to implement change

PETER SCOTT CONSULTING Challenging leadership That challenges everything Above all leadership that is prepared to face up to a firm’s SACRED COWS

Your Firm?

PETER SCOTT CONSULTING Do you recognise any of these?

PETER SCOTT CONSULTING Are you forever pushing at a closed door?

PETER SCOTT CONSULTING Is this one of your major problems? This will happen to your talent unless……… TALENT £

PETER SCOTT CONSULTING Do you have partner behaviour issues?

PETER SCOTT CONSULTING “That’s a great idea …for the rest of you!”

PETER SCOTT CONSULTING “Heavyweight gorilla” “You can’t manage me. I’m a big biller!”

PETER SCOTT CONSULTING “Ahh…only five more years to go”

Can you answer ‘YES’ to the following questions?

PETER SCOTT CONSULTING Is your firm firing on all cylinders? Answer – Yes / No

PETER SCOTT CONSULTING Are all your partners hungry? Answer – Yes / NO

PETER SCOTT CONSULTING Do you have the ‘right partners’ on board to help you achieve your goals? Answer – Yes / No

PETER SCOTT CONSULTING Are all your partners prepared to be managed? Answer – Yes / NO

PETER SCOTT CONSULTING Are all your partners prepared to be accountable? Answer – Yes / NO

PETER SCOTT CONSULTING Do your partners have sufficient financial discipline? Answer – Yes / NO

PETER SCOTT CONSULTING Can you say your firm has no under performing partners? Answer – Yes / NO

PETER SCOTT CONSULTING Should all your equity partners really be equity partners? Answer – Yes / No

PETER SCOTT CONSULTING Are there sanctions on a partner who refuses to comply? Answer – Yes / NO

PETER SCOTT CONSULTING Is it clear who is running your firm? Answer – Yes / NO

PETER SCOTT CONSULTING Are you prepared to change every ‘NO’ to a ‘YES’? Answer - ?

PETER SCOTT CONSULTING Are you prepared to provide the LEADERSHIP required for change?

PETER SCOTT CONSULTING Developing the vision - where to start? Strategic planning is a process of: Logical analysis of internal / external forces Planning and decision-making based upon that analysis

PETER SCOTT CONSULTING We need to understand the meaning of ‘strategy’ ‘A realistic plan or course of action to gain competitive advantage; Which has clear and achievable objectives; and Uses available (but scarce) resources (existing or to be generated)

PETER SCOTT CONSULTING Differentiate strategy from… An unrealistic and unachievable wish list

PETER SCOTT CONSULTING Strategy is a continuous journey… focus on BIG ISSUES make decisions implement decisions bank progress move on

PETER SCOTT CONSULTING Factors influencing change Changing needs of clients Technological advances Economic and political forces Culture of firms

PETER SCOTT CONSULTING In partnerships there is a particular need to focus on… Internal attitudes External perceptions in order to formulate a realistic plan

PETER SCOTT CONSULTING Testing the strategy Internally – with partners and staff Externally – with clients and referrers (it is good client relationship management to talk to your clients)

PETER SCOTT CONSULTING Internal attitudes Culture Values Behaviour What kind of firm do we want to be?

PETER SCOTT CONSULTING Take an internal reality check Issue a confidential partner / staff questionnaire to find out what your people REALLY think about your firm.

PETER SCOTT CONSULTING External perceptions Do you know what your clients think about your firm? Do you know what they want from your firm? Often a perception ‘gap’

PETER SCOTT CONSULTING Take an external reality check Commission an external survey of: Client/referrer opinions Client/referrer reasons for using others Analysis of firm’s performance viewed by clients/referrers Benchmarking against competitors

PETER SCOTT CONSULTING What can a law firm learn from a client perception survey? Highlights issues that need to be addressed Partners should not go into ‘denial’ ‘they are not talking about us’! or ‘its not true’!

PETER SCOTT CONSULTING For example…. Which parts of our firm are we going to: Grow / invest in? Dispose of?

PETER SCOTT CONSULTING What should be our realistic objectives in… / 9? 2009 / 10? / 11?

PETER SCOTT CONSULTING 2008 / 9? WE ARE GOING TO earn PEP of £[ ]K Is this realistic? – must be tested Do we all want this?

PETER SCOTT CONSULTING Above all… Be realistic

PETER SCOTT CONSULTING Differentiate strategy from… Implementation – ‘the making it happen’

PETER SCOTT CONSULTING A continuous journey… focus on BIG ISSUES make decisions implement decisions bank progress move on

‘A little less conversation a little more action please’ Elvis Presley

PETER SCOTT CONSULTING Implementing decisions Question Why do many partnership strategies fail? Answer? Failure to implement agreed plans Why?

PETER SCOTT CONSULTING Why? The nature of partnerships People businesses Need to take your people with you on the journey

PETER SCOTT CONSULTING Ideas to help you on the journey Skills Knowing your partners Accountability Timing Leading by example Using the TEAM Just doing it Sanctions

PETER SCOTT CONSULTING Are your skills up to the task? Your people skills Internal resource? or External advice?

PETER SCOTT CONSULTING Knowing your partners What makes them ‘tick’? What makes them insecure? How will they react? How do we limit ‘fall-out’?

PETER SCOTT CONSULTING Partner accountability ‘We have no room for those who put their personal agenda ahead of the interests of the clients or the office’ David Maister

PETER SCOTT CONSULTING Accountability Do your partners just pay ‘lip service’ or do they live it? Consider an ‘accountability statement’

PETER SCOTT CONSULTING Timing Strike while the iron is hot Turn decisions into action – fast Assign tasks and responsibilities

PETER SCOTT CONSULTING Leading by example Leadership is crucial for change Practice what you preach Live the strategy

PETER SCOTT CONSULTING Use the ‘power of the team’ TEAM? Together Each Achieves More

PETER SCOTT CONSULTING Harness the ‘power of the team’ Create ‘champions’ Use ‘task forces’

PETER SCOTT CONSULTING Just do it! Judgment Knowing your partners 80 / 20 rule Needs courage

PETER SCOTT CONSULTING Sanctions Necessary? Choice of sanctions? Do they work?

PETER SCOTT CONSULTING Bank progress – move on Incremental journey? or Quantum leap? Knowing your partners

PETER SCOTT CONSULTING A final thought… “Change before you have to” Jack Welch

Any questions?