Alliance and Creating Value – a Brave New World Peter Scott Peter Scott Consulting

PETER SCOTT CONSULTING A New National Law Firm Vision

PETER SCOTT CONSULTING A New National Law Firm Vision To build a New National Law Firm across the UK (including in London) which over a period of time will become “greater” than the sum of the individual firms which comprise it

PETER SCOTT CONSULTING Why? A fragmented profession The economy Legal Services Act implications Client needs are changing Technology Globalisation Greater regulation and compliance PI insurers’ attitudes

PETER SCOTT CONSULTING What do law firms need to do to be successful? They need to be able to gain competitive advantage

PETER SCOTT CONSULTING What are clients looking for? Core issue is to add value: More than and better than the competitors In a way which: - is regarded as valuable by the clients - differentiates you – to create your ‘brand’

PETER SCOTT CONSULTING You will add value that clients care about if… You provide clients with what they need At prices they perceive to be value for money; and You do this better than the competition ‘They always try to sell to us on price – but what we are really looking for is a good job to be done at a reasonable price’

PETER SCOTT CONSULTING What does ‘adding value’ in this way require? RESOURCE

PETER SCOTT CONSULTING Is lack of resource making you uncompetitive? This is what clients said about one firm – ‘I don’t believe they have the resources’ ‘Sometimes they lack polish and quality in depth’ ‘Depth of expertise – I have only one partner to contact on a day to day basis, which is a little limiting…’

PETER SCOTT CONSULTING The need for resource Lack of resource of expertise (client perception surveys will show if this is the case) Lack of financial resource (inability to invest in your people and in the business)

PETER SCOTT CONSULTING Resource Can we provide ON OUR OWN the resources necessary to enable us to achieve our goals? If not, then consider joining with others to help you to achieve your goals

PETER SCOTT CONSULTING A New National Law Firm Vision To build a New National Law Firm across the UK (including in London) which over a period of time will become “greater” than the sum of the individual firms which comprise it

PETER SCOTT CONSULTING The Vision To build a BRAND which can begin to compete with larger, more developed law firms for better quality, higher value work leading to greater competitiveness and profitability

PETER SCOTT CONSULTING The BRAND must reflect the substance of the new firm in terms of … QUALITY of its people and clients How it ADDS VALUE Satisfied clients are the only measure of success and are key to building a profitable law firm

PETER SCOTT CONSULTING This will require RESOURCE Resource which individual firms cannot realistically and at an economic and acceptable cost provide themselves

PETER SCOTT CONSULTING The SCALE of the new firm will enable… the new firm to be developed at an acceptable economic cost to each constituent firm - which the individual firms could not on their own provide

PETER SCOTT CONSULTING Quality Resource to enable the new firm to… Attract and retain the best talent

PETER SCOTT CONSULTING Quality Resource to enable the new firm to… Provide clients with the depth and breadth of expertise they now require, where and when they need it

PETER SCOTT CONSULTING Quality Resource to enable the new firm to… Build the quality management which will be required to successfully compete as a law firm in the future

PETER SCOTT CONSULTING Quality Resource to enable the new firm to… Provide the necessary infrastructure to underpin the effective provision of high quality legal services demanded by clients

PETER SCOTT CONSULTING The Vision To build a BRAND which can begin to compete with larger, more developed law firms for better quality, higher value work leading to greater competitiveness and profitability

PETER SCOTT CONSULTING Is this a Vision you share?

PETER SCOTT CONSULTING Is this a Vision you are prepared to make a reality?

Any questions?