Developing a Profitable Private Client Practice

Here are just a few things being said about Managing Partner's report, Developing and Maintaining a Profitable Private Client Practice, second edition..." - a very practical, hands-on guide for those practitioners who are serious about survival, growth and competing to win in tough markets." John R Thomas, CEO, LawNet " - essential reading for owners and managers of firms that wish to remain independent and viable in the new competitive era." Chris Marston, Head of Professional Practices, Lloyds TSB Commercial " - compulsory reading for all those owning or thinking of owning a law firm." Shaun Jardine, Partner, Brethertons LLP If you're serious about ensuring the success of your private client practice in the new legal market, this proactive guide has the critical tools, advice and support that you need. Step-by-step, Developing and Maintaining a Profitable Private Client Practice will guide you through the process of developing a comprehensive management strategy for your firm, providing key action points along the way that will define your approach to: * Business development; * People management; * Client care; * Financial planning; * Strategy development; * Succession planning; and * Exit strategies for the owners. It demonstrates how to recruit, retain and motivate the best people for your firm with a focus on achieving high levels of performance to improve the overall experience of your clients. Practical pointers are also provided on effective cash management practices, including how to guarantee cash flow, formulate credit control and time recording policies, introduce the use of credit card payments and create a solid financial base for your firm. Other key topics discussed include: * Measurement of marketing spend, risk management and IT; * Raising profile and reducing wastage in your marketing spend; * Considering business strategies - franchise, license or become virtual? * Creating a policy for growth by acquisition; * Thirteen important lessons when contemplating a merger; * Using social media as a marketing tool; * New ways of generating work and managing the process; * Outcomes-focused regulation and the role of the COLP and COFA; * Tips for reviewing your firm's approach to alternative business structures; and much more - Developing and Maintaining a Profitable Private Client Practice, second edition provides sound management advice and innovative ideas to grow your practice. "Solicitors have in the past been accused of complacency, but many are now aware of the need for guidance and support, and that is what this book provides." Stuart Bushell, Director, SIFA Legal, former director at the Law Society and the Solicitors Regulation Authority

Table of Contents:
Executive summary...VII About the author...IX Foreword ...XI Chapter 1: Changes sweeping the UK legal services market 1 Why was the legal services market ripe for reform? ... 2 The implications of the current banking crisis for law firms ... 2 Why now?... 3 Consolidation... 4 What the experts say ... 5 What will a profitable private client practice look like?... 6 Chapter 2: Planning your firm's strategy... 9 What is a strategic plan?... 9 The key steps in preparing a strategic plan ... 9 Using hindsight to plan future strategy ... 10 Assess the current position... 10 SWOT analysis for practice success... 11 Develop business strategies ... 12 The value of partner retreats. 12 Succession planning... 14 Chapter 3: Practice and financial management ... 17 Recording time ... 17 Managing cost and income ... 18 Equity partners - Goals and objectives... 19 Law firm profitability ... 23 Chapter 4: Managing people in your firm ... 25 Organisational culture - The fit factor ... 27 Writing a clear job description ... 28 Designing an advertisement that will attract top talent... 29 The most effective places to advertise available positions... 30 Training for law firms... 31 Making redundancies... 33 Chapter 5: Law firm finance - Strategic considerations ... 35 Setting the firm's business model... 35 Financial strategy ... 35 Re-shaping a law firm ... 36 Implementing change... 37 Getting paid... 38 Audit questionnaire ... 38 Providing information to clients ... 39 Creating a credit control policy ... 41 Time recording ... 42 Layering borrowings... 42 Credit where credit's due... 44 Chapter 6: Restructuring your practice and growing by acquisition ... 47 Creating a policy for growth by acquisition ... 48 Considering consolidation ... 49 Motivation to merge... 50 Thirteen important lessons when contemplating merger... 50 Law firm valuation... 51 Preparing for merger integration ... 53 Chapter 7: Offering excellent client care ... 55 Know your clients... 56 Client satisfaction surveys ... 57 Client loyalty schemes... 59 Chapter 8: Independent, franchise or become virtual? ... 61 Franchising and licencing ... 61 Becoming niche... 62 Case study: Clutton Cox - Small high street law firm, big internet law firm... 62 Case study: Woolley & Co - The virtual law firm... 63 Chapter 9: Marketing the law firm ... 67 Reducing wasted marketing spend... 67 Marketing to existing clients... 67 Creating a positive image of the law firm ... 69 Developing a marketing plan. 70 Maximising the value of the website ... 71 E-mail marketing ... 73 Social media as a marketing tool... 75 Seminars and marketing events... 75 Networking... 77 Direct mail ... 79 CRM systems... 80 The role of the marketing coordinator ... 80 Value pricing ... 81 Chapter 10: New ways of generating work and managing the process... 83 Information technology... 83 The development of online document assembly services ... 83 Using technology to improve productivity and profitability ... 84 Using a CRM system for client development... 85 Giveaways... 86 Compiling a wills booklet ... 87 Affinity groups ... 92 Insurance-backed schemes... 93 Total Legal Care ... 93 Wealth management departments... 93 Estate agency ... 94 Fixed price services ... 94 Chapter 11: Outcomes focused regulation - The regulatory aspects of law firm management... 95 The need for management ... 95 The roles of the COLP and COFA... 98 Chapter 12: The impact of alternative business structures ... 101 Why you should consider becoming an ABS... 101 Maintaining your independence ... 102 Lawyers as entrepreneurs? ... 103 Tips for reviewing your firm's approach to alternative business structures... 103 Own goals... 103 In conclusion... 104 Index ... 105

About the Author :
VIV WILLIAMS is chief executive officer of 360 Legal Group, and is a consultant to law firms on management, practice development and marketing. Viv is also non-executive chairman of software specialists, Ochresoft Technologies Ltd. During a career spanning 20 years in marketing, and as managing director of two floated plc companies, Viv is able to provide a practical management insight into all businesses, including professional services firms. Combining this with his time working at hammonds and Charter & Law Group, assisting solicitors and accountants to improve their management systems and marketing and increase profitability, Viv cultivated the necessary experience to become managing partner at the 2020 Lawyers Group (now 360 Legal Group) in 2003, offering law firms the marketing, management and strategy skills, as well as innovative ideas to transform their law practices into successful businesses. Viv has written numerous articles for the legal press and writes a monthly blog for the Law Society Gazette, as well as being the key note speaker at numerous conferences and seminars. Viv firmly believes that now is the time for law firms to grasp the challenges and opportunities that the Legal Services Act and alternative business structures present, as well as the pressure of the continuing credit crisis will bring further pressures. 360 Legal Group provides solutions to those law firms which are prepared to rise to the current challenges and become the modern law firms of the future. It provides change management support and advises law firms which are looking to buy, sell or merge their practices. For more information about the 360 Legal Group, visit www.360legalgroup.co.uk.

Review :
'In this book Viv Williams looks to combine his knowledge of the legal sector and his experience in business to encourage lawyers to create vision, motivate ambition and introduce a commercial strategy that comfortably supports the business of providing legal services.' Steve Arundale, Head of Professional Sectors & Financial Institutions, Business & Commercial Banking The Royal Bank of Scotland/NatWest 'A well written useful guide, which should be compulsory reading for all those owning or thinking of owning a law firm. Viv's style is no nonsense, practical and applies a lot of common sense. Think of it as a chain saw for when you can't see the wood for the trees!' Shaun Jardine, Partner, Brethertons LLP 'There is no doubt that the UK legal profession faces unprecedented challenges in the next few years. I first met Viv a few years ago at a bank networking event where I was immediately impressed by his understanding of the issues that face legal firms. In my own role as the National Head of the business review team at RSM Tenon I have worked with over 200 challenged professional practices, mainly legal firms. In this book Viv takes you through the key issues and provides some real thought leadership. I hope, as you read it, you actively think on how you can implement its ideas to improve your own firm whether you are a sole practitioner or a top 50 firm.' Steve Billot, Director, RSM Tenon 'This book gives practical advice about all aspects of running a law firm and is essential reading for owners and managers of firms wishing to remain independent and viable in the new competitive era. Viv brings a refreshing, no-nonsense approach which addresses the fundamental issues for firms and guides them in how to develop and maintain their business.' Chris Marston, Head of Professional Practices, Lloyds TSB Commercial 'Viv Williams is a seasoned campaigner and passionate about law firms maintaining their independence in a very challenging sector. He has worked with law firms large and small for many years and clearly understands the real issues facing management in firms following the Legal Services Act 2007. This is a very practical, hands-on guide for those practitioners who are serious about survival, growth and competing to win in tough markets.' John R Thomas, CEO, LawNet