Face the future with confidence.
The current difficult trading and economic climate, a changing regulatory landscape and changing client needs all mean that it’s more important than ever that law firms are properly structured and organised.
Those that aren’t will almost certainly experience increasing pressure on their profitability levels and partner/owner returns.
As specialist providers of personalised and targeted strategic and organisational consultancy services to law firms, Pegasus consistently finds that when professional people can face the future with confidence, it has a profound and positive effect on both them and their firm. The benefits to business of boosting energy, drive and determination cannot be overstated.
To facilitate this process, the Pegasus team have a range of skills and experience within law firms that enables them to proactively and effectively facilitate and support the strategic planning and implementation process.
Please Contact us to discuss your needs. You can also download a copy of our Strategic Planning Model.
The Pegasus strategic planning model is:
Stage 1 – Where are we now?
The future of your law firm starts here.
Given the palpable effects of the financial recession; the changing regulatory landscape; changes in legal funding and changing client needs it’s more important than ever that the law firm business model is properly structured, organised and relevant for its clients and for its partners and staff members moving forward.
Those law firms that are not re-thinking or honing their business model will find increasing pressure upon turnover and profitability levels as a result of a crowded legal market which is being extended by the increase in ABS providers.
The review process should, of course, be as inclusive as possible to ensure success. So we’ll look carefully at the current culture, organisation and performance of their firm through purposeful, directed and informative reviews.
Key areas we will consider include:
- Creating awareness – of the need for the strategic review process.
- Creating clarity and purpose – developing clear aims and objectives for the review process.
- Realism – a realistic assessment of the current position of the law firm.
- Inclusiveness – of all levels within the firm for buy-in to the process.
- Identifying structural and/or behavioural constraints – bottoming out the reasons for these.
Stage 2 – Where do we want to get to?
Once we have assessed where you are, we can take you to where you want to be.
This stage must include a realistic assessment of the potential and shape of the legal market in the next three to five years and where your law firm can realistically fit into that picture.
Using practical, structured processes facilitated with objectivity, empathy and an independent approach, we can tease out aspirations which then need to be communicated and achieved pragmatically.
A key consideration will be whether the culture and existing delivery systems of the firm will need to change to meet and deliver on the aspirations. The success of any strategy is based on how it matches and is consistent with the firm’s existing culture, resources and capabilities.
The key areas we review are:
- The existing and future legal market – assessing the future potential for existing services and spotting potential new markets.
- Identifying a clear vision, mission and objectives – a fully systematic/inclusive process to clarify all aspirations.
- What strategic direction and leadership will actually mean for the firm – what this will actually mean for your law firm and its future organisation, processes and systems.
- Turnover and profitability levels – will these be sufficient to support the planned future needs and aspirations of both partners and staff.
- Risks – have these been fully identified and understood and will appropriate risk policies, processes and procedures have to be developed and adopted?
Stage 3 – How do we get there?
Having assessed where you are and where you want to go to, we need to know how we can take you to where you want to be.
Stages 1 and 2 are very important key steps but a clear strategic plan must then be developed.
A strategy is the route-map of how to implement the vision and/or objectives. The development of a clear, coherent and realistic plan setting out clear implementation steps is a must moving forward.
Key to this plan will be the allocation of clear roles and responsibilities as well as developing a clear and realistic time-line to which everybody must be committed.
Key areas in this stage are:
- Working with the owners/partners – to develop their understanding, confidence and buy-in into the strategic planning process.
- Developing and changing with certainty – developing clear plans that are bought into and understood by everybody within the law firm.
- Firm and team leadership – will this deliver the strategy – including identifying potential log-jams/succession issues as well as potential talent?
- Organisational structures – developing and then testing the on-going structure for the law firm as a whole – will it deliver the strategy?
- Team structures – developing appropriate organisational systems and processes to support, implement and deliver results at this tactical level?
Stage 4 – Systems implementation and follow through
Through change and beyond, we’re with you every step.
Through change and beyond, we’re supporting you along every step.
If you really want to ensure your law firm operates effectively as a business, and one that grows in line with its people, it’s essential that your strategy is effectively and properly implemented.
Pegasus provides ongoing support to your law firm (and individuals within your firm) in the detailed implementation of strategies. Too often, having undertaken a large time and monetary investment in stages 1 to 3 above, strategies are not followed through due to a lack of resources, time or will. This may result in a reduced return on investment plus missing out on the opportunities identified within the strategy.
Through a range of facilitated interactions, developmental and coaching sessions as well as providing actual support in developing systems and processes, Pegasus provides valuable support to your law firm in putting into action its plans, processes and systems.
Key stages that we can help support are:
- Developing coherent and practical implementation plans – these must be realistic with defined tasks, responsibilities and time-lines.
- Facilitating discussions – to allow potentially sensitive issues or log-jams to be discussed, tackled and practical solutions found.
- Guiding and supporting partners and staff – by clarifying personal objectives and action plans and supporting them on an on-going basis.
- Encouraging coaching – by enabling partners and managers to support and develop their staff consistently.
- Developing clear review steps and processes – by encouraging regular and open review processes to make sure that plans are ‘on track’.
