A 12 partner, provincial law firm that had grown organically over several decades to be one of the leading law firms in the area with an 80 strong team.
While the firm achieved higher quartile profits, its dominant Senior Partner was approaching retirement age with no clear succession plan. Pegasus also identified that despite profitability levels, most work came from a slowly reducing source of existing clients, therefore placing existing profit levels under pressure. We also saw that a lack of clear strategic direction and slow decision-making processes were inhibiting growth.
To re-invigorate the firm’s profile, generate new business opportunities and stabilise or increase profitability levels.
Firstly, Pegasus began by addressing the key issue of engaging with and involving the next generation of partners in the firm’s management and development.
Over 4 years, Pegasus initiated a leadership transaction process and embarked on a programme of activity that included:
- Organising and co-ordinating selling skills training to all fee earners using the Pegasus network of specialist trainers.
- Facilitating a series of partner weekends to re-orientate the strategic direction and structural organisation of the firm and help define the role of the partner.
- Helping to agree and implement a newly focused business plan, supportive leadership structure and a long term succession plan.
- Planning and delivering a partner development programme.
- Enabling and facilitating frequent reviews.
The Pegasus facilitative and supportive approach supported the partners through this considerable mindset change as well as the alteration of some deeply rooted expectations and perceptions.
The senior partner has been managed proactively and the future of the firm is now in the capable hands of the next generation.
In spite of the recession, the firm has managed to retain existing income and profitability levels through an inclusive and structured organisation, while also working hard at its margins and undertaking targeted and proactive business development activities.
Just as importantly, an orderly transfer of the senior partner’s clients has also taken place whilst he still fulfils an important on-going ambassadorial role for the firm.