What’s beyond the horizon for law firms – Improved profitability and personal rewards?
Peter Noyce, Menzies head of professional services at Menzies LLP, has made a number of blogs this year on various matters affecting the legal sector. Peter now looks at a Menzies service that has been tailored for law firms and that one prominent legal commentator said “is required by 80% of law firms”.
All the recent legal press is of the number of law firms at risk, whether it is PI issues, profit margins too slim, new entrants, more efficient competitors generally, not properly capitalised or simply their own management and business procedures.
What can be done? How can the internal mind-set and external vision of so many firms be changed?
The Menzies legal team has developed its successful Newhorizon® programme to meet the particular requirements of law firms. In the current economic climate, as mentioned above many law firms are facing pressure on fees and profits as well as the competitive threat from new entrants to the legal services market. The unique Newhorizon® programme, which was originally developed for entrepreneurs, has been adapted to help partners in law firms increase their profitability, reduce risk and increase the capital value of their practices.
Delivered by Menzies specialists, the service is challenging, but is also highly energising and motivating for partners, fee earners and other staff who become involved in the process. It can provide the differentiator that firms need to drive their business forward in such challenging times.
Run to a timescale that suits your goals, Newhorizon® trains you and your management team to use strategic tools that lift you out from day-to-day business issues. We provide you with coaching, performance targets and regular reviews to keep you and your management team focused on what matters: driving your business forward and increasing its value.
The programme is designed to benefit you as a business owner, your practice and the individual Partners. After a few sessions, you will start to notice some big changes.
When you have started taking control of your business situation, you will soon see improvements:
- New insight into the factors that drive, and inhibit, the value of your business
- 12-point dashboard allowing you to work at a broad strategic level focused on the legal sector
- New ideas that improve whole business performance, freeing you up to focus on growing your business
- Makes it easy for you to implement change in the organisation
Your business will be infused with new energy and an appetite for change, in a sector where change is the norm.
And for the individual Partners, they will have:
- A vision for the lifestyle they want to lead and a focused plan to achieve it
- A better work-life balance and the ability to spend more time with their family
- Greater personal fulfilment through having a personal vision and plan to achieve it