Those of you that have followed my blogs throughout 2013, my presentations and comment from the years before will have noticed a theme. That theme is that any business, not just a legal practice, needs a clearly defined strategy to ensure their business moves forwarded in a controlled, structured fashion.
I noticed with interest that Graham Beale, chief executive of Nationwide, recently stated “What determines success or failure is your business plan, your strategy, and how good you are at executing it”. This is exactly the point.
Graham was commenting in relation to the situation that has unfolded at the Co-op over the last nine months and on that subject, my first blog of 2013 (Blog: Want to look good for 2013? You can’t beat posturing and talking about your ABS) referred to the Co-op and how Co-op Legal Services could be a massive player in the legal (high street) market if it acquired the 632 Lloyds “Verde” branches – got that one wrong didn’t I! I provide no comment upon the Co-op’s strategy past or present, there has been enough of that recently!
One thing the January 2013 blog did predict “Expect the posturing via advertisements, press statements and tweets about ABS’s to continue. But as with most New Year resolutions, be prepared for more talk than action.” That does seem to have been the case and, in fact, not all the new entrants like some traditional partnerships actually survived 2013.
Returning to Graham Beale’s comment, I have always said that a regular SWOT analysis is an absolute minimum for any business. This will enable you to consider your own business (inward focus) but also what is happening around you. In any fast moving industry, and the legal sector falls into that definition, a combined internal and external focus is an absolute must.
At Menzies we are lucky to have our Newhorizon® service for general trading companies and Legal Newhorizon® specifically adapted for the legal sector. This provides all our clients and prospective clients’ access to a documented and discipline-based recorded strategy. You immediately comply with Graham Beale’s statement of best practice.
For more information about Menzies LLP or to talk to us about this blog piece in more depth, contact your Menzies Relationship Partner or contact Menzies directly.