Strategic Planning for Law Firms: A Practical Roadmap

2012 | Law

We don't have to tell you that strategy is critical if you want to achieve differentiation, competitive advantage and sustained financial success in today's legal market. But without a clear framework in place that engages key stakeholders at each stage of the planning process, things can quickly go awry - leading to expensive mistakes that erode firm profits, client base, talent pool and reputation. Written by respected strategy expert and consultant, John Sterling, Strategic Planning for Law Firms provides a comprehensive roadmap, guidance, checklists, tools and steps on all phases of a strategic planning process to ensure readers are able to: * Develop an easy-to-follow framework for strategy development and implementation; * Provide an objective, factual assessment of the internal and external environment facing the firm (survey included); * Clearly define and communicate the firm's strategic direction; * Focus firm resources to achieve short and long-term aspirations and a strong market position; * Define roles and responsibilities in delivering the strategic plan; and * Ensure strategies are implemented and followed on a day-to-day basis.

This report is broken down into three clearly defined parts. Part one introduces readers to the four-phase strategic planning roadmap catering specifically to a law firm environment: * Situation analysis * Setting strategic direction * Strategy development * Implementation Part two then provides an in-depth look at how to exploit the key strategic planning tools and principles available to you, such as: * Portfolio analysis; * Product life cycle management; * Competitive intensity - Five forces analysis; * Scenario-based planning; and * Balanced scorecards. The specific strategic issues and challenges law firms face with strategic planning are covered in detail in part three. These include: * People management; * Succession planning; * Client expectations; * Knowledge management; * Legal process outsourcing; * Business development and marketing; and * Profit growth and financial management. Insightful case studies Strategic Planning for Law Firms features real-life case studies from a range of firms varying from mid-sized practices to large boutique and global firms, including Clarke Hill, Bryan Cave and Sterne, Kessler, Goldstein & Fox.

By following this guide all firms will be able to craft and implement strategic plans to gain competitive advantage, improve firm sustainability and foster greater growth.

John Sterling (Author)