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Managing a Law Firm by Kim Tasso

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The document provides 10 tips for law firms to manage in 2009: 1) Get a firm grip on finances by closely monitoring key performance indicators. 2) Do a reality check and accept that the market has fundamentally changed and some practice areas are declining. 3) Prepare a clear strategic plan with goals agreed upon by all partners. 4) Consider options like mergers, niche practices, or exiting some areas. 5) Deeply understand and invest in existing clients through relationship management and client satisfaction research. 6) Leverage new technologies like social media, online services, and outsourcing. 7) Develop new service areas, markets, delivery methods, and non-legal offerings. 8) Be

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Managing a law firm in 2009: Top Ten Tips Kim Tasso (a poor replacement for Viv Williams) DISTRIBUTION VERSION
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My aim today… Bridge the gap between management and marketing (and between newbies and experts) Consider the “Survive” vs. the “Thrive” tips Prompt thought, debate and discussion with particular reference to recent examples
Seismic shift or temporary blip?
SURVIVE?
1. Get a firm grip on the finances ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Financial Frighteners
2. Do a reality check ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Flexibility or fear? Code of conduct – principles based regulation
3. Prepare a plan ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
4. Get big, get small, get niche or get out
Merger mania?
5. Love your existing clients ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
So long loyalty ,[object Object],[object Object],[object Object],[object Object],[object Object]
THRIVE
6. Use new technology ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
7. Develop new services and markets ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Blue Ocean Strategy ( W Chan Kim/Renee Mauborgne) promotes creating new market space or "Blue Ocean" rather than competing in an existing industry.
8. Be creative about pricing ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
9. Innovate ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],FT Innovative Lawyers - Marketing and PR (October 2008)
10. Look at LMPs, MDPs and ABS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Uncomfortable bedfellows? Professional Service Firm Index
Golden Rule - Take care of your people ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
From Kim’s Blog: Pirates and Gladiators – 23 March 2009 Success and be damned? Business development vs. reputation management - 1 April 2009
Kim Tasso BA(Hons) DipM FCIM MCIJ MBA www.kimtasso.com In association with www.360legalgroup.co.uk 199 Argyle Avenue Whitton Twickenham TW3 2LR 07831 687882 020 8898 0631 [email_address] Managing a law firm in 2009: Top Ten Tips

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Managing a Law Firm by Kim Tasso

  • 1. Managing a law firm in 2009: Top Ten Tips Kim Tasso (a poor replacement for Viv Williams) DISTRIBUTION VERSION
  • 2.
  • 3. My aim today… Bridge the gap between management and marketing (and between newbies and experts) Consider the “Survive” vs. the “Thrive” tips Prompt thought, debate and discussion with particular reference to recent examples
  • 4. Seismic shift or temporary blip?
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  • 9. Flexibility or fear? Code of conduct – principles based regulation
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  • 11. 4. Get big, get small, get niche or get out
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  • 21. Uncomfortable bedfellows? Professional Service Firm Index
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  • 23. From Kim’s Blog: Pirates and Gladiators – 23 March 2009 Success and be damned? Business development vs. reputation management - 1 April 2009
  • 24. Kim Tasso BA(Hons) DipM FCIM MCIJ MBA www.kimtasso.com In association with www.360legalgroup.co.uk 199 Argyle Avenue Whitton Twickenham TW3 2LR 07831 687882 020 8898 0631 [email_address] Managing a law firm in 2009: Top Ten Tips