Step 2: Setting your strategy and widening your business scope

Stream 1: Business Strategy


How are firms responding to the increasingly competitive landscape and ensuring they stay relevant? Until recently, law firms haven’t had a necessity to adapt. Whereas now, clients just want legal services and are less likely to remain committed on a long-term basis. Doing what you have always done will not get you to where you need to be, thus law firms are increasingly looking for alternative and sustainable revenue generators to drive growth in the new decade.

• The law firm of the future isn’t going to be just a law firm, so where do you find yourself in this mix and how do you identify the right strategy for you?
• Reinventing your business model: is the corporatization of law firms on the horizon?
• Should you be funding and managing certain ideas and products separately from the LLP structure? Where does ABS fit in?
• If as a firm you could cannibalise one area of your business to make room for a new revenue stream, what would it be?
• Law firms are no longer just about law: they do training, coaching, developing IT tools, consultancies; what do clients think about this, do they prefer the traditional firm or is this what they will be expecting from now on?