Last week I spent some time reading Macquarie Bank’s recently published ‘Law 2024: the future of legal business’ report.
Overall it’s an interesting read and probably worth 45 or so minutes of your time (lots of graphics should mean it won’t take that much longer of your time), but it was the last section on ‘Five simple steps to transform your firm’ (which funny enough has very few graphics) that really grabbed my attention. I thought they were useful tips/insights to keep in mind, so I thought I would share them here:
- Assess where your firm demonstrates value to clients – understanding where you provide value to a client will inform how you create a sustainable business model.
- Implement innovative practices – finding opportunities where you can innovate processes within firms will keep it competitive over the long-term.
- Harness the power of data and analytics – having a better knowledge of where your firm spends its time will help in understanding where potential client value can be added.
- Construct, and embrace an employee value proposition – having a central purpose will go a long way towards unifying four generations of employees at very different stages of their careers.
- Embrace diversity and inclusion – bringing a variety of perspectives to your firm will help in retaining your team at a time when loyalty is at premium.
Take a look at the report – let me know if you don’t agree with any of these or if you have any you would add, and enjoy your week!