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Starting with the end in mind

Starting with the end in mind

By Rohan Harris

Practice Management Succession 


Trends in the legal market are driving the strategic growth of firms. Practitioners should keep these trends front of mind when looking for a smart succession strategy. Snapshot: Trends in the legal market present both threats and opportunities for practice owners. Some practice owners will capitalise on these trends to build their business, focusing on a niche or expanding their range of services. Other practice owners will need to carefully plan for succession, using 10 key steps to help them succeed. Key trends. Trends in the legal market present both threats and opportunities for practice owners. These trends should be central in driving the strategic growth of firms, but also in succession planning. Current trends include: An increasing number of law courses and law graduates looking for opportunities to work in the legal profession, including by means of ownership succession after gaining the necessary post-qualification experience. A very large proportion of smaller firms are owned by baby boomers who are looking for exit options. Increasing pressure on the supply and demand equation for legal services (in favour of the consumer). at the same time, there is perhaps an untapped demand for new low-cost consumer driven legal products and legal services. Exponential growth in the processing power, capacity and use of computers and mobile devices. Anyone who wants to achieve sustainable growth should have a clear and well-informed understanding of trends in the market. Key pillars that practices will need in order to achieve future sustainable growth include: A point of difference in the products or services on offer. A focus on markets where there is an increasing or, at the very least, latent client demand good systems and processes. Harness the power of technology, both in how you deliver your products and services and how you communicate your capabilities and value proposition. Your practice needs to be much more than just about you and your personal client relationships if you expect someone else to pay for it at the point of exit. You need to choose the most appropriate legal structure for your practice – both for now and the future.

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