peter scott consulting peter scott consulting briefing note may 2007
DESCRIPTION
PETER SCOTT CONSULTING Adapting to change ‘It is not the strongest of the species that survive nor the most intelligent, but the ones who are most responsive to change’ Charles Darwin ‘Origin of species’TRANSCRIPT
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PETER SCOTT CONSULTING
PETER SCOTT CONSULTING
Briefing Note May 2007
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PETER SCOTT CONSULTING
Developing clear and realistic strategy
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PETER SCOTT CONSULTING
Adapting to change ‘It is not the strongest of the
species that survive nor the most intelligent, but the ones who are most responsive to change’
Charles Darwin ‘Origin of species’
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PETER SCOTT CONSULTING
Challenging your thinking
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PETER SCOTT CONSULTING
Challenging everything about your firm as it is today
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Your Firm?
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PETER SCOTT CONSULTING
Do you recognise any of these?
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PETER SCOTT CONSULTING
Are you forever pushing at a closed door?
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PETER SCOTT CONSULTING
Is this one of your major problems?
This will happen to your talent unless………
TALENT£
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PETER SCOTT CONSULTING
Do you have partner behaviour issues?
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PETER SCOTT CONSULTING
“That’s a great idea …for the rest of you!”
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PETER SCOTT CONSULTING
“Heavyweight gorilla”
“You can’t manage me.
I’m a big biller!”
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PETER SCOTT CONSULTING
“Ahh…only five more years to go”
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Can you answer ‘YES’ to the following questions?
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PETER SCOTT CONSULTING
Is your firm firing on all cylinders?
Answer – Yes / No
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PETER SCOTT CONSULTING
Are all your partners hungry?
Answer – Yes / NO
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PETER SCOTT CONSULTING
Do you have the ‘right partners’ on board to help you achieve your goals? Answer – Yes / No
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PETER SCOTT CONSULTING
Are all your partners prepared to be managed?
Answer – Yes / NO
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PETER SCOTT CONSULTING
Are all your partners prepared to be accountable?
Answer – Yes / NO
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PETER SCOTT CONSULTING
Do your partners have sufficient financial discipline?
Answer – Yes / NO
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PETER SCOTT CONSULTING
Can you say your firm has no under performing partners?
Answer – Yes / NO
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PETER SCOTT CONSULTING
Should all your equity partners really be equity partners? Answer – Yes / No
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PETER SCOTT CONSULTING
Are there sanctions on a partner who refuses to comply?
Answer – Yes / NO
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PETER SCOTT CONSULTING
Is it clear who is running your firm?
Answer – Yes / NO
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PETER SCOTT CONSULTING
Are you prepared to change every ‘NO’ to a ‘YES’?
Answer - ?
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PETER SCOTT CONSULTING
Are you prepared to provide the LEADERSHIP required for change?
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PETER SCOTT CONSULTING
Developing your strategy
Understanding the process
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PETER SCOTT CONSULTING
Strategy is a continuous journey…
focus on BIG ISSUES make decisions
implement decisionsbank progressmove on
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PETER SCOTT CONSULTING
We need to understand the meaning of ‘strategy’
‘A realistic plan or course of action to gain competitive advantage; Which has clear and achievable objectives; andUses available (but scarce) resources (existing or to be generated)
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PETER SCOTT CONSULTING
What should be our realistic objectives in….
2008 / 9?2009 / 10?20010 / 11?
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PETER SCOTT CONSULTING
For example….Which parts of our firm are we going to:
Grow / invest in?Dispose of?
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PETER SCOTT CONSULTING
2008 / 9?WE ARE GOING TO earn PEP of£[ ]K
Is this realistic? – must be testedDo we all want this?
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PETER SCOTT CONSULTING
Differentiate strategy from…
An unrealistic and unachievable wish listImplementation of plans – ‘the making it happen’
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PETER SCOTT CONSULTING
Strategic thinking should not be routine or superficial
Thinking based upon sound
knowledge
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PETER SCOTT CONSULTING
Where to start?Strategic planning is a process of:
Logical analysis of internal / external forcesPlanning and decision-making based upon that analysis
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PETER SCOTT CONSULTING
In partnerships there is a particular need to focus on…
Internal attitudesExternal perceptions
in order to formulate a realistic plan
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PETER SCOTT CONSULTING
However something needs to be present first…
Leadership
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PETER SCOTT CONSULTING
Leadership…Thinking and visionaryChallengingInspirationalAbility to take partners with youA determination to implement change
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PETER SCOTT CONSULTING
Challenging leadershipThat challenges everything Above all leadership that is prepared to face up to a firm’s SACRED COWS
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PETER SCOTT CONSULTING
Internal attitudesCultureValuesBehaviour
What kind of firm do we REALISTICALLY
want to be?
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PETER SCOTT CONSULTING
Take an internal reality checkIssue a [confidential] partner / staff questionnaire to find out what your people REALLY think about your
firm.
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PETER SCOTT CONSULTING
External perceptionsDo you know what your clients think about your firm?Do you know what they want from your firm?
Often a perception ‘gap’
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PETER SCOTT CONSULTING
Take a reality checkCommission an external survey of:
Client/referrer opinionsClient/referrer reasons for using othersAnalysis of firm’s performance viewed by clients/referrers Benchmarking against competitors
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PETER SCOTT CONSULTING
What can a law firm learn from a client perception survey?
Highlights issues that need to be addressedPartners should not go into ‘denial’
‘they are not talking about us’! or ‘its not true’!
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PETER SCOTT CONSULTING
Value Clients Care AboutYour clients’ perspective
Not your own perspective
Is there a gap?
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PETER SCOTT CONSULTING
Some client perceptions…‘I don’t think they show adequate interest in our business’ ‘They are not proactive with their own clients’ ‘They don’t think laterally’‘They never visit, and they should if they want to increase the quality of the relationship’
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PETER SCOTT CONSULTING
How well do you communicate with your clients?
‘Out of sight, out of mind. They must ensure regular communication’‘I am not convinced I have their message or why they are different’ ‘Their profile is very low – they need to create more noise in the market’‘They must not assume that people know what they do’
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PETER SCOTT CONSULTING
Is lack of resource making you uncompetitive? Some of your clients may think so -
‘I don’t believe they have the resources’‘Sometimes they lack polish and quality in depth’‘Depth of expertise – I have only one partner to contact on a day to day basis, which is a little limiting…’‘City firms have greater depth of expertise’
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PETER SCOTT CONSULTING
The value gapIt is the client’s perception of value that mattersToo much emphasis on service attributesNot enough on helping clients achieve results
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PETER SCOTT CONSULTING
You will add value if…You provide clients with what they want – and moreAt prices they perceive to be value for money; andyou do this better than the competition
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PETER SCOTT CONSULTING
Each part of your firm needs to position itself…
Client
Perceived
Value
Client Perceived Price
High
HighLow
Low
Ave
Ave
X
Suicide Zone
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PETER SCOTT CONSULTING
Groups doing volume work
Where should they position themselves?
How should these groups work to add value?
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PETER SCOTT CONSULTING
Each part of your firm needs to position itself…
Client
Perceived
Value
Client Perceived Price
High
HighLow
Low
Ave
Ave
X
Suicide Zone
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PETER SCOTT CONSULTING
Volume / Low Value – Added Services
Value enhanced by - driving down cost - facilitating implementation of solutions
Low value –added groups will compete on processes and price – technology driven services with minimum professional input
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PETER SCOTT CONSULTING
Issues in providing volume / low added value services
Understand the need to move north to hold position - must constantly squeeze out more value for same cost
Invest in standardising processes
Ensure financial strength to stay the course
Avoid creating the perception of reduced “quality”
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PETER SCOTT CONSULTING
Other work types Where should these groups position themselves?
How should they add value?
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PETER SCOTT CONSULTING
Each part of your firm needs to position itself…
Client
Perceived
Value
Client Perceived Price
High
HighLow
Low
Ave
Ave
X
Suicide Zone
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PETER SCOTT CONSULTING
High Value – Added Services
Need to:Nurture wisdom/experience within the firmEnsure added value is perceived as valuable
High value- added services – strategic impact on client – generally wisdom/experience driven
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PETER SCOTT CONSULTING
Moving to High Value Added Services
Focus on specific client types / work typesSeek leadership in a few, cohesive segmentsUnderstand how brand influences PAV
- brand is about differentiating yourselves
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PETER SCOTT CONSULTING
Moving to High Value Added services
Do not add too much PAV – especially in a price sensitive market Focus cost reduction only where it will not jeopardise value addedEnsure added value is always perceived as valuable
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PETER SCOTT CONSULTING
Above all…
Be realistic
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PETER SCOTT CONSULTING
A final thought…“Change before you have to”
Jack Welch
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Any questions?