This week sees the launch of our latest research on law firm growth strategies, in conjunction with leading partnership law firm, Fox Williams. From recruitment to Robots: growth strategies for law firms presents original data about the growth strategies currently being used and contemplated by law firm leaders within the UK's top 200 law firms. It also outlines the perceived risks of those strategies.
As law firms continue to swim for clear water in an increasingly competitive sea, they will seek to implement strategies that will give them the best chance to achieve growth and stand-out in a crowded market place. Finding a merger partner could be seen as the most immediate way to achieve those aims. However, this research shows that merging is perceived to carry - by far - the most risk to a firm's reputation if not implemented successfully, over and above other growth strategies. And that could be a strong reason why law firms are looking for growth strategies that are less risky to their reputations and brands.
Whatever growth strategy a law firm undertakes, it carries some risk to their reputation. And with the legal press, and others, closely scrutinising law firm growth initiatives, law firm leaders increasingly need to be aware of how much reputational risk - as well as financial - each strategy carries. Swimming too far into uncharted waters might be seen as a reputational risk too far, but clearly this report and the interviews we carried out for it show that simply treading water is no longer an option. Achieving true differentiation for law firms is easy to conceive - but much harder to successfully implement. As law firm leaders look for growth strategies that will help them acquire that much needed edge, we hope that our latest research will help with their thinking.
If you would like to receive a copy of the research please get in touch.