Be the creator of the firm you want to succeed

Winston Churchill famously said: “He who fails to plan is planning to fail.” In today’s uncertain, fast-changing and often turbulent times in the legal profession, his wisdom
is worth noting.

Law firms and other businesses are reflecting on 2014 as end of year targets loom, while also casting an optimistic eye on 2015.

We review the good, the bad and sometimes the ugly moments of our business and adjust strategy appropriately. Business plans, once the domain of owners, partners or senior management, are today ‘owned’ by each and every staff member.

They are our road map.
They guide us towards where we want to be, hopefully steering us clear of trouble en route.

While tradition stands firm for the legal profession, there is no question that the evolution of legal services has transformed how firms operate, not only for growth but for survival.

When I first entered the profession I had targets, but to be honest, how I reached those targets was unfocused, even a bit hit and miss. The journey was not important: getting there was all that mattered.

There is a tradition in business of ‘muddling through’. Work hard and rewards will follow, some say.

Well, that’s not always true, as former staff of firms that have been forced to merge or close in recent times will testify. I often hear the phrase ‘we’ll cross that bridge when we come to it.’
It makes me wince. Reach out
to the future, try to influence it – don’t just wait for it to happen.

Why not be the creator of the business you want to succeed?

Of course, business plans have been an effective tool for generations and there’s no doubt they’re getting smarter. They not only allow for transparency in fee targets but make all areas of a law firm accountable for contribution – from marketing strategy, IT processes, staffing and practice management – all have a part to play. Decisions are made with the hard facts and data at our fingertips.

At my firm, we meet from autumn onwards to set out departmental plans which form part of the overall business plan. Marketing, finance, HR and IT conduct the meetings with each head of department. Prior to each meeting, the previous year’s plan is reviewed to examine what worked well, what didn’t, etc.

Every business needs to keep failure to a minimum, but mistakes are inevitable and should be treated as an essential part of learning.

In private client, we have tried plenty of new initiatives that have worked well – and some that failed to deliver what we had hoped for.

At one point we were targeting funeral directors but that didn’t work. We recognised this early on, thanks to continuous evaluation and measurement against specific targets. We accepted it and shifted to more campaign-focused work, such as care home fee planning or wills for younger people, and targeted this sector with marketing and PR.

It was a good example of how flexibility is important. Law firms need to be ready to adapt and act. With the right plan, foundations rarely falter but the journey may change its course. The business plan provides you with an exit strategy in extreme cases.

As with other professions we can cocoon ourselves within our departments. Thriving businesses do not allow staff to work in isolation. We are all part of the bigger picture. The more insight staff can have, the better.

Business planning provides clarity beyond senior management level. While boosting morale, it can also manage staff expectations.

Perhaps the most important thing to remember about a business plan is the most obvious. Use it. It should be a living entity. Don’t produce a plan and file it away ready to dust off at the year end.

Review it. Adapt it. Challenge it. Otherwise you will run the risk of proving Winston Churchill right by failing. SJ

Claire Currie is a partner at Kirwans

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