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The legal services marketplace has become ever more competitive. Identifying a robust business strategy and sources of competitive advantage are difficult challenges for law firms today. The review of legal services carried out by Sir David Clementi, leading to the Legal Services Bill, paves the way for yet more change, competition and consolidation. As well as reviewing the way that law firms are regulated, the Bill will de-regulate the ownership of law firms, so that they can be made public or owned by multi-disciplinary principals. For the first time, firms now face the prospect of not being wholly owned and managed by lawyers, and of being able to seek capital in the general finance markets in the same way as other businesses. Stephen Mayson has been a consultant to law firms all over the world for more than 20 years, and is one of the most respected commentators on legal practice. In this new book, he presents the first in-depth and systematic treatment of strategy, competitive advantage and valuation for the legal services market. The text provides practical guidance for law firms on how respond to the reforms to be introduced by the Legal Services Bill, and in particular how to build and preserve value in the new environment. It explores in detail a range of factors that firms need to address in order to face both known and new forms of competition, and build a sustainable business. In the first part of the book, the author explores the emerging landscape of legal services. He discusses fair market valuation and the link between strategy, competitive advantage and valuation, before addressing regulation and competition. Here the decline of regulatory barriers (including the Clementi Review and the Legal Services Bill) and the effects of maturing markets are examined, as well as the issues and challenges of consolidation and polarisation of legal service providers, and globalisation. Mayson then examines the nature of competitive advantage, including its foundations and sustainability. In the third section, the principles of valuation, including definitions of value and methods of valuation, are looked at, in addition to an analysis of the drivers of value in law firms and guidance on how to optimise and sustain income. A section on the implications of valuation then focuses on issues such as the possible tensions between individuals and the organisation, collective action and commitment, and the longevity of the firm. In the final section, the author looks at the foundations of strategy, such as: its context; the 'strategic triangle' of services, clients and geography; strategic objectives and risks; the strategic response; and the building of capital for competitive advantage (including a discussion of financial, physical, human, social and organisational capital). The book ends with a discussion of future prospects for the legal services market. Law Firm Strategy: Competitive Advantage and Valuation is an invaluable text for those already managing law firms, those looking to compete with existing law firms in the new environment, and those who are not lawyers but find themselves with an opportunity to own, invest in or manage a legal services business.
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Customer Reviews
Most Helpful Customer Reviews
Format:Hardcover|Amazon Verified Purchase
I purchased this book to help me in considering what would make a successful law firm looked at from the perspective of what someone would pay for that firm. In it Stephen develops the concept of intellectual capital and looks at its relevance in valuing law firms.
It is only very recently that a market has really developed for law firms. This has been prompted by the allowing of outside ownership of law firms (in the form of ABSs) and many of the early movers have invested in firms where their intellectual capital is highest rather than more traditional firms which may be dependent on their stars who may well disappear to other firms taking "their clients" with them.
Stephen's book is therefore very topical and relevant and those who read it will benefit from his analysis , insight and knowledge and emerge with a better understanding of how law firms gain value.
It is often said that many lawyers do not have a sufficient understanding of legal business. This is an excellent book for those who are serious about wanting to know more. It is though quite analytical and not one of those books you will find at railway stations or airports to be read during the journey so readers should be prepared to persevere or more sensibly be selective in your reading of it by dipping in to what you find most relevant. I have found it to be a book I keep going back to which is always a good test of whether a book has been worth buying.
I therefore strongly recommend it to all managers of law firms who are concerned with long term strategy as well as anyone who is simply interested in the subject as well as to someone interested in investing in a law firm. It also is relevant to all professional services firms as well as law firms.
It is only very recently that a market has really developed for law firms. This has been prompted by the allowing of outside ownership of law firms (in the form of ABSs) and many of the early movers have invested in firms where their intellectual capital is highest rather than more traditional firms which may be dependent on their stars who may well disappear to other firms taking "their clients" with them.
Stephen's book is therefore very topical and relevant and those who read it will benefit from his analysis , insight and knowledge and emerge with a better understanding of how law firms gain value.
It is often said that many lawyers do not have a sufficient understanding of legal business. This is an excellent book for those who are serious about wanting to know more. It is though quite analytical and not one of those books you will find at railway stations or airports to be read during the journey so readers should be prepared to persevere or more sensibly be selective in your reading of it by dipping in to what you find most relevant. I have found it to be a book I keep going back to which is always a good test of whether a book has been worth buying.
I therefore strongly recommend it to all managers of law firms who are concerned with long term strategy as well as anyone who is simply interested in the subject as well as to someone interested in investing in a law firm. It also is relevant to all professional services firms as well as law firms.
5 of 7 people found the following review helpful
Format:Hardcover
Am preparing some bullet points on law firm strategy and just found this new book by chance. Will order a copy now. For those who don't know him yet, Stephen is the UK's leading law firm guru. While some consultants design / package easy strategy solutions, he thrives on solid research and detailed analysis (just what we would expect from a former tax lawyer!). And if there are awkward questions, this guy will ask them.
I have a very worn out copy of Stephen's last book - Making Sense of Law Firms - at the side of my bed (sad I know) and have been waiting for him to write a book on this topic. Lets hope it doesn't give me nightmares!!!
I have a very worn out copy of Stephen's last book - Making Sense of Law Firms - at the side of my bed (sad I know) and have been waiting for him to write a book on this topic. Lets hope it doesn't give me nightmares!!!
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