Q : How can law firms improve their profits whilst meeting client demands for more cost effective and efficient legal services?
The Legal Services Act 2007 has forced law firms to focus sharply on the way legal practices are structured and how lawyers deliver legal services to clients. Alternative business structures and outcomes focused regulation provide both challenges and opportunities for the legal profession. In response, there has been a growing trend across the legal sector for law firms to merge to create a stronger market proposition, whilst others, anxious about their own lack of marketing knowledge or ability, and the enviable marketing resources of new entrants to the legal marketplace such as Cooperative legal services, have opted to join consortiums under a single brand such as Quality Solicitors.
Meanwhile, collaboration between local law firms provides an alternative way to meet the challenges facing the profession without firms having to compromise either their cultural values or lose their precious brand identity. With this in mind, Kimberley Williams, Managing Director of Williams Wroe Law management consultants has created the WIGWAM group, a network of law firms who meet in small groups in various geographical locations around the UK.
Meetings between managing and senior partners of member law firms and barristers chambers take place quarterly over lunch, creating opportunities for members to share ideas, knowledge and best practice.
The groups are often joined by invited guests who add value to the discussion by offering insight into the opportunities available to the profession, highlighting how other service providers can help firms to improve their efficiency and achieve economies of scale under group purchasing arrangements.
Firms can select which, if any, of the initiatives they would like to participate in.
Collaboration on;
- Shared knowledge management and referencing resources.
- Training on business development skills to win new clients.
- Reduced professional indemnity insurance premiums.
- Collective purchasing arrangements.
- COLP and COFA guidance.
enable firms to reduce their business operating costs and become more profitable, whilst at the same time strengthening professional relationships.
Martin Whitworth, Managing Partner of Gotelee Solicitors with offices based in Ipswich and Hadleigh said that “WIGWAM is a thought provoking group, which I am delighted to participate in. It is useful to be able to share ideas with my contemporaries who are facing similar challenges and to be able to debate local and national issues affecting the profession, whilst exploring opportunities to collaborate with a view to achieving economies of scale and cost efficiencies”
The annual investment required per firm to attend WIGWAM is £240 plus VAT.
If you are an innovative and entrepreneurial law firm or barristers chambers, you are welcome to apply join. (Membership application form)
Contact details;
01394 277066 / 07814 499375
Kimberley Williams
Managing Director
Williams Wroe Law Management Consultants
www.linkedin.com/in/kimberleywilliamswroe
OFFER
Williams Wroe Law management consultants is running an “Essential Business Development skills” programme covering topics such as E marketing, Project management, becoming a trusted advisor, networking to generate business, effective communication, and social media skills to help firms to grow their practices. The two hour sessions count towards CPD.
WIGWAM member firms and W4B clients are eligible for a 50% saving per course, with preferential training rates of £75 instead of £150 per session. Terms and conditions apply.
Please contact Kimberley Williams for further details Kwilliams@williams-wroe.com