Consulting editor(s): Christoph H Vaagt on behalf of the International Bar Association

Publication date: Sep 2020

Format: Hardback

Pages: 271

Price: £95.00

ISBN: 9781787423022

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Review for previous edition: The book emphasizes the market and resource side of law firm management, pointing out new ways to look at, think about and carry out the right strategies with a view to staying a step ahead of competitors.

- Phillip Taylor MBE, Richmond Green Chambers

Review for previous edition: Each chapter is a stand-alone gem and yet a fully integrated part of the jig-saw, which becomes a beautifully illustrated pictorial sculpture, when all the chapters pieced together to form the unified whole.

- Pippa Blakemore BSc PGCE, The PEP Partnership LLP

Inspiring combination of varying perspectives on relevant strategic issues and practical deep-dive on some topics. In particular, excellent highlighting of the importance of collaboration.

- Nora Teuwsen, Partner Bär & Karrer Ltd.

Today’s transformation of the legal market is accelerating and more complex than ever. Applying a strategic approach does not only decrease uncertainty but improves the management of the inevitable change. This book provides practical and useful insights and offers an excellent source for further inspiration to anybody willing to proactively steer their own law firm’s development and future.

- Bruno Mascello, Attorney at law and Professor of Legal Management, University of St. Gallen

There are books that are helpful and books that are insightful. This is one that is not only both, but deserves a place close by on the office bookshelf of anyone grappling with today's array of law firm management challenges. The contributing authors provide valuable insights and tools that span the range from broad strategy and law firm mergers, to the foundational importance of legal ethics and reputation management, to internal configuration and alignment, change management, legal technology, client management and pricing. 

- Stephen W. Bowman, Vice Chair & Managing Partner, People & Talent, Bennett Jones LLP

LFS is a must for your law firm library. By combining a renowned group of experts, LFS offers practical ideas and approaches on how best to create a legal strategy based on the values, ethics, cost concerns, size and future goals of any law firm. By accessing the latest research on professional services firms, LFS succeeds in being an extremely useful book for both academics and practising partners alike. LFS will remain a continued source of reference for a law firm and allow those who read this book to stay ahead of the curve when it comes to competition and change.

- Meg Strickler, Business Law International

As the legal landscape becomes increasingly competitive, it is clear that law firms do not always do enough to remain at the top of their game. Firms that have embraced the challenges presented by increased competition are undeniably in a better position than those that have not.

This title aims to help partners understand what they can – and what they should not – do to chart the course of their firm most effectively, and covers current topics such as digitalisation and client acquisition and retention. Keeping abreast of market developments is an essential part of law firm management and this edition focuses on helping partners, and their teams, to develop the right strategy.

The second edition of this practical title in Globe Law and Business’s series on the business of law, coordinated Christoph H Vaagt on behalf of the International Bar Association, offers up new ways to think about strategy and how to explore it in the context of a partnership. It includes contributions from leading academics, consultants and law firm partners who share their insights and experience in strategy development and management.

Whether you are a managing partner of a small, medium or large law firm, this book offers a variety of viewpoints in a comprehensive single volume. As well as partners and their teams, it will also prove useful for consultants and academics in developing research in this important area.

New chapters: 

  • Strategies of small, midsize and larger law firms: one fits it all?
  • How to drive change in a partnership setting
  • Implementing a smart collaboration strategy
  • Business model transformation as a tool for driving strategic innovation and growth
  • Matter management in law firms – the impact of legal project management
  • Legal tech as a factor in strategic law firm development

Also new to this edition: 

  • Understand what triggers change among professionals, where the obstacles lie and how they can be overcome, and consequently design successful and harmonious change projects
  • Explains how to build strong law firm strategy based on the combination of its resources that creates unique value proposition, and can sustain during turbulent times
  • With examples of costs and benefits, provides an introduction to legal tech and discusses why it will be useful to put it on the agenda for strategic law firm development
  • Provides orientation across the entire matter management lifecycle to help facilitate the introduction of legal project management principles and practices, highlighting the benefits and challenges alike. Check-list summaries and tables empower readers to easily introduce the contents into their daily routines
  • Contains a new and innovative model for understanding how reputation is developed, leveraged and transmitted, as well as new literature and definitions of reputation, insights into how project quality and reputation interact, and how networks, trust and knowledge build reputation among clients
  • Explores new delivery models such as multi-sourcing, the greater use of data and management information to drive strategic decision making and the emergence of a new generation of sophisticated legal pricing software, all of which will better equip legal professionals to manage these key elements of legal operation