Seeds of change

How can SME law firms support and encourage growth?

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ISSUE IN BRIEF

Welcome back to the wonderful world of LPM. Hope you’ve had a lovely summer – it may be nearing its end but we’re kicking off September with a story of growth. What does it take to tighten finances and find the funding and right strategy needed to support growth? Josh Adcock raises the curtain on p16.

Another topic taking centre stage this month is diversity – and it’s two-fold. Jem Sandhu reports in from the zebra project: Diversity and inclusion – from tokenism to transformation, by Taylor Vinters (p5). And LPM asks Emma Whiting, co-founder and partner at Torque Law, about her firm’s neurodiversity campaign – aimed at educating people and companies on the importance of employing those with hidden disabilities (p6).

You may think you’ve heard all you need to hear around diversity and inclusion but topics like these are still important to talk about, especially for firms looking to grow their practices (*wink, wink, nudge, nudge* p16) – so get involved in the conversation.

CAPITAL IDEAS

The finicky nature of funding growth makes finance at SME law firms a delicate balancing act. While there is a range of options available for finding the money to make change happen, sometimes it can boil down to improving everyday financial hygiene – but it can also mean rethinking a firm’s identity.

TECHNOLOGY TRANSFUSION

If only it were as easy as a Star Trek Borg assimilation – being plugged into the mainframe platform and obtaining the mindset needed for the digital transformation. I’m allowed to be brutal when discussing lawyers’ attitudes to technology, as I am one.

SIZE THE DAY

Research conducted by LexisNexis highlighted that small firms are becoming more and more attractive to legal professionals as their chosen employer. Currently, small firms make up an overwhelming majority of the legal market, with 95% of firms earning under £500k and 50% earning less than £150k.

BOARDROOM BIRTHDAY SUIT

According to McKinsey, people are not loyal – 60% of the consumers surveyed for a consumer behaviour report in 2017 said they would switch when considering a new purchase. In 2019, ‘the moment of initial consideration’ (otherwise known as first impressions) is vital.


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