In this 200th episode of The Geek in Review, talk with Toby Brown, CEO and founder of DV8 Legal Strategies, and Nita Sanger, Director of Digital Advisory Services at Cherry Bekaert. There are three rules for growth and success when it comes to large law firms. Strategy, strategy, and strategy.
Brown emphasizes the need for law firms to develop strategies that prioritize clients and build meaningful relationships. He argues that “firms should start thinking of clients as customers and using customer experience as a way to differentiate themselves.” Sanger shares this view, adding that law firms should “focus on value creation, continuous improvement, and customer experience” as they grow and evolve.
Both Brown and Sanger discuss how law firms can reframe their view of growth, moving away from a talent management perspective and toward a mergers and acquisitions approach. Brown highlights his experience at a prior law firm, where he transformed the lateral partner program into a strategic acquisition initiative. He explains, “this is straight up M&A. So I renamed the program the lateral partner acquisition and integration program. And we treated it much like Apple or Google or any of them would treat their acquisitions.”
Sanger and Brown also touch on the importance of integrating newly acquired practices or firms into the existing business. Sanger emphasizes the need for planning and a program management office to ensure a smooth transition, while Brown shares his success with where hist firm had one of the highest lateral retention rates in the market due to the strategic approach and focus on integration.
Looking into the future, Sanger envisions law firms as technology-enabled platforms, providing a wider range of services, while Brown expresses concerns about the reluctance of law departments and law firms to prioritize standardized business processes over the individual preferences of frontline lawyers. Despite their differing perspectives on the future, both agree that a focus on strategy, client experience, and growth through mergers and acquisitions will be crucial for the success of law firms moving forward.
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Twitter: @gebauerm, or @glambert
Music: Jerry David DeCicca
Continue Reading Rethinking Law Firm Strategy: The Road to Growth and Success with Toby Brown and Nita Sanger (TGIR Ep. 200)