Client Location:
UK, Europe & Middle East

Industry:
Legal

Legal services , IPO and long term growth

Situation and Challenge

  • Legal services and how are they delivered
  • Is the firm ready to face ABS and commoditised services
  • Unpredictable results patterns, poor understanding of value levers
  • Inconsistency of performance across key fee earners/lack of real clarity
  • No uniformity and /or commitment to the goals and strategy for the business
  • Inability to manage leverage and treasury matters
  • Material challenges in Tax planning not fully implemented / understood
  • Management information complex and inconsistently interpreted via “pick and mix’ implementation
  • Poor returns and losses on previous projects and acquisitions
  • Delayering of underlying business vs acquired oblique
  • Weakness in financial governance and risk management processes
  • Evaluating alternate corporate structures and value release to partner mechanisms urgently required opposite rapid market changes and competitor activity

Approach

  • Working closely with the main board and wider ownership group to establish “ current understanding” of value drivers and value looser’s
  • Draw attention to weaknesses and prioritize fixes in the initial 4-6 weeks
  • Ensure each team members knew their position “ on the pitch” and played in position
  • Share the initial assessment and diagnosis of the issue with the board/owners and gain agreement to a plan to improve outcomes
  • Constructively challenge the businesses approach to growth and encourage evidence based investments and consolidation and understanding of the existing challenge [internally and market trends]

Method

  • Visualization through daily blogs, weekly performance updates across the entire business pointing out what we did well, what should we look at next
  • Using the internal communications team, extended and maximize the reach -using these channels make clear the key strategic themes and repeat , repeat repeat…
  • Encourage full and frank feedback from every level of the business of what doesn’t work for them – join up the boards intention with the “ in the field” implementation
  • Learn and listen carefully to the feedback and put plans in place immediately to address in a coordinated fashion

Outcome

  • Secured new finance package in 20 days through existing “Road to Value’ network relationships and efficient use of refinancing templates [ covenants/ exclusions/ asset backing and so on ] built by myself over many years- effectively reducing the timetable by months
  • Results and forecast became highly reliable [ 97% + accuracy ]
  • Confidence grew in the business ; very positive feedback from partners , the board and banking group
  • Introducing through RTV networks , experts on productivity and MIS in the services field to streamline “too much data / not enough information”
  • Business yielding more from existing asset without growth overlay
  • Significant process weaknesses closed
  • Client on track to be top 10 in its field
  • Better understanding and visibility of how, why and where to apply pressure on the value losses and loosers
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