Bigger. Better. Both?
16 November, 2016
Specialist and boutique firms – bigger or better? How to grow an exit valuation.
Warren Riddell. Accounting. beatonlive. Consulting engineering. Engineering. Law. Management consulting. Other professional services. Strategy
Growth strategies for specialist and boutique firms can be fraught with contradictions and conflicts. The potential for growth and scale is a fundamental component of a firm’s exit valuation, but how to grow at the right pace whilst retaining a firm’s USP?
15 September, 2016
The who, what and why of strategy
Warren Riddell. Accounting. beatonlive. Consulting engineering. Law. Management consulting. Other professional services. Strategy
Most leaders don’t have time for complex strategies. So how can you reduce complexity to simplicity, or chaos to order in developing and presenting strategy? Here’s how – focus on the who, what and why.
23 August, 2016
Strategy Playbook for professional services firms – video introduction
Warren Riddell. Accounting. beatonlive. Consulting engineering. Engineering. Law. Management consulting. Mergers & Acquisitions. Other professional services. Strategy
The first evidenced-based guide to developing strategy for professional services firms A Strategy Playbook for professional services firms has had over 200 unique downloads. Follow the link below to see a 2 minute introduction by the author and access the download here.
22 August, 2016
Specialist and boutique firms – what is my firm worth?
Warren Riddell. Accounting. beatonlive. Consulting engineering. Law. Management consulting. Mergers & Acquisitions. Strategy
Succession and exit remains one of the leading issues we are asked to advise on at Beaton Capital. What is my firm worth, my staff can’t afford to buy me out, how do I prepare for a third party sale are just some of the questions that follow this common theme. Here’s where to start…
19 July, 2016
First NewLaw firm in New Zealand
lexvoco is the first NewLaw firm in New Zealand, entering by crossing the Tasman. While this might not necessarily be regarded as noteworthy, the speed with which lexvoco is spreading is truly remarkable.
1 July, 2016
A Strategy Playbook for professional services firms
Developing and implementing strategy for a professional services firm can be a tough call for leadership. How can a big picture strategy be effectively developed, deployed and measured at the practitioner level? Here’s the answer.
Warren Riddell. Accounting. beatonlive. Consulting engineering. Engineering. Law. Management consulting. Other professional services. Strategy
Developing and implementing strategy for a professional services firm, indeed for any personal exertion services enterprise, can be a tough call for leadership.
16 June, 2016
13 May, 2016
Has the juice been squeezed from BigLaw’s business model?
Central to the profitability of the ‘BigLaw’ business model is how rainmaking equity partners, i.e. the owners, win work for the firm and enlist other fee-earners to do the bulk of this work. Since the 1950s, this model has been hugely successful, both in serving clients and making a great deal of money for owners. However, […]
29 April, 2016
More NewLaw M&A: Elevate acquires Legal OnRamp
‘Tis the season for NewLaw M&A as Elevate acquires Legal OnRamp. The union means Elevate, a leading legal services provider, will expand even more rapidly now that it has combined with the innovative legal technology of OnRamp.
19 April, 2016
16 April, 2016
Are today’s young lawyers opting out of the Hunger Games?
Compared to 1991 it seems today’s young lawyers opting out of the Hunger Games. In that year Marc Galanter and Thomas Palay wrote Tournament of Lawyers positing that the success of the BigLaw business model depended in part on an incentivised ‘tournament’ for promotion. No more it seems.
29 March, 2016
Tales from a buy-side mandate
Warren Riddell. Consulting engineering. Engineering. Law. Management consulting. Mergers & Acquisitions. Strategy
It never ceases to amaze me when sell-side targets fail to respond to buy-side approaches. Yes, it can be a distraction, but if the leadership of a sell-side target has time and curiosity they can learn much.
28 March, 2016
Artificial Intelligence in Law: The State of Play 2016
Michael Mills' deep insights add to the digitisation themes Beaton is sharing with our readers, for example 'Digital disruption in professional services delivery' and 'What law firms and taxis have in common'. Michael is Co-Founder & Chief Strategy Officer at Neota Logic Inc, a leading global provider of intelligent software and provider to many leading law firms and a world authority on artificial intelligence in law.
With Michael’s permission, beaton is delighted to re-publish ‘Artificial Intelligence in Law: The State of Play 2016’ by Michael Mills, Co-Founder & Chief Strategy Officer at Neota Logic Inc.
15 March, 2016
The third major NewLaw announcement in three months: Clients win
Over night from Toronto comes the news of a joint venture between Deloitte and Conduit Law. This is the third major NewLaw announcement in three months of strategic global significance.
24 February, 2016
21 February, 2016
21 January, 2016
What does the pace of law firm mergers mean?
According to a recent ABA Journal article, Law Firm Mergers Continue at Record Pace, the first nine months of 2015 saw the highest number of law firm mergers (in the US) since Altman Weil began tracking them, and all were acquisitions of firms with fewer than 35 lawyers. In late December, Law360 reported that 2015 set a […]
15 January, 2016
1 January, 2016
What law firms and taxis have in common
‘What law firms and taxis have in common’ is my rhetorical way of capturing the relevance to BigLaw firms of a truly insightful article titled What is Disruptive Innovation? by Clayton Christensen and colleagues in Harvard Business Review, December 2015.
6 December, 2015
Resolving the prioritisation crisis in BigLaw firms
In some ways I wish I had read Zone to Win: Organizing to Compete in an Age of Disruption, Geoffrey Moore’s most recent book (2015) while researching the content for Remaking Law Firms (1). On the other hand it’s pleasing to have come to much the same conclusions as Moore about the urgency in resolving the prioritisation crisis, in my case the […]
4 December, 2015
Thinking of selling your firm in 2016? Here are 12 lessons from 2015
Warren Riddell. Accounting. Consulting engineering. Engineering. Law. Management consulting. Mergers & Acquisitions. Other professional services. Strategy
The end of the calendar year is typically a time to contemplate the future, so if you are thinking of selling your firm in 2016, here are 12 lessons from 2015. For many owners this is the time of year when they contemplate their exit.
30 November, 2015
BigLaw can emulate Private Equity to achieve greater growth
The current destinies of the private equity and BigLaw industries have several similarities that are useful provide useful insights for the leadership of BigLaw firms in their efforts to find new areas of growth.
25 November, 2015
Growth won’t solve your firm’s problems
‘Growth won’t solve your firm’s problems’ is a powerful article in The Am Law Daily on which Ed Reeser has written an equally compelling commentary. We are pleased to publish extracts of Ed’s comments on Growth won’t solve your firm’s problems because of their deep implications and insights for BigLaw business model law firms everywhere.
12 November, 2015
Ecosystems – get wise to the new language of business strategy
Warren Riddell. Accounting. beatonlive. Consulting engineering. Disruption. Engineering. Law. Management consulting. Other professional services. Strategy
Those of us brought up on value chain business models need to open our minds to major change. Value chain analysis was identified as core to formulating business strategy by Michael Porter in the 1980s. Now ecosystems thinking is replacing value chain doctrine.
11 November, 2015
Case study: How professional salespeople succeed in law firms
DLA Piper – whose revenue grew 14.6% in 2011 as the firm rose to become the second highest grossing law firm in America – maintains a dedicated sales division – and so can yours. Formed in 2005 by a merger between three firms: San Diego-based Gray Cary Ware & Freidenrich LLP, Chicago-based Piper Rudnick LLP and London-based DLA […]
29 October, 2015
One year on has Spruson & Ferguson left the others for dead?
When Spruson & Ferguson, a traditional Australian IP firm, listed on the ASX in November 2014 it was a quiet, understated affair. But in one year its share price has more than trebled and its market cap is over $1.2b. Not bad for a bunch of 20 or so patent attorneys and IP principals.
19 October, 2015
Generational change is slow in law firms
A recent study reveals the dangers of being slow to in making generational changes in law firms. Leadership in AmLaw100 firms is concentrated in the hands of older baby-boomers and members of the Silent Generation, born before the end of World War II. But while there is clear evidence of generational change occurring in the […]
15 October, 2015
13 October, 2015
Profit, delusion and the BigLaw obsession
His K&L Gates provenance and the way our guest contributor began his recent article in Legal Business caught my eye. Tony Griffiths’ piece was titled “…on profit, delusion and how Big Law became obsessed with the wrong things”. With his permission, we quote Tony and reinvigorate debate on the dangerous obsession with law firm league tables.
8 October, 2015
30 August, 2015
Ides of Maturity reflected in State of Legal Market Report
In March 2014 my colleague George Beaton posted The Ides of Maturity for professional services firms marks a modern-day turning point, an article based on his keynote address to the 2014 Client Choice Awards. George’s view of the future has recently been reinforced by a report on the state of the Australian legal market. This […]
22 August, 2015
Legal Innovation Index Awards address by Dr George Beaton
This post is a précis of an address at the Legal Innovation Index Awards by Dr George Beaton. Courtesy of the hospitality of LexisNexis® Pacific and Janders Dean, I spoke at the Legal Innovation Index Awards in Sydney on August 20, 2015. Over 100 people gathered to celebrate the winners from a very high quality, hotly contested field […]
20 August, 2015
Lessons in client complaint handling for every professional services firm
Beaton is delighted to re-publish ‘Loyalty moments and online dispute resolution – a lesson about complaints?’, the first post from Professor Richard Moorhead on our blog. We are all privileged to have this access to Richard’s insights into many facets of the legal and other professions contributed in an incisive and inimitable style. You are invited to welcome Richard and join […]
15 August, 2015
10 reasons BigLaw managing partners are not sleeping very well
We have heard at least 10 reasons why BigLaw managing partners are not sleeping very well in recent one-on-one conversations and our beatonlive conferences. Some are deeply worried. Others are truly excited. Here’s a summary of why this dichotomy exists.
20 July, 2015
Pavlovian Pricing & Meritocracy Structures
Most of us are familiar with Pavlov’s classical conditioning experiments. It is therefore obvious to most that the best way to get the behaviour you want is to provide rewards for doing so, or at least refrain from punishing people for doing them. The flip side is that you have to make sure you’re not […]
13 July, 2015
Why clients of BigLaw firms value cost consciousness
Research by Beaton continues to show why clients of BigLaw firms value cost consciousness. If you understand what cost conscious really means to clients, this may not surprise you. But, did you also know that being well rated on cost consciousness by clients allows a firm to exercise price-setting discretion? In other words, you can raise your price – […]
8 July, 2015
When is a partner not a partner?
‘When is a partner not a partner?’ is an apt question with which to introduce this post from Ed Reeser and Patrick McKenna, two leading north American experts and commentators on law firm compensation. These U.S. trends and their consequences are increasingly apparent in Australia. Every law firm partner should be fully informed and take their own […]
7 July, 2015
Pricing and analytics: Houston, we have a problem!
The refrain; “If you don’t know where you’re going, any road will take you there”, is essentially a paraphrase of an exchange between Alice and the Cheshire Cat in Lewis Carroll’s ‘Alice in Wonderland’. Unfortunately, there are some strong parallels between Alice’s aimless wanderings and the approach that many firms apply to the pricing function. […]
16 June, 2015
So, you want to list your law firm on the stock market?
The headlines sound marvellous to hard-pressed law firm partners (don’t all weep tears of sympathy into your beer): “Gateley partners to share £25m”. Wow. An exit route and, what’s more, a means of realising a goodwill value for your practice, as well as the return of your capital. What law firm partner could want more? […]
3 June, 2015
Four reasons why pricing legal services is not black or white
There at least four reasons why pricing legal services is not black or white. Like brewing coffee, there’s art and science involved in pricing legal services. Richard Burcher, the world’s leading authority on pricing legal services, will be in Australia to lead beatonlive‘s conference The Last Frontier: Profitable Pricing for Law Firms on 6 August 2015 in Sydney.
11 May, 2015
11 May, 2015
Pricing v Billing: Just Semantics?
I still recall the (somewhat tongue in cheek) advice I had from the senior partner of the firm I was with in the early 80s… “When you send out a big bill, I mean an eye-watering bill, send it out on a Friday and don’t come to work on Monday – let someone else take […]
4 May, 2015
Why every firm needs a Managing Partner, Clients
Paul Hugh-Jones. Accounting. Consulting. Consulting engineering. Governance. Law. Management consulting
If you look around law and other professional service firms, it is clear that after a period of decline, the Managing Partner, Clients role is back in vogue – in Australia at Clayton Utz, King & Wood Mallesons, Herbert Smith Freehills, Ashurst and others – and with good reason. Here’s why.
28 April, 2015
Why BigLaw firms go down the money hole
Edwin B. Reeser, returns to Bigger. Better Both? in inimitable style with ‘Why BigLaw firms go down the money hole’ (‘BigLaw’ has been added to Ed’s original headline to emphasise the applicability of his admonitions to firms of the BigLaw business model variety).
21 April, 2015
Listed law firms – any lessons for future wannabes?
Warren Riddell. Architecture. beatonlive. Consulting engineering. Engineering. IP & Patents. Law. Mergers & Acquisitions. Other professional services. Strategy
The announcement on 12 March 2015 that publicly listed law firm Slater + Gordon was to make a AUS$1.2billion acquisition in the UK has debunked the myth that law firms can’t be successfully listed – or has it?
20 April, 2015
Why NewLaw in Asia should seek to define itself
NewLaw in Asia is an emerging phenomenon and one to watch closely. This post by John Grimley first appeared on Asia Law Portal and is re-published with John’s kind permission. In April of 2013, Richard Granat (@rgranat) asked: Is Axiom Law a Law Firm? in a blogpost which appeared on his widely-read eLawering Blog. And Granat is well qualified […]
8 April, 2015
Grow your firm by helping clients to switch to you
Dr George Beaton. Accounting. Architecture. beatonbenchmarks. beatonlive. Consulting. Consulting engineering. Law. Management consulting. Strategy
‘Grow your firm by helping clients to switch to you’ may sound like a simple statement of obvious advice. It’s not because, as the research amongst clients of professional services firms summarised in this post shows, you need to know how to do this to maximise the probability of winning.
8 April, 2015
#LegalLean… coming to the legal services ecosystem near you?
This is a time when early adopters of legal services innovation are experimenting with cognitive computing, design thinking, artificial intelligence, process improvement, offshoring key aspects of service delivery, and applying technology to drive efficiency and new business models. Many questions arise: What exactly is the nature of legal work? Is a law degree or a […]
7 April, 2015
Selling the firm: What acquirers seek – do you make the cut?
Warren Riddell. Accounting. Architecture. beatonlive. Consulting. Consulting engineering. Engineering. Law. Management consulting. Mergers & Acquisitions. Other professional services. Strategy
Deals are cut pretty quickly; it’s that first impression thing. It’s the due diligence and the legals that take the time. So here are the few basics that you need to get right before you seek a buyer – how do you stack up?
30 March, 2015
Earn-outs – you want me to do what!
Warren Riddell. Accounting. beatonlive. Consulting. Consulting engineering. Engineering. Law. Management consulting. Mergers & Acquisitions. Other professional services. Strategy
In planning the sale of your firm be ready to accept that around 40% of the purchase price will not be paid on sale. Typically you could wait for between one and three years to collect all your proceeds – and even then you may be disappointed. So how to be prepared? This is how.
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