The Growth Flywheel

Here's a summary of the recent webinar I hosted alongside Joanna Gaudoin and Graham Archbold 

The three of us had been discussing for a while the challenges around law firm growth, which led to the idea of the Growth Flywheel (pictured)

It seemed to us that consistently achieving high quality fee income growth tended to fail where (at least!) one of these elements wasn't in place and working effectively

For the benefit of those who could not attend, the key questions to consider within each element are:

Commercial Acumen

- Do senior fee earners have the broad commercial skills to balance demand growth with internal capacity?

- Is the strategy for growth understood and joined up across partners and teams?

- Is work priced effectively, such that the growth is profitable and sustainable? (not growth for the sake of growth!)

Business Development

- Is the distinction between BD and Marketing understood, and appreciated?

- Are you involving wider teams in a structured and consistent approach to BD? Rather than BD resting on the shoulders of a few

- Are you effective at the 5 P's of proactive business development?

Client Insight

- Are you diagnosing client relationship problems and opportunites?

- Is that then informing a plan, against which progress is monitored?

- Are those client insights leading to updates in the firm's broader growth strategy or specific BD plans?

Plenty of other ground covered. AI came up, as did a whistle stop tour of inflation in legal services. And some good questions at the end to keep us on our toes!

A recording of the webinar can be found here (email registration required)

The Growth Flywheel