Wednesday 12 March saw our first High Street Lawyer Strategy Day of 2014. Delegates came from Yorkshire, Devon, Cornwall. Essex, Wales and London. Ideas were shared, problems solved and the general theme from the short interview that I conducted with delegates was that the quality of the discussions was unlike anything available to the owners and staff of small law firms anywhere else. Our fay was kindly hosted by DUAL Asset Underwriting and we look forward to launching our next project with them very soon.
Our day started with an update on the Professional Indemnity Insurance market by Stephen Levey of St Giles. It was well reported last year that over 130 firms closed due to an inability to obtain insurance cover. The reality, we learned, is that many more firms may also have failed to report and the real situation could be far worse. With the closure of the assigned risks pool and concerns around rated versus unrated insurers the situation for small law firms is far from clear for this coming year. Resisting any crystal ball gazing for the coming year, Stephen instead gave practical advice to delegates about how to get the best possible PII deal.
The next session focussed on marketing on a shoestring budget, which for most small law firms typifies the double edged sword that they face daily. Spend time and money on marketing or do the work that you have in front of you. Spend no time or money on marketing and there will be very little work in front of you. Joe Reevy of Words 4 Business gave an insight into network marketing and how to work your existing contacts, turning them into advocates for your business to generate more work.
Neil Thorogood of Lloyds Bank told us how small law firms can keep their bank managers happy. It doesn't involve boozy lunches. It involves sensible business planning, strong financial management and honesty about any problems your business might face. Neil and his colleagues are all Lexcel qualified so they understand law firms and the multiple pressures that they face.
A COLP (Compliance Officer for Legal Practice) is expected to spend up to 30% of their time on compliance activities. How that leaves any time left for fee earning is not clear. What was clear from Stephen Madge's talk was that the regimes surrounding compliance for small law firms are of procedures and preparedness. Can your firm demonstrate that it has systems in place so that it has the confidence to show that it is compliant? Stephen and his colleagues at Principle 8 advise law firms of various sizes on compliance procedure.
Our delegates other benefit from the day was Networking. Although our members meet virtually on our online platform, nothing beats a face to face meet up. Here are some of the comments I received at the end of the day.
"I really enjoyed the HighStreetLawyer Strategy Day, there is a bright future for high street firms after what I heard today."
"...a community feel and a trading of ideas that you don't get at big events"
"the presentations were fantastic. I have a renewed energy and ideas for my business"
"Very illuminating and slightly frightening"
"very useful in respect of day to day practice"
"Excellent day, met some interesting people"
"Fantastic to meet the people we connect with on HSL Workshare"
"Delighted we came here today"
Find out more about High Street Lawyer by joining us on HSL Workshare https://cloud.workshare.com/highstreetlawyer.com/signup?1
Our day started with an update on the Professional Indemnity Insurance market by Stephen Levey of St Giles. It was well reported last year that over 130 firms closed due to an inability to obtain insurance cover. The reality, we learned, is that many more firms may also have failed to report and the real situation could be far worse. With the closure of the assigned risks pool and concerns around rated versus unrated insurers the situation for small law firms is far from clear for this coming year. Resisting any crystal ball gazing for the coming year, Stephen instead gave practical advice to delegates about how to get the best possible PII deal.The next session focussed on marketing on a shoestring budget, which for most small law firms typifies the double edged sword that they face daily. Spend time and money on marketing or do the work that you have in front of you. Spend no time or money on marketing and there will be very little work in front of you. Joe Reevy of Words 4 Business gave an insight into network marketing and how to work your existing contacts, turning them into advocates for your business to generate more work.
Neil Thorogood of Lloyds Bank told us how small law firms can keep their bank managers happy. It doesn't involve boozy lunches. It involves sensible business planning, strong financial management and honesty about any problems your business might face. Neil and his colleagues are all Lexcel qualified so they understand law firms and the multiple pressures that they face.A COLP (Compliance Officer for Legal Practice) is expected to spend up to 30% of their time on compliance activities. How that leaves any time left for fee earning is not clear. What was clear from Stephen Madge's talk was that the regimes surrounding compliance for small law firms are of procedures and preparedness. Can your firm demonstrate that it has systems in place so that it has the confidence to show that it is compliant? Stephen and his colleagues at Principle 8 advise law firms of various sizes on compliance procedure.
Our delegates other benefit from the day was Networking. Although our members meet virtually on our online platform, nothing beats a face to face meet up. Here are some of the comments I received at the end of the day.
"I really enjoyed the HighStreetLawyer Strategy Day, there is a bright future for high street firms after what I heard today.""...a community feel and a trading of ideas that you don't get at big events"
"the presentations were fantastic. I have a renewed energy and ideas for my business"
"Very illuminating and slightly frightening"
"very useful in respect of day to day practice"
"Excellent day, met some interesting people"
"Fantastic to meet the people we connect with on HSL Workshare"
"Delighted we came here today"
Find out more about High Street Lawyer by joining us on HSL Workshare https://cloud.workshare.com/highstreetlawyer.com/signup?1
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