What happened at HSL's Strategy Day

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

Featured Firm of the Week - Hutharts Law Firm Gateshead

Read most LinkedIn discussions about law firm marketing and the majority of the people involved in the discussion are marketing consultants. They may have been lawyers once too but switched from the practice of law to dispensing marketing advice to law firms. If small law firms followed all of the advice given out by marketing consultants, there would be little time left for the practice of law.

Our HSL member firms benefited this week from the marketing strategy and insights of our Featured Firm. Gillian Huthart, principal of Hutharts Law Firm of Gateshead not only told us what she had tried that worked but also what she had tried that didn't work. Gillian proved that she is not closed to trying new ideas to bring work into her firm, but that she has an acute awareness of when a strategy has not worked and it is time to move on.

One of the themes of Gillian's marketing efforts is availability. If you want people to use your law firm you have to be there for them, whether that is attending networking events at unsocial hours, opening outside of office hours so that working clients (most of them) can see you or using any spare time to call your clients and contacts to find out how their business is going and remind them that you and your business still exists.

Gillian Huthart's insights elicited one of the longest discussion threads we have seen on HSL Workshare but you'll have to sign up (for FREE) to see it in detail. It was described by one user as "the thread of the week".

Gillian extended her marketing strategy later in the week to discuss the benefits of pro bono work. Aside from the obligation some lawyers feel to give back to the community and the inherent feel good factor of helping others, Gillian revealed that her pro bono efforts of helping set up  charities and guide them though legal issues has led to lucrative commercial work as a result.

A real example of getting back more than you put in. Exemplified further by the positive comments, new followers and even a work referral that Hutharts gained in the week that they were our featured firm.

Based in Gateshead but acting for clients from across the North east and further afield, Gillian and her team of freelance lawyers looking for a better work life balance, deal with all commercial, corporate, property, IP and IT legal issues.

Connect with Gillian and other like minded law firms at HSL Workshare. Or join us on 12 March in Central London for the HSL Strategy Day