Is Your Strategic Plan Still Fit For Purpose?

How long is it since you wrote your strategic plan?

Some Senior Partners and Managers in law firms write their plan and then place it with some reverence in a dusty file somewhere, never to be reviewed again.

I know that’s a bit extreme, but it does happen.

It’s best to consider your Strategic Plan as a working document that you can refer to as you move from where you are to where you want your firm to be.

You may have incorporated long- and short-term goals in your plan. You may have mini-milestone achievements to celebrate along the pathway. And you may even have referred to the plan to make sure you are still following it.

But is it still relevant?

Things can change, and your law firm may have different goals to those in the original document. A Strategic Plan should not be something that is set in stone; it's an honest, relevant and significant document that reflects your firm’s current state and how you plan to achieve your aspirations.

Therefore, you shouldn't be afraid to review it and ask yourself the question, “Is it still fit for purpose?”

If it is, then that’s great. You can go back to work and don’t need to read further!

However, if you have an inkling that perhaps it could do with a few tweaks here and there to make sure it’s current and reflects your law firm’s ambitions as they stand today, then read on…

IS IT REALISTIC?

So many strategic plans fail, and the main reason for failure is that they are not achievable.

It's fine to set yourself high goals, but if you make them impossible to achieve, you only serve to demotivate your entire firm as they struggle in an uphill battle that they can’t win.

So, while your goals should be something to aspire to, they should also be realistic.

Conversely, it may be that when you wrote the original plan, your end goals were something you considered as something to strive for in the future, but now you know they are easily achievable in a shorter time-frame.

In this case, you may want to move your original overall goals into ‘milestones’ and set yourself another ultimate goal.

Just make sure it's realistic too!

IS IT STILL ALIGNED TO THE FIRM’S ETHOS?

Depending on when you wrote the strategic plan, it could be that the ethos of your law firm has changed.

For example, you may have improved workplace well-being; by embracing diversity and inclusion in your law firm and implementing recognition and reward schemes for employees.

Celebrate and reflect this by adjusting your plan to accommodate these admirable factors and set milestones for more of the same!

Are the Timelines Still Relevant?

Additionally, check your timelines and deadlines. Are they doable?

It could be that you have more - or fewer - staff in your law firm than previously. This could impact on your ability to achieve deadlines and may need some adjustment either way.

Or it could be that your employee numbers are the same, but your workload has increased dramatically. In which case, you may want to allow yourself a little longer to hit deadlines.

WHO IS LEADING THE PROJECTS?

Initially, you will have assigned individuals to lead specific projects within your strategic plan.

Are the personnel in charge still the best people to lead on projects?

It might be that they have moved on, retired or even been promoted to a role which doesn’t allow them to focus on the initial area assigned to them.

What about the new talent within your law firm?

It may be that you have a new, gifted IT Manager who would be perfect to take over the reins of developing an improved in-house IT system, or that your recent Practice Director hire is ideal for overseeing the firm's expansion plans.

HAVE YOU COMMUNICATED GOALS TO YOUR TEAM RECENTLY?

Are your employees all up to speed on the strategic plan?

If you have had several staff changes, now may be a good time to go over the plan again, taking into account the new talent within the firm who can help you achieve long and short-term goals.

Revisiting the strategic plan will also embed a sense of belonging and ownership within the law firm as a whole, encouraging everyone to play their part in its achievements, celebrating milestones and working collaboratively to achieve the aims set down.

I can’t overemphasise the importance of transparency in your communication with your team – you need to get them on board with your strategic plan; otherwise, that’s all it is, a plan with no-one engaged and willing to take it forward.

And trying to take anything forward in those conditions will prove difficult.

HAS THE MARKETPLACE, OR YOUR CLIENTS, CHANGED SIGNIFICANTLY?

Finally, take some time to consider the legal marketplace around you.

It may have expanded or decreased in your area, both geographically and in terms of specialisms; talent may have become more challenging to find and hire. It may be that you should consider revisiting some of your plans.

Have the requirements of candidates changed since you wrote your plan? Is it worth reconsidering your hiring, onboarding and expansion strategies?

Do you need to rethink company culture and the part it plays in helping you grow your legal team?

Additionally, what about your clients? Has your client base changed? Does your geographical location still work in terms of serving those clients?

Does the service you offer reflect their needs? Do you offer more specialisms, or has the firm decided to go more ‘niche’?

In either case, do you need to revisit any of your original goals?

WHAT NEXT?

Revisiting your Strategic Plan and ensuring it’s still fit for purpose will enable you to make sure you’re on the right track for success in your law firm.

It will enable you to move forward with relevant goals and strategies in place, and help with employer branding by positioning you at the front of the pack.

So, it’s crucial to see your Strategic Plan as a working document in order for it to be useful.

Don’t let it sit in a file any longer!

NEXT STEPS

If you’re reading this article because you are looking to grow your legal business, call one of the Clayton Legal team on 01772 259 121 and let’s have a conversation to explore your options. With our help, your transition can be smoother and quicker.

Thanks

Lynn