Law Firm Strategy: Competitive Advantage and Valuation

400 pages | 978-0-19-923174-4 | Hardback 2007
Oxford University Press

In the first part of the book, I explore the emerging landscape of legal services.  I discuss fair market valuation and the link between strategy, competitive advantage and valuation, before addressing regulation and competition.  The decline of regulatory barriers (including the Clementi Review and the Legal Services Bill) and the effects of maturing markets are examined, as well as the issues and challenges of consolidation and polarisation of legal service providers, and globalisation.  I then examine the nature of competitive advantage, including its foundations and sustainability.  In the third section, the principles of valuation, including definitions of value and methods of valuation, are looked at, in addition to an  analysis of the drivers of value in law firms and guidance on how to optimise and sustain income.  A section on the implications of valuation then focuses on issues such as the possible tensions between individuals and the organisation, collective action and commitment, and the longevity of the firm. In the final section, I look at the foundations of strategy, such as: its context; the ‘strategic triangle’ of services, clients and geography; strategic objectives and risks; the strategic response; and the building of capital for competitive advantage (including a discussion of financial, physical, human, social and organisational capital). The book ends with a discussion of future prospects for the legal services market.

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