A model of change for the legal sector
Joanna Worby, managing partner at Brachers, outlines the rationale and advantages for a regional firm, with deep local expertise and connections, to explore an alternative route to business growth
The legal sector is in a period of unprecedented change, with regional firms being reshaped by technological advancement, changing client expectations, increased regulation and evolving business models. As competition intensifies, we face growing pressure to differentiate ourselves, with clients looking for specialised expertise and added value from their advisers. The requirement for lawyers to be a business partner rather than just a legal adviser is more critical than ever.
Alongside this is the digital transformation of the legal world. Adopting new technologies and AI is essential if firms want to stay ahead, but this must be balanced with managing increased cybersecurity risks and the pressures of stringent regulatory and compliance requirements to protect our business and ensure sustainable success.
For firms such as ours, investing in staff, leveraging technology, offering flexible service models and embracing specialised expertise are key strategies for success. However, securing the necessary investment to achieve this presents increased risk for the owning partners.
The growth conundrum — a solution without compromise
We find ourselves in a complex dilemma where growth is required to raise capital to invest, but investment is required to grow — and relying solely on organic growth is often insufficient. Historically mergers have been one solution to enhancing market share, expanding service offerings and optimising operational efficiencies. However, in reality mergers can be difficult to achieve, and the operational efficiencies slow to materialise.
Additionally, mergers or acquisitions by larger firms can threaten the deep local knowledge and established reputation and relationships regional firms have with their clients and communities. For a firm like us, one that has built a strong reputation in our local area over 130 years, losing this feels like too much of a compromise.
It is for these reasons, among others, that the Lawfront model was such an attractive offering to Brachers. We have built strong foundations in recent years, achieving impressive organic growth, developing our specialisms and strengthening our reputation. We’ve also been accredited as an ‘outstanding’ place to work and ‘Top 10 law firm to work for’ by Best Companies and invested in technology to create efficiencies. However growth through mergers remained elusive for many reasons particularly as we wanted to protect the business we had built and the values that were important to us.
Consistent identity, creating opportunity
Lawfront’s ethos of investing in regional hubs, preserving the identity of individual firms and delivering the benefits of national scale, offered a unique solution to our growth ambitions. As part of the group we are now in an even better position to navigate the evolving market. We can leverage our local knowledge and client relationships with the benefit of Lawfront’s resources to embrace innovation and enhance our service offerings, delivering greater value to clients through streamlined operations and adoptnew technologies to drive efficiencies.
Furthermore, attracting and retaining the best talent continues to be a priority for us. With investment in professional development and career advancement, we’ll be able to expand our talented workforce to help drive the firm’s growth.
The future of legal services demands adaptability, innovation and strategic partnerships. Joining Lawfront has provided us with the resources and support needed to face these challenges head-on, ensuring we remain a leading regional firm committed to excellence.
