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Charting a 5-Year Strategic Growth Plan for a Major Law Firm

Charting a 5-Year Strategic Growth Plan for a Major Law Firm

CHALLENGE

A major UK law firm had grown too big to be agile, but was still not large enough to realize the benefits of scale. The firm had faced challenges of stagnating growth and increasing competitive pressures. They needed to evaluate growth options, pressure test them and activate the right tactics for maintaining an edge.

APPROACH

Grail researched and built a 5-year growth strategy for the firm. This included a robust SWOT analysis to ensure a 360-degree audit, which included looking at the firm’s financial, operational, client and employee data. We analyzed dynamics in the legal sector in the UK and Europe, as well as the potential within the client’s target industry sectors. Grail also facilitated workshops with key management to narrow down geographic, industry and practice area focus. Grail then conducted a second round of analysis to identify potential acquisition options to facilitate growth.

"This project changed our business. Grail helped us see opportunities in the market we couldn’t see ourselves, and provided a lens to see ourselves more clearly. We emerged a stronger, and eventually much larger, business as a result."

RESULTS

The plan offered a transformational new strategy and operating structure for the firm, which re-designed the ways-of-working within the business. The new strategy increased focus on certain industry sectors while outlining changes on how to better leverage practice area strengths. This included inputs on employee and culture issues, as well as tactical steps for organic and inorganic growth. The firm’s leadership bought into the strategy and implemented it effectively, including a series of acquisitions, to emerge as one of the top-10 European law firms.

Growth strategy helped achieve EUR 1Bn+ in annual revenues over 4 years