Just to recap, for the very first time this Act will allow law firms to become Alternative Business Structures (ABS) possibly to merge with other companies and to sell shares on the stock exchange or privately to investors.
I asked him what law firms should be doing now, today in March 2011 to prepare for investment (should they need it). I also had one eye on the Scottish market in readiness for 2012, so the checklist below will apply to the whole of the UK.
Here is his list:
a. Create a clear strategy for growth focussing on the 'commodity' you deal in which could be; Residential conveyancing, debt recovery, mortgage repossession, claimant personal injury, re-mortgage and probate.
b. Are you making best use of IT and are you outsourcing where possible?
c. Consider strategic alliances with Claims Management Companies, legal expenses insurers, other law firms etc.
d. Create a more corporate structure with key roles filled eg Marketing Director, Financial/Investment Director.
e. Develop a concensus amongst the partners (possibly the hardest to achieve!)
I would probably have put the Partner consensus first as without it the rest won't happen.
If you would like me to put you in touch with the Broker, feel free to contact me.