The Scottish legal firm, Morisons LLP went into administration on 29th March 2019 leading to gasps of air from commentators.
Morisons can trace their roots back to the 1860's and I need to declare an interest...I uses to work there.
It begs the question; How can a firm like that simply disappear, cease no more, go bust?
The answer lies in the simple phrase; market forces.
The source of the demise could probably be traced back to the Clementi Report and the changes in the way law firms of the future were allowed to operate.
This gave law firms new powers but it effectively brought them into the 21st Century.
Sadly, Morisons chose to stay stuck in the past.
It was a mid-tier firm with no direction.
Had it embraced value pricing, looked after customers, embraced technology, embraced social media (I set up their first Twitter account in 2009! Seldom used since then!!) and booted out some snakes in their domestic grass, then they might have stood a chance.
They failed to react when other firms around them moved on, brought in external expertise and stole their lunch and they paid the price.
The fact that their name was constantly confused with the supermarket group didn't help either. But then again, they had numerous opportunities to change it with all the mergers they did.
Instead, they made a right Plum-Duff of things!
Morisons can trace their roots back to the 1860's and I need to declare an interest...I uses to work there.
It begs the question; How can a firm like that simply disappear, cease no more, go bust?
The answer lies in the simple phrase; market forces.
The source of the demise could probably be traced back to the Clementi Report and the changes in the way law firms of the future were allowed to operate.
This gave law firms new powers but it effectively brought them into the 21st Century.
Sadly, Morisons chose to stay stuck in the past.
It was a mid-tier firm with no direction.
Had it embraced value pricing, looked after customers, embraced technology, embraced social media (I set up their first Twitter account in 2009! Seldom used since then!!) and booted out some snakes in their domestic grass, then they might have stood a chance.
They failed to react when other firms around them moved on, brought in external expertise and stole their lunch and they paid the price.
The fact that their name was constantly confused with the supermarket group didn't help either. But then again, they had numerous opportunities to change it with all the mergers they did.
Instead, they made a right Plum-Duff of things!
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