The legal services market has far greater competition than ever before and all law firms (SRA-regulated or otherwise) must be aware of the opportunities, challenges and threats that this presents. Firms must review their marketing strategy, ensure that their lawyers are equipped with the tools and skills to develop business for the firm, be able to enhance client relationships as well as building their own individual profiles.
Attracting the right people for the firm or business and then creating an environment in which they develop, are motivated and wish to stay with the firm is a challenge.
People are an organisation’s greatest asset but they are also the greatest risk to any business. Firms must be committed to the development of their people and provide them with the skills to build meaningful relationships with their clients, colleagues and peers.
The modern regulatory requires that firms provide training to all staff, to ensure that they are able to maintain the level of competence and responsibility appropriate to their work.