“Management is doing things right; leadership is doing the right things.” Peter F. Drucker
Law firm practices are undergoing a period of transition and operations are changing. Digitalization is changing client behavior models and, consequently, also the business model of law firms. Not only must lawyers be closer to clients and part of their value chain, they also must provide services that support business and genuinely produce added value.
Tackling growth challenges with meticulous strategy work and inspiring leadership
Lexia had the honor on May 23, 2017, to host an evening for members of the Strategic Management Society of Finland (SSJS). The inspiring evening was opened by the Society’s Chairman Kimmo Suominen together with Executive Director Päivi Vuorimaa, and then Chairman of Lexia’s Board Mikko Räsänen presented a detailed account of Lexia’s strategy work and the preparations being made for the future in a sector that is at the threshold of major change.
“As one of Finland’s fastest growing law firms, we too have become familiar with growth challenges. Company growth requires much more than before in terms of strategy, the management system and the nurturing of an inspiring corporate culture. Business planning is a continuous process for us, and we have seasoned business managers, clients and our entire personnel involved in it. Having a shared vision and development programs that aim to improve our operations helps us to stay in the vanguard of change and to keep clients and personnel satisfied. It is really rewarding to see Lexia and its personnel grow alongside our clients,” Mikko Räsänen said.
Does your company already have a digivision?
Ari Rahkonen, Chairman of Innofactor’s Board of Directors and Senior Advisor of Lexia’s Advisory Board, described the impacts of digitalization on managing a law firm. Today management must be in the know about technology trends and how they impact the sector. Ari encouraged the monitoring of also players outside their own sector, because the disruptive business models typically come from outside the sector.
So how can digitalization be integrated into a company’s strategy?
“It would be good for the company to have its own digivision, one that has already given thought to, e.g., the business processes for which change is being pursued, and how clients can be part of the development. The organization’s own frontrunners also need to be identified because they can be of big help in the future,” Ari Rahkonen said.
Ari crystallized the digitalization of services into three theses:
- Meaningless and repetitive tasks must be eliminated or automated
- The share of self-service must be increased
- Some tasks should be shifted to where it makes the most sense to do them
This is also how Lexia operates.
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