Private Client – Vision, Leadership, Plan, Engagement

November 28, 2024|Kim's Blog, Lawyers, Management Skills, Marketing, Social Media|

Last week’s MBL workshop on “How to manage and grow your private client practice” saw 100% delegates highly satisfied with the course overall, 100% highly satisfied with the trainer (that’s me!) and 100% highly satisfied with the course materials. One delegate commented: “Thank you very much – lots of food for thought and extremely useful tools – excellent materials”. So it was a great session. Here are the highlights which add to the delegates’ learning resources. The key topics arising from the session: Private Client – Vision, Leadership, Plan, Engagement and Delegation.

Delegates included senior private client lawyers and heads of private client teams from various UK locations including a couple from Scotland. Most were in established firms but some with relatively new private client teams or a sole private client practitioner.

Managing growth was a common theme – as well as co-ordinating multiple geographic locations (as well as city centre vs out of town offices). All delegates felt it was challenging to find time to manage alongside serving clients. Other issues included the structure of the private client team, managing mergers, capacity management, work allocation, training, succession planning, finding time to engage and obtain ideas from younger private client lawyers and change management.

Future dates for MBL sessions: Kim Tasso – MBL Seminars which including confidence, change management, cross-selling, persuasive writing, pitching, private client management and marketing, telephone skills, pitching and referrer management.

Vision for private client teams

Delegates highlighted the need to have a clear vision and strategy for the private client team. We explored the vision statements of large and small firms. We agreed that vision statements needed to be short, meaningful and to resonate internally and with clients. Vision also needed to recognise the importance of people and emotional factors.

With a solid vision it was then possible to develop meaningful aims and objectives. These needed to extend beyond financials (revenue and profit). Other aims included: reputation (rankings, awards), recruitment, employee satisfaction, staff retention, nature of clients, value of transactions, client service satisfaction, number of recommendations, value of cross-selling and other referrals and efficiency (allocation of right level of staff to each matter).

Strategy basics – Mission and vision statements with hedgehogs

A Guide to Law Firm Mission Statements (with Examples)

How to Create a Vision and Mission for Your Law Firm (And Why It’s So Important)

Leadership for private client teams

Delegates felt that key leadership attributes included: clarity of vision, supportive, approachable, available, listening, collaborative, respect and trusted. We explored different leadership styles and how to flex them to deal with different situations. Related resources include:

Top six leadership qualities?

Research on leadership and emotional intelligence (EQ)

Leadership teams: Maverick Magpies and Predictable Pigeons

Professional services leadership handbook – Book review

There was consensus that the “command and control” approach was outdated. A more inclusive and collaborative approach was required. This book explores this topic further: Book review: The Management Shift by Vlatka Hlupic

There was recognition of the need for private client leaders to take time out to consider vision, aims and strategic issues (for the longer term) as well as operational management in the short term. So leaders needed to be proactive rather than reactive. The regulatory and compliance burden also took a toll. We need to work “on” the business as well as “in” the business.

The value of coaching and mentoring skills for leaders was acknowledged:

Soft skills: Introduction to coaching – Three frameworks

Book Review: The Coaching Manual by Julie Starr – Kim Tasso

Book review: Coaching skills: A handbook by Jenny Rogers

A complete guide to effective mentoring

Planning and strategies for private client teams

The need for plans at different levels was discussed: for the firm (business plan), the private client team (department business plan and a marketing & business development plan) and individual lawyers (personal development plans) A three-tier approach to private client marketing

Plans need to reflect changes in the external environment and in client needs. Topics mentioned included the recent Budget changes (e.g. IHT and employer NIC), political uncertainty, global conflicts, the pace of technological change and consolidation within the profession. Some firms monitor – through client listening programmes – reactions from clients.

We looked at some of the many strategies to improve growth and operational efficiency. But noted the need to be focused and selective. Strategy is about making choices. One approach was to concentrate resources on overcoming a critical challenge in the business.

Delegates considered human resource strategies as people were seen as a critical asset. There was some mention of financial strategies to improve profitability and, of course, technology strategies to take advantage of operational efficiencies they offer.

On marketing and business development (MBD) planning we explored the importance of firm brand and personal brand, client service enhancement, service innovation, referrer management, promotion and communications campaigns, community engagement and niches (e.g. multigenerational family owned businesses).

For developing relationships (a critical component of all business development) we considered the merits of face-to-face vs digital approaches (and allowing different generations to play to their strengths). There was a discussion about the value of large group vs small group events. Some firms focused on existing relationships and others on creating new relationships – this often depended on how long the private client team had been established. There was a great story of an event with a local charity where a short (20 minute) presentation generated over an hour of interaction and questions and resulted in some significant instructions.

Some commented on success with advertising in local media. Engagement with and the effectiveness of social media strategies varied significantly. Integrating different channels and communications into an overall campaign was discussed. 10 steps to create a business development campaign

Different marketing and business development strategies are explored here: Strategies for developing a private client practice – Business development

In addition to setting out strategies and actions in a plan, there is a need to plan engagement and implementation. Various change management resources were highlighted:

Change management basics – personal and organisational change

Change management book – Switch (Chip & Dan Heath)

Change management – Change Catalyst book review by Kim Tasso

Dealing with resistance to change

Engagement of the private client team

A key takeaway from delegates was the importance of engaging the entire private client team – in the strategy planning process and in marketing and business development. There were a number of suggestions on how best to achieve as well as mindset changes.

Strategy workshops – Encourage everyone to participate in strategy workshops where the data and ideas are set out. This helps everyone understand what is planned and why. It gives them an opportunity to ask questions, share their ideas and hone implementation plans. Such workshops build inclusion and collaboration.

Change groups – Assemble representatives from various stakeholder groups (partners, associates, solicitors, paralegals, support staff) to discuss how change will be implemented and monitored. This helps ensure that plans reflect the reality of what is proposed and how it might be achieved. Forewarned is forearmed.

emotional intelligence and teams in change management

Change Management – Ted Lasso leadership lessons, emotions

Change management – Change Catalyst book review by Kim Tasso

Client service – Sessions considering the desired level of client service and outlining expectations of how each member of the team contributes. Supporting private client team members understand their roles in responding to telephone and email enquiries, developing rapport and trust with clients, following client service recommendations, dealing with difficulties, requesting recommendations and empowering them to do what is necessary to ensure client satisfaction.

Marketing and business development – Encourage everyone to get involved in developing and implementing MBD plans – for the firm, the private client tam and themselves. Allocate campaign activities and responsibilities that suit the strengths of different team members so that the load is spread.

Internal networking – Encourage staff to develop their own internal and external networks. Help them forge relationships with those in other teams to support cross-selling. Create mentoring relationships to strengthen links between different generations. Explain the value of early development in their personal brand and the development of external networks of influencers, referrers and potential clients.

Training – Organise workshops where senior role models are seen in a learning environment amongst more junior staff. Tackle more than technical legal training – extend to technology use, soft skills and business development.

Mental health and well being – There were some great examples shared of activities such as “walk and talk”, mental health training (MHFA), massages, regular breaks, team building exercises, annual leave options, participation in charitable participation, promote happiness and positive psychology. This book considers lawyer well-being (in the USA) Book review: The Thriving Lawyer by Traci Cipriano (resilience)

Delegation in private client teams

We considered different financial management strategies to increase profit. And work allocation to the right level of staff was a constant challenge.

This naturally led to a range of people strategies – particularly learning, development and retention.

Delegation is key to future growth – both to free up the time of seniors for business development and to develop leaders for the future (succession). However, some were hesitant to pass on work to others. Often this was due to the extra time involved in providing instructions and checking work – it’s always quicker to do the work yourself. But in the long run time needs to be invested in people development.

This led to a discussion on the importance of prioritising coaching (and mentoring) by seniors. And the need for training in delegation and coaching skills.

Soft skills: Introduction to coaching – Three frameworks

Delegation for leaders – a how to guide

Coaching Skills Academy | Managing Partners’ Forum

Book Review: The Coaching Manual by Julie Starr – Kim Tasso

A complete guide to effective mentoring

Delegate key takeaways

Update vision and business plan with all team members
Create a department specific business plan
Involve team in vision and mission
Develop SMART goals

Engage and empower private client team in BD
Better management of incoming work
Improve grading of clients and work

Adopt an encouraging leadership style
Prioritise coaching
More delegation

Create a team BD plan
Organise a team meeting on BD
Encourage everyone to get involved in BD

Selected delegate poll results

How many partners in your private client team?

33% 2 – 5 partners
67% Over 10 partners

Which private client services do you provide?

100% Wills
100% Trusts
100% Tax and Estate planning
75% Private client disputes
75% Probate
75% Elderly support
75% Court of Protection
50% Private wealth
25% Charity law
50% Other

Topic of most interest to you today?

50% Vision and leadership
Developing a business plan
50% Operational management

Strategic marketing
Marketing communications and promotion
Selling and relationship management

Is your business/marketing planning based on:

75% Departments
Markets (sectors and niches)
25% Mixture of both (matrix)

Do you have a business plan for private client? Why do you need a business plan? 10 reasons why (kimtasso.com)

50% Yes
25% Yes – but it’s out of date
25% No

Do you have a marketing or business development plan for private client? A three-tier approach to private client marketing (kimtasso.com)

75% Yes
25% No

What professional marketing/BD support do you have?

75% Inhouse marketing/business development team for the firm
25% External marketing/PR agency

Is your strategy:

50% Mostly generating new clients
50% Mostly developing existing clients

Which area of business development requires most attention at your firm?

Marketing
25% Selling (converting enquiries)
25% Client relationship management (developing existing clients)
50% Referrer management (developing referrers)

Do you have plans to develop or introduce new private client services?

50% Yes
50% No

Do you have plans to enter or develop new markets?

75% Yes
25% No

Social media platforms used:

75% LinkedIn
25% Facebook
25% X/Twitter
25% Instagram
25% Podcasts
25% None

How effective do you find social media?

67% Good as part of an overall campaign
33% Don’t know