June 02, 2021

Consulting law firm innovation strategy consolidation

I 100% agree with every word of this article, particularly the need for law firms to hit £30m revenue to have critical mass and become able to control their destiny.

It’s old news that consolidation is an inevitable consequence of a crisis. For example, the mid-range gym that I was a member of before the 2008 financial crisis no longer exists. It was edged out by luxury gyms at the top and mass-market ones at the low end, as both had a more focussed value proposition.

In the wake of the COVID crisis, a similar fate awaits many smaller-sized law firms. To survive, firms in this cohort need to innovate and bolster their value proposition. This is a sweet spot for Elevate, as we have the skills and experience to help law firms eat rather than be eaten.