2004 WINNER
John Connolly (l) of Deloitte with Richard Meddelton of RBS
Deloitte scores highly under every
category, relative to its peers and to
its market generally. Revenues
increased by 21% in 2003 in
difficult conditions and by 4% in
2004, still ahead of its peer group,
reflecting a tougher market.
The firm took a significant risk in
2002 when over 3,500 partners
and staff joined it from Andersen.
Integration was very effective with
most clients also transferring their
business. In 2003, the firm
integrated over 1,000 consulting
practice staff into the business and
now has 84 FTSE 100 clients, and
double its market share of mid-cap
businesses since 1997.
A second strategic innovation was
the decision to retain its consulting
arm, constituting around 25% of its
business. This strategy flew in the
face of perceived wisdom that no
consulting business could prosper
whilst attached to an accountancy
parent. However, revenues have
held up relative to the market
place.
The firm has made substantial
investments in its recruitment
processes, training and people
development, quality assurance
and in obtaining client feedback. It
has honed its marketing function,
achieving success in 83% of all
bids over £50,000 in 2003.
Furthermore, its research unit
provides focused reports on
business trends and dynamics to
clients, helping them improve their
competitiveness.
RUNNER UP
Berwin Leighton Paisner scored highly in terms of its growth, returns, innovation and risk, and teamwork. It is the result of a merger three years ago, and since then has developed into a strong competitor in London’s legal services market. The merged firm occupies a significantly enhanced market position over either of the antecedent firms. This was achieved within a market that is already very competitive.
The firm increased revenues by 12%, profits by 24% and profit per partner by 40% in 2004. It also increased significantly its revenue per lawyer, demonstrating increased efficiencies and improved work quality.
The firm has focused particularly on developing its finance and corporate departments. The finance department has improved its market position and reputation very significantly with growth of around 20% in 2003/4. The corporate department grew at 30% last year, accounts for 30% of the firm’s revenues, and is recognised as a strong mid market competitor. In addition the firm has focused on developing the intermediary market, and has instituted a major push on CRM.
The management team has worked closely together to ensure that all parts of the firm are working together to build the firm’s competitiveness in its chosen markets. The firm’s success is evident from its improved rankings on almost every measure across the legal market.
3RD PLACE
Lawrence Graham scored highly in terms of its growth, returns and teamwork. The firm has grown revenues by 69% since 2000, with profits per partner increasing by 62%.
At the same time, the firm has invested heavily in building a high quality infrastructure to support the execution of its strategy and service delivery. Highly qualified professionals were recruited into finance, IT and facilities with a new head of marketing commencing this month.
Management believed quite strongly that the ‘old way’ of having administrative staff managing these functions was not only redundant but a drag on the firm’s competitiveness. It has been very clear that, as the new people have taken over, the firm has become a much more competitive organisation.
Bill Richards, Penny Francis, the four departmental heads and the support services heads form a tight and effective management team that has developed and implemented a clear strategy for the firm with the full support and enthusiastic commitment of partners. This adds up to an excellent achievement in a tough market.