2005 WINNER
Mark Sherfield of BDO with Richard Meddelton of RBS.
Jeremy Newman's decision to unify BDO's UK constituencies into a unified LLP was bold and ambitious. Recognising that achieving this
called for a well executed Change Management Programme was the first step. A continuous communications campaign including intranet updates, and national road shows fronted by Newman and his Executive team were crucial in building buy-in and ownership of the process.
Also the creation of Pulse, an employee feedback system was a major contributor to success. BDO partners and employees have delivered a massive vote of confidence in the firm's strategy. Employee surveys show a confidence level in the firm by BDO's people, ahead of three of the UK's Big Four firms.
Establishing clear values for the firm, and focusing everyone on clients were important building blocks.
Following this was a new marketing strategy that moved the firm from a mid-sized player to a genuine alternative to the Big Four. This was followed by the creation and execution of Project Starsky, a six item plan to focus everyone in the firm on a winning plan to win new clients, attract new people and to delight clients. Internally the firm also built new and stronger bridges with BDO's international firms. Fee income grew by over 11%, and BDO won more newly listed AIM companies than any other firm. This is a great example of starting with employees and then extending the excitement to clients both old and new. A visible proof of becoming a viable alternative to the Big Four was advising on and then auditing a new FTSE 100 company - Partygaming, a very successful public offering in 2005.
RUNNER UP
Following the example of successful public companies, Addleshaw Goddard established a strong multi-disciplinary Management team, as well as a Governance board that directs the firm's strategy. The ability to deliver as "one firm" regardless of which of the three locations (London, Leeds and Manchester) provides the service, is the result of all partners and staff following a set of clearly defined values.
The firm's revenue results (+11%) and profit per partner or PEP (now over £400,000), are backed up with a dramatic reduction in borrowings, a major increase in surplus cash, and a significant reduction in debtor days.
Focusing on FTSE 350 companies and their equivalent in the private individuals sector, Addleshaw Goddard has become a viable alternative to magic circle law firms.
Recruiting and retaining "Great People" is at the heart of Addleshaw Goddard's strategy, and the creation of a new "Legal Director" position has provided a meaningful bridge between the traditional Senior Associate and Partner roles. The firm's need for Knowledge Sharing has been addressed by the creation of a new Knowledge and Learning directorate. Recognising that many firms tend to value individual "soloists", Addleshaw Goddard formed a firm wide choir to encourage harmony and unison.
3RD PLACE
The recent merger that created Berwin Leighton Paisner successfully transformed two firms into a full-service law firm with three, strong revenue streams - corporate, finance and real estate, as well as a robust litigation practice. The leadership of BLP shares a vision of becoming the most respected law firm in the City, by being the most attractive place to work and always exceeding client expectations. In addition to combining the people of two successful firms, BLP has also attracted top class lateral hires.
Revenue and profitability have grown significantly over a three year period, and PEP has improved from £400,000 to £570,000. Clients and Industry Groups have rated the service they receive from BLP teams and individuals very highly, and In-House Counsel from the UK's top 5,000 companies gave BLP six awards; more than any other law firm. These impressive results reflect strong leadership and a widely embraced vision of BLP's future.