Our priorities for the next three years
To continue our progress towards our goal, we intend to pursue five key priorities:
Engagement – keep working to ensure that everyone understands, and is energised by, who we are and our direction of travel;
Focus – stick with what we are passionate about and build on this without being distracted by short term easy wins;
International – to build our capability in, and understanding of, the global context in which our clients exist;
Growth – to build our resilience and credibility in all our service offerings and to leverage our existing platform to the advantage of our clients and stakeholders;
Platform – to continue to maintain and further develop infrastructure and support for the business that is aligned with our ambition and approach.
These priorities will define what we concentrate on and invest in over the next one, two and three years.
Engagement: our identity is the sum of our people
Our organisational characteristics are derived from the commonly held traits of our staff and stakeholders – informed by the leadership and partners. They also depend on everyone's commitment and energy to our clients’ and other stakeholders’ experience.
Ensuring that everyone in TV understands and is excited by our identity and our ambition is therefore our first priority.
We will achieve this by continually sharing examples of how we have helped to make great things happen. Our primary conversation should at all times be about the success of our clients and our contribution to this. Sharing our impact and value is step one.
We should also continue to celebrate our characteristics and culture, whilst always remaining open to how we can enrich these over time. That will require us to acknowledge and communicate how this translates positively into behaviour and actions, and address instances where this is undermined.
Focus: experience tells us we will be most successful if we focus on what we are passionate about.
We are good at doing this and need to keep doing it as we grow. We will continue to focus on driving the innovation economy, and the businesses, entrepreneurs and private wealth that underpin it. We work well with these clients, we understand their markets and we know how to structure the support they need for the right cost.
Our ambition is to be the leading law firm for innovation and entrepreneurs. What we are seeking to achieve is bold and recognises that we are yet to reach our full potential.
We will work hard to avoid distraction.
Focus gives us competitive advantage in a crowded and homogenous market, it helps us make good decisions about our commercial strategy and it's attractive when we are trying to recruit and retain the best talent. It is driven by shared enthusiasm for making great things happen.
Our investments in legal technology complement our focus, helping us understand what innovation really is and the challenges that our clients face.
International: a key component in driving our growth
It is hard to imagine a successful firm for innovators and entrepreneurs that isn’t an international business.
Remaining relevant to our clients requires support wherever their ambition takes them, whether in business or personally. International is a market and also a service delivery challenge. We need to work on both in the years ahead. If we get it right we will be a recognised international law firm attracting the best clients and talent in a global market.
International clients have been a key component in driving our growth in recent years. We have learnt how to be valuable to these clients and to share that value with them, and we intend to build on this.
Our network of international partner law firms is critical to providing seamless service delivery overseas, and for overseas clients coming to the UK. We will continue to invest in developing our network of local counsel and ensuring we have a genuine collaborative relationship with them.
Taylor Vinters Via in Singapore will provide a strong platform on which to build our Asia business, and a vital element for our international brand and mind-set. In addition, we will invest in our capability and relationships in key markets, particularly the US and the Middle East.
Taylor Vinters is an international law firm.
Growth: greater resilience, credibility and leverage
We have identified some specific reasons to be bigger – greater resilience, credibility and to leverage our overall platform.
Those of you with a keen eye for detail will have spotted there is nothing in our strategy, or our ambition, about growth. We have no great desire to be bigger for the sake of being bigger.
We will therefore actively grow the business for specifically identified reasons and with the overriding need to protect our identity and focus. It is a means to an end.
We will start with resilience. If a team or practice group is small then it is more difficult to manage resource. It is also vulnerable to people leaving, because the team has limited capacity to absorb additional client work or manage legacy relationships. Growing the team reduces those problems and risks.
Credibility is crucial for us as we are aiming to be the best at what we do. That means we have to be able to demonstrate strength and depth in our knowledge and resources. Focus helps, but it also raises the expectation of the very specialist and deep knowledge that can only be retained in a number of people. Increased scale makes that easier to deliver.
Finally, leverage is our ability to increase our income without necessarily increasing cost. We have a great platform of offices and support services but they have a cost. It is difficult to reduce that cost and remain credible but it is possible to support more lawyers without increasing the cost in proportion. The savings can be invested in more great talent and resources.
Detailed planning at a firm-wide and practice group level will steer this process, through the development of existing people and clients; pursuing new market opportunities; relevant lateral recruitment; and merger or acquisition when we find opportunities that do not compromise our focus or approach.
Our platform will support who we are and what we aspire to be
Our platform is the name we give to the infrastructure – offices and facilities – and the people, systems and processes that support our delivery of value to our clients.
We are a regulated business and we see value in that. It is the foundation of trust and integrity on which the business is anchored. Our platform will reflect that.
It should also ensure we can attract and develop the best people and make it easy for them to do the right thing.
It will support a culture in which there is an individual and shared desire to constantly improve the quality and impact of what we do. It should be a reflection of our fascination with innovation.
It should enhance our clients’ experience of working with us.
It will be true to our tribe – it will showcase our pragmatic approach by being straightforward and easy to access. It will reflect our tendency to challenge convention, by remaining free to develop in line with our clients’ expectations, rather than our peers’.
We will achieve this by keeping things simple and authentic whilst continually challenging ourselves to be better. If we need to collaborate with innovators or even competitors, to get the best results for our clients and Taylor Vinters, we will not be afraid to do that.