Research On The Development Strategy Of HM Law Firm

In recent years,the domestic legal environment has been improving,and the people’s concept of the rule of law has significantly improved,which has promoted the increase in the number of lawyers participating in litigation cases and the rapid development of law firms.However,this has also led to fierce competition among law firms in terms of resources,talents and businesses.For small and medium-sized law firms in the traditional sense,they are limited by their rigid management system and business model,and they have almost no long-term development strategy,resulting in a year-byyear decrease in profits and serious loss of personnel in the fierce market competition.Under the above-mentioned environment,the rapid development of the lawyer industry will further intensify competition in the industry.If small and medium-sized law firms cannot optimize their original business products and management models in this round of competition,it will cause serious obstacles to the future development of law firms.Take the HM law firm where the author works as an example.The firm is not large in personnel and scale,and it is a typical small and medium-sized law firm.In the fierce competition in the lawyer industry,HM Law Firm lacks a clear direction for its future development.Due to the lack of choice of business strategy and functional strategic planning,the firm is facing severe challenges such as excessive concentration of business products,declining operating profits and the loss of practicing lawyers year by year.Formulating the development strategy of HM law firm can guide its longterm development direction and solve the thorny problems faced by the law firm in the development process.The author uses the relevant knowledge learned by MBA,uses PEST analysis and external factor evaluation matrix to analyze and evaluate the external environment of HM law firm,and summarizes the external opportunities and challenges of HM law firm;uses five forces analysis and internal factor evaluation matrix to analyze HM law The internal environment of the firm is analyzed and evaluated,and the internal strengths and weaknesses of HM law firm are summarized.After completing the internal and external analysis and evaluation,the SWOT analysis method was used to correspond with the aforementioned internal and external analysis,and the advantages,disadvantages,opportunities,and challenges of the development strategy of HM law firm were summarized and SWOT matrix analysis was carried out.Based on the aforementioned analysis and data summary and research,this article proposes that if HM law firm wants to develop steadily and stand out in the fierce industry competition environment,it must formulate a scientific development strategy.The first part of the development strategy is to formulate the vision of the law firm.This article proposes that the vision of the law firm includes mission,vision,core values and the spirit of the law firm.This vision can integrate all lawyers’ visions for the future of the law firm and their personal career aspirations into the law firm.Under development;the second part is to formulate the strategic goals of the law firm.This article divides the HM law firm’s development strategy goals into the overall development goals within ten years and the phased development goals within five years,and formulates specific and feasible completion standards;the third part In order to formulate the business strategy of the law firm,through the analysis of the core competence of the law firm,this article proposes that the business strategy of HM Law Firm includes: the industrial strategy is the development of related diversification strategies for industrial expansion,and the customer strategy is the expansion of new customers around existing products.Strategy and product strategy are highend product expansion strategies;the last part is the formulation of the law firm’s functional strategy,the purpose of which is to ensure that the strategic objectives and business strategies are supported by corresponding functional strategies and safeguard measures.The corresponding functional strategies proposed in this paper are the high-end strategy of the marketing brand strategy,the organization strategy of human resources,the motivation strategy of human resources and the culture strategy of the law firm.This article formulates the overall development strategy of HM Law Firm on the basis of objective analysis results,which can provide corresponding basis for HM Law Firm to achieve its rapid,healthy and sustainable development within a certain period of time.It also provides a theoretical and practical basis for the research on the development strategy of homogeneous law firms in the Chengdu region.