SLN Interview: Blackadders futureproofs with strategy to become top five firm
Change isn’t an option anymore; it’s mandatory. This dictum, of course, has had multiple iterations in all areas of business since any wistful idea that more of the same will suffice was atomised by a climate emergency, a global pandemic, a war in Europe and a series of economic debacles.
Blackadders has identified this year as its opportunity to adopt a radical approach, one that aims to “futureproof” the Dundee-based law firm. The tone was set in July last year when Emma Gray and Ryan McKay became its joint managing partners – succeeding Johnston Clark, who had held the position for 23 years – and embarked on a shared vision to make it a “destination” law firm for clients and employees.
Blackadders, long established in Dundee and Aberdeen has rapidly expanded its presence in the central belt. Gray, a Dundonian and McKay from Aberdeen joined within 10 months of each other 10 years ago – with respective areas of expertise in commercial property and dispute resolution.
According to its entry in the Chambers legal directory, the firm has a reputation for “maintaining long-term, mutually beneficial relationships with clients and this has resulted in a substantial portfolio of private individuals, SMEs and large corporate clients”. It was was also perceived within the profession industry as being solid and dependable – but perhaps ready for change.
Since last year the youthful duo have set about energetically transforming the business with the help of Peter Duff, the firm’s Glasgow-based chairman. This has meant an ambitious new strategy to make Blackadders a top five firm in Scotland within the next three years and brought in new and younger board members while also growing its presence in in Glasgow and Edinburgh.
On the decision for the pair to become joint managing partners Mr McKay says: “The role would have been an extremely demanding one at the best of times but when we looked at our vision for taking the firm forward and the day-to-day detail that would mean, it became clear that it was going to be far too much for one person”.
Fortunately, when he and Ms Gray both sat down to discuss sharing this daunting responsibility they discovered that there was a natural fit. “My background is in contentious work and I enjoy the regulatory aspects and working on the financials with our CFO. On the other side is the people aspect, the culture and strategy and that’s what Emma was really excited about,” says Mr McKay.
The foundations for growth had already been laid: “When we joined 10 years ago the then management team had a definite growth strategy for the firm, and it completed mergers in Edinburgh, Aberdeen and Glasgow to establish it on a Scotland-wide basis,” says Ms Gray.
“We have drilled down on that strategy, moving from having smaller branch offices and focusing on the four main cities. We believe that with the brilliantly talented people we have, there’s no reason we won’t see Blackadders recognised as a top five law firm.”
Setting about that task, the pair engaged LBD Studio, based in Broughty Ferry and a strategic brand consultancy focusing on visual identity and design systems. “They did some fantastically useful research with our colleagues and clients, looking at the market and are working on a new website and rebrand due to be launched at the end of October,” says Ms Gray.
This she adds is part of a strategy that will shift perceptions of the firm from the transactional to the human – and from regional to national. “This means being seen as a more modern firm, transparent in our interactions with clients and with colleagues – basically building Blackadders as a firm for the future at that higher level.”
Organic growth will be key though acquisitions may well be part of the strategy and the firm is augmenting its expertise through lateral hires, part of plans that include growing annual sales from a current £17 million to £25 million in the next two to three years.
“We’re at a tipping point at the moment,” says Ms Gray. “And as we progress in a new direction and the rebrand is launched, we’re confident we’ll be able to attract significant new talent.”
To do this naturally requires consensus across the board, which Mr McKay believes they have achieved. “It’s important to have people who share our ideas and vision.” Given recent shifts in the workplace he says that Blackadders operates on a hybrid working model.
“We understand that people increasingly want that flexibility. In general, full-time staff can work from home for two days a week and we don’t see that changing, though it has to be measured against the immediate needs both of the business and of our clients.”
Client needs are a recurrent theme when discussing Blackadders’ future, ranging from wills, trusts and inheritance tax planning to a family law team focusing on child law, separation and divorce and collaborative mediation.
Growth has been targeted within the business services group which now comprises a third of turnover and includes commercial property, corporate and commercial law and employment “These are areas in which lateral hires will help and can gain some quick wins for us,” he says.
Developing the business in Edinburgh and Glasgow is a priority. “We have great premises in Torphichen Street and Bothwell Street while in Dundee we are hoping to announce a move from our current address to a more modern office set up. Essentially, we want all our colleagues to be working in the best possible environment,” says Ms Gray. Last month those colleagues were joined by 10 new trainees who over the next two years will rotate seats every six months across the firm’s offices in Glasgow, Edinburgh, Dundee and Aberdeen.
There is no ‘five-year plan’ as such – their initial term as joint managing partners is for three years – but Mr McKay says they were able to set out the new strategy for Blackadders and its ambitions at the firm’s summer conference in June, regarding how everyone in “the family” can share in achieving that.
“We wanted to be clear about our goals which include getting to that £25 million turnover and achieving a profit margin in the region of 35 per cent. Reaching these financial targets will open opportunities for all our people.”
This includes, adds Ms Gray being firmly established as a destination law firm: “We aim to be the kind of firm that clients are happy to go to because they know they will receive the highest quality advice and an outstanding standard of service.
“And being an employer of choice is extremely important. It should be a badge of honour to for our colleagues to work here, whether it’s an excellent working environment or the private healthcare plans we recently announced.”
She adds that the Blackadders’ aspiration to be a ‘top five’ firm is not simply defined by size but also by the quality of advice it offers and while clients have not yet seen the firm’s upcoming rebrand they have played an integral part in how the future will look.
“Our team has interviewed key clients about our plans and the feedback has been fantastic. The rebrand, including the new website will follow up the internal changes we’ve already implemented and help to relaunch Blackadders in the Scottish legal market.”