Embarking on a business transformation project can be exciting, but for those without experience, it can also be overwhelming. Delivering on objectives while protecting the firm's reputation and staying within budget isn't optional, it's essential. Yet many law firms underestimate the depth of expertise required to execute transformation successfully. Too often, they rely on enthusiastic but inexperienced internal teams and significantly undervalue the investment needed to drive meaningful, lasting change.

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Major consultancies such as McKinsey, Boston Consulting Group and Bain consistently report that between 70% and 88% of transformation initiatives fail to meet their original objectives, with inadequate resourcing a key factor. The Financial Times similarly highlights underfunding, particularly when budgets don't reflect the true complexity or scale of the work, as a common cause of failure. When these realities surface, firms are left with two choices: endure long-term operational pain or initiate an expensive remediation project.

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Remediation efforts typically require far more time and budget than the original initiative, first unravelling earlier missteps before a structured transformation can even begin. In our experience, the combined cost of a failed project and its remediation can reach two to three times what the original investment should have been, while delaying the financial benefits and damaging leadership credibility. Talent loss often follows.

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Below are six tips on achieving a sustainable business transformation:

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Develop a Clear Vision and Strategy - Define what transformation means for your firm and align it with the vision. Ensure executive management is unified and committed. Foster a culture that embraces change and innovation.

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Align Objectives with Business Goals - Objectives should support broader business goals. This ensures the transformation project contributes meaningfully to organisational success. Ensure objectives are Specific, Measurable, Achievable, Relevant, and Time-bound. This clarity helps guide the project team and tracks progress.

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Engage Stakeholders Early - Involve employees, customers and partners from the start to build trust and secure buy-in. Share why the transformation is necessary, the consequences of not transforming and the post-transformation benefits. Clear and frequent communication fosters alignment and accountability.

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Monitor Progress and Showcase Quick Wins - Set up checkpoints to review progress. Adjust plans as needed to stay on track and address issues proactively. Deliver early successes to build momentum and demonstrate value to stakeholders.

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Celebrate Success and Learn from Failures - Recognise when objectives are met and analyse what worked (or didn't) to build the project team's morale. Set clear milestones and celebrate often to mitigate project fatigue. Implement strategies that invigorate the team regularly.

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Empower Employees - Provide training, tools, and autonomy to support employees to adapt and contribute meaningfully. Show how the changes open up new opportunities for learning, advancements, or impact. Encourage open dialogue and make it safe to express doubts or ideas.

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If you'd like to avoid the unnecessary cost and embarrassment of a business transformation remediation project, we'd love to connect.

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Robert Wagner, Partner, Harriss Wagner Consultants and Advisers