Operational Reviews in Law and Professional Services FirmsPrint
By Yarman J Vachha | May 28, 2019
Drawing on my two decades of experience in managing and consulting with international and local law firms across the Asia-Pacific region and the Middle East, I have created a three-part video to provide insights into the nature of independent operational reviews, explaining why all firms should consider embarking on these periodically, and pointing out some of their potential benefits.
What Is an Operational Review?
An operational review (OR) is a full scope “audit” of a firm’s operations and its operational strategy, and an examination of how this interacts with the firm’s overall strategy. The purpose of an OR is to determine if a firm’s operations are “fit for purpose” for the existing business, and is also a stress test to determine if the operations are fit to support future growth – or, in some cases, future contraction.
Why Is It Important to Perform Periodic ORs?
An independent and full scope OR provides a firm with a “Report Card” showing where its operations currently stand and what is required in terms of investment and resources to ensure it future-proofs itself.
What Are the Benefits of an OR?
An OR provides an independent checklist of what remedial actions are required and recommendations on how the firm should go about undertaking them. The other advantage is that it is independent, hence there are no political or hidden agendas.
Edge Principal Yarman J. Vacha’s nearly four decades of professional accounting and management work across Asia, Australia and the Middle East include senior leadership and executive roles with global law firms Allen & Overy and Baker McKenzie.