The world doesn't stand still

The past 10 days or so have reminded us that the world is constantly changing, that whilst some things inevitably come to an end, it is also true that new things are born.

I was interested to read the interesting statistics shared by Sky News last week on how much the UK has changed over the past 70 years, during the reign of Queen Elizabeth.

The article covers various things, including:

  • The population growth (just over 67 million now compared to just over 50 million in 1952) and the emergence of ‘two ages’ (mostly UK-born and mostly net migration).

  • Falling fertility rates – In 1952 there were an average 2.2 children per woman and in 2021 this was 1.6 children per woman. Simply put, people in the UK are having fewer children.

  • Massive changes in the jobs marketplace – type of jobs/roles (47% manufacturing/ construction in 1952, now 16%) plus proportion of women working (74% now compared to 40% in 1952).

  • The UK’s declining ‘ranking’ in the world hierarchy of GDP per capita and the ‘strength’ of sterling.

  • And a chart looking at power generation and the shift from coal and oil dependency to the emergence of renewables and other energy sources.

It’s a fascinating and thought-provoking article which contains important data and commentary. You can read it in full and see the charts here.

I share this article for a simple reason, to remind us that the world does not stand still. From changing populations and demographics, to a changing jobs marketplace and much more.

We all need to understand these changes and what it means to us.

For example:

  • Have you looked at the UK’s population birth chart in any detail and considered how this will impact your firm – from anticipating client demand to succession planning and much more?

  • Are you aware of consumers changing expectations?

  • Have you got the latest economic, sector and market data at your fingertips to inform and shape your strategy?

The Sky News article and other data sources are vital for us to use to ensure we proactively keep control of our destiny and do not fail. To quote the famous Benjamin Franklin quote:

“By failing to plan, you are preparing to fail.”

This is just one of the reasons that the Law Firm Marketing Club (LFMC) undertakes two unique pieces of research each year (What Clients Want and Professional Services Marketing Survey) AND produces regular Market Research & Insights reports to member firms to arm them with the client, market, economic, legal sector and wider data, research and insights they need to plan to succeed.

The research provided by the LFMC alone is more than worth the £1,200 per annum per law firm membership fee.

We also provide a bunch of other benefits – monthly member collabs, on-demand access to over 50 webinar recordings from top experts on key topics, a library of resources (guides, checklists, templates) and much much more.

If you would like to find out more / join the growing LFMC gang of progressive law firms – then hit reply and I’ll arrange a call with you to tell you more.

Our Autumn webinar series kicked off last week with a fabulous session delivered by Paul Roberts on value drivers and continues next week with Claire Rason talking about Client listening. Click here for details of all our upcoming events.

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