BUSINESS STRATEGY USING SCENARIO PLANNING FOR LAW INDUSTRY TO CONQUER FUTURE CHALLENGES

• Main Author: Intansari, Chitra
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/60904
• Institution: Institut Teknologi Bandung

Lawyer is a profession that holds an Officium Nobile title which means an honourably profession with the intention to help the society to find justice. Law firm business in Indonesia still few and limited even though the market is big. In global perspective, legal services market reached a value close to $713.7 billion in 2020 and is expected to grow to $908.26 billion at 2025. Following the emergence of information communication and technology as well as the impact of Covid-19 pandemic, the law industry may be shifting as a result of globalization, digitalization, and business model. Therefore, it is necessary to have a business strategy for a law firm which is adaptable for any future circumstances which will give value added not only for the specific law firm but also for the law industry overall. Law Office Chiyo & Chiko. is a fast-growing law firm established in 2011. Given that the business model of Law Office Chiyo & Chiko is still categorized as traditional law firm, it may face obstacles in this global era and need strategic plans over the next five years to adapt with the change and challenges ahead. The theory approach used in this study is scenario planning with the purpose to develop strategic planning build upon driving forces and critical uncertainties that are plausible affecting business performance and opportunities in the future. Driving forces are obtained through interview, focus group discussion, external and internal environment of the firm. Those driving forces are then analyzed to identify uncertainty factors that impact the industry and firm itself. The two critical uncertainties that construct a scenario of 2X2 matrix framework is Client Demands and Government Policy and Regulation. Afterward, there are four scenarios resulted from the matrix with implications and options toward the firm from each scenario narrative. Pursuant to the identified strategic options, the main strategic plans are developed to guide the firm deal with the future. Early warning signals are defined and functioned as an alert system to the firm that indicates the firm to which scenario the firm should be heading. An implementation strategic plan is developed as a reference for the firm to deal with future challenges and changes of the business over the next five years.