UU-PhD-840-53497

ASSESSMENT 2

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 ABSTRACT

This research examines internal audit methods in a legal firm. It highlights the impact of

financial stability, quality physical and human resources, as well as organisational management

in shaping the success of legal firms in a dynamic business environment. The assessment of the

firm is conducted based on a well-crafted methodological approach using the strategic

management tools of SWOT, VCA and RBA to discern whether the law firm’s internal controls

and operations are in compliance with its internal policies as well as international best practice.

The findings indicate that overall, the organization’s operations are in compliance with the

organization’s long-term objectives, mission and operational policies which maximizes its

competitive advantage.

Key words: Value Chain Analysis, SWOT, Resource-based view, Competitive advantage,

internal audit, audit.

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 Table of Contents

Introduction.................................................................................................................................................4

CHAPTER 1..............................................................................................................................................5

BACKGROUND OF THE ORGANISATION............................................................................................5

Scope of the audit........................................................................................................................................6

Objectives of the audit.................................................................................................................................6

CHAPTER 2..............................................................................................................................................7

INTERNAL AUDIT OF A LAW FIRM.....................................................................................................7

CHAPTER 3............................................................................................................................................14

DISCUSSION AND INTERPRETATION OF FINDINGS......................................................................14

SWOT Analysis.........................................................................................................................................14

Value chain Analysis.................................................................................................................................16

Resource-based view.................................................................................................................................19

Analysis: Concluding points......................................................................................................................21

Conclusion.................................................................................................................................................24

References.................................................................................................................................................26

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Introduction

This research entails conducting a thorough internal audit of XYZ Law Firm, a prestigious legal

institution with a nearly four-decade history. An internal audit is a systematic and impartial

assessment of an organization's activities, processes, controls, and financial information (Tien &

Thanh, 2023). By adopting a benchmarking approach, this audit will compare the organization’s

function to industry standards to assess effectiveness, efficiency, and quality, identifying areas

for improvement and adopting best practices (Saud, 2015).

This assessment is divided into three major chapters. In the first chapter, there is a contextual

introduction to XYZ Law Firm as well as some discussion on the scope and the objectives of the

internal audit. The second chapter introduces us to the strategic management tools that will be

used to conduct the internal audit, that is SWOT, VCA and RBA. This chapter also provides an

analysis of the law firm using the tools identified. We then move to Chapter 3 where we will

assess and discuss the findings based on the analysis conducted in Chapter two. This analysis

validates and contextualizes the audit findings.

Finally, once the findings have been assessed, in the last part of Chapter three, we will provide

significant insights and recommendations to XYZ Law Firm, so that they may harness its

strengths, rectify its flaws, and capitalize on possibilities in the legal business environment.

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 CHAPTER 1

BACKGROUND OF THE ORGANISATION.

Internal auditing is the systematic assessment of an organization's financial, operational, and

managerial processes by auditors. Auditors use scientific principles to assess internal controls,

risk management, regulatory compliance, and overall efficiency, with the ultimate goal of

improving governance and control (Levytska et al., 2022). In this research we will conduct an

internal audit on XYZ Law firm. In this first Chapter of the research, will examine the

background of the company as well as introduce us to the scope and the objectives of the internal

audit.

XYZ LAW FIRM

XYZ Law Firm, founded in 1985 by Bob Lowe, is a prominent legal firm with a history of nearly

four decades. The firm focuses on providing top-tier legal services and upholding justice and the

rule of law. With over five hundred employees in a modern and luxurious high rise multi

complex, XYZ Law Firm's mission is to deliver exceptional legal representation, advocacy, and

counsel to individuals, businesses, and organizations.

The firm's core values include a client-centric approach, integrity and ethics, legal excellence,

and community engagement. The firm operates in a dynamic legal landscape, leveraging its

experience and resources to provide innovative solutions to clients' legal challenges.

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The firm's diverse portfolio includes corporate law, litigation, real estate, family law, probate

law, and other legal services. With a strong foundation and a clear mission, XYZ Law Firm

remains committed to being a trusted partner for its clients.

Scope of the audit.

This internal audit will analyze the law firm’s financial controls, operational efficiency, legal

compliance, and adherence to internal regulations, with the goal of identifying possibilities for

process improvements by December 15th 2023.

Objectives of the audit.

The goal of this internal audit is to offer an impartial and objective examination of XYZ Law

Firm's internal processes, controls, and operations. The audit strives to identify areas for

improvement, assess compliance with internal policies and processes, and improve the overall

efficiency and effectiveness of the firm's operations.

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 CHAPTER 2

INTERNAL AUDIT OF A LAW FIRM

In our last chapter, we were introduced to the concept of internal auditing and we were then told

that the aim of this research is to conduct an internal audit of the XYZ Law firm to ensure that its

operations are in accordance with best practice.

In this Chapter, we will build on that discussion by first discussing the three strategic

management tools, that is the Strengths, weaknesses, opportunities and Threats Analysis, the

Value Chain Analysis and the Revenue Based Analysis, then we will employ these tools to

conduct the analysis of the law firm. By using the three tools to conduct independent analyses,

we will acquire a comprehensive view of our legal company (Tien & Thanh, 2023).

SWOT Analysis

The SWOT analysis is a strategic management tool that assists us in identifying crucial internal

and external elements influencing our firm's success (Gürel, 2017). When conducting an internal

audit of a company using the SWOT analysis framework, it is the general practice to focus on the

organization's internal capabilities and challenges (Strengths and Weaknesses) (Majekodunmi,

2021). External variables (Opportunities and Threats) are typically addressed as part of a

separate analysis known as the PESTEL analysis (Political, Economic, Social, Technological,

Environmental, and Legal aspects) or as part of a larger strategic analysis (Alzeban, 2018).

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Strengths (Internal origin)

 Financial stability is provided by the company's large financial resources, which include a

robust cash reserve, strong assets, and regular revenue growth.

 The organization maintains a competent and experienced team across all areas, which

contributes to successful project execution and innovation.

 There is a low turnover rate with excellent staff retention as a result of modern HR

policies, educational scholarships, performance metrics and consistent training and

development.

 The company has cutting-edge offices and facilities, allowing for efficient operations.

 The firm conducts consistent audits by reputable firms and the reports are then published

on the firm’s website.

Weaknesses (Internal origin)

 The management team lacks diversity, which may impede a broader perspective.

 There is a flat organizational structure which may result in decision-making bottlenecks

and resource allocation issues.

 There are high overhead costs. Keeping a prominent office site and investing in cutting-

edge legal technology can result in high operating costs, which can have an impact on

profitability.

 Because the firm predominantly operates in one region, it may be unable to assist clients

with demands in other regions.

 A stiff or out-of-date organizational structure. This may hinder decision-making, and

stymie collaboration.

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  The measures for a risk-based approach are not stringent.

Opportunities:

 Investigating opportunities to expand services into new practice areas or geographic areas

can result in a larger client base and revenue sources.

 Developing strategic alliances with similar organizations, such as financial advisers or

corporate consultants, may result in cross-referrals and new clients.

 The integration of emerging legal technology solutions has the potential to increase

efficiency, streamline processes, and provide innovative legal services.

 Providing specialized legal services, such as alternative dispute resolution or compliance

advice, may aid in broadening the firm's service offering.

Threats:
 The competitive nature of the business presents a challenge, with competition from larger

enterprises and potential market saturation.

 Economic downturns can have an impact on the company's financial stability and sales

growth.

 Frequent regulatory changes may need significant compliance resources, affecting both

financial and operational aspects.

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 Value chain Analysis

A value chain analysis (VCA) is a strategic management tool that helps organizations understand

the activities involved in delivering products or services to customers and how these activities

add value (Ensign, 2001). It enables us to analyze our operations and identify areas where we can

improve business competitiveness and customer value (Alzeban, 2018). This analysis will

incorporate both the cost advantage and differentiation approach so that the firm can enhance its

income and gain competitive advantage.

Primary Functions.

 Inbound logistics: 80% of client documents are received electronically. A considerable

share of client documents is already received electronically, indicating a good trend

toward digitization.

 Outbound logistics: 95% of client communications are via email. The firm mainly relies

on email for client communication, which is common in the industry.

 Operations: The average case processing time is 90 days. Although the case processing

time is regarded relatively efficient, there is still potential for improvement.

 Sales and marketing: The lead-to-client conversion rate is 20%. The conversion rate

indicates that the company's marketing efforts are somewhat successful.

 Service: Client satisfaction has been recorded as 4.5/5. A high level of client satisfaction

shows that the organization provides outstanding service.

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 Support Functions.

 Infrastructure: Online databases were used in 95% of legal research. For legal research,

the business makes effective use of web resources.

 Human Resources: The employee turnover rate is 10%. A low turnover rate indicates that

the staff is stable.

 Technology: Half of all legal research tasks and legal services are automated. The firm

has made great strides in automating legal research and its services.

 Procurement: 15% reduction in legal resource procurement costs. Procurement cost

reduction is evidence of efficient resource management.

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 Resource based view

The Resource-Based View (RBV) is a strategic management paradigm and theory that

emphasizes on a firm's internal resources and capabilities as sources of long-term competitive

advantage (Helfat et. al., 2023).

TANGIBLE
Office Space The physical location of the law company is in the
heart of the city.

Technology & Equipment
The law firm utilizes several software and AI
technology to automate its case management, client
services, research and its communication. The law
firm also uses modern technology and cloud
computing.

Library and legal resources The law firm uses current online legal literature, case
precedents, and legal databases.

Financial Capital The law firm has a healthy financial account which is
audited and monitored by stringent internal financial
controls.

INTANGIBLE
Goodwill, brand & reputation The law firm has been in existence for around forty
years and is known for its ethical practices and its
client centered approach.

Legal expertise The Attorneys in the law firm are all experienced
lawyers who are assisted by hardworking juniors and
experienced legal support staff. Attorneys are given
incentives by Human resources to study niche areas
on a scholarship to enhance the skills of the firm.

Client relationships The firm has retained long-term customer

relationships built on trust and good representation.

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ORGANISATIONAL CAPABILITIES

Legal Research and analysis The law firm uses the mentorship approach to
improve these skills of its attorneys.

Litigation and negotiation skills Attorneys are trained in-house to negotiate and
mediate.

Client engagement and communication The law firm uses, feedback tools and follow-up
strategies to ensure client retention and satisfaction
through strong client communication skills.

Adaptability and innovation The legal landscape is always changing. The law
firms remain adaptable to new legislation,
technologies, and customer expectations while also
encouraging legal service innovation.

Team collaboration The firm prioritizes team work and as such several
legal cases are conducted by teams. Moreover, there
are often social and networking activities to promote
collaboration.

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 CHAPTER 3

DISCUSSION AND INTERPRETATION OF FINDINGS.

In this Chapter we will interpret and discuss the findings and observations derived from our

combined analysis in Chapter 2. This Chapter builds on the previous Chapter where we

conducted an internal audit of the XYZ Law firm using the SWOT, VCA and the RBV tools.

Our discussion will begin by identifying the findings and then discussing the observations with

regard to best practices. This chapter will also conclude by identifying key recommendations for

the organisation to enhance its operations and internal controls.

SWOT Analysis

The SWOT analysis is a useful starting point for strategic planning (Majekodunmi, 2021). It

provides a snapshot of the current situation and can assist businesses in identifying areas that

require additional examination and action (Gürel, 2017).

The findings of the SWOT analysis indicate that the firm's financial position appears stable and

its internal controls facilitate regular audits and financial transparency. Its physical infrastructure

has an efficient layout plan and ergonomic structure that fosters productivity and provides a

positive work environment. However, the firm should consider implementing strategies to

review office space optimization. In addition, the findings indicate that the firm has complied

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with the best practice human resource policies for recruitment, training and retention. This is

evidenced from the skilled workforce and the low turnover rate of employees.

However, despite these positive attributes of the firm’s physical, human and financial resources

there are various flaws in the management structure. For instance, there is lack of diversity and

inclusivity, there is a flat organizational structure, and a lack of leadership development. These

flaws will impact the productivity and effectiveness of the law firm if measures are not

implemented to resolve these weaknesses. The firm may wish to consider amending the

organisational structure to one that is hierarchal as well as implement new recruitment policies

that facilitate diversity and inclusivity.

Finally, in relation to the employees, the findings discovered that there are talented and stable

staff. In this regard, the organisation is advised to implement strategies to incentivize the staff as

well as consistently evaluate their skills and train the them to ensure they meet the organization’s

long-term objectives.

Now that we have discussed some positive attributes of the SWOT analysis findings, we will

shift focus to consider some areas that the firm can review for improvement. For instance, while

the physical, financial and human resources are sufficient for the firm to achieve its tasks as well

as efficiently serve its customers, there has not been a substantial emphasis on a risk-based

approach. The firm is advised to implement more stringent risk management internal controls

and monitoring, particularly in relation to anti-money laundering since lawyers are at a high risk

for being manipulated by criminals (Levytska, 2022).

In the final analysis the company has several strengths and it would be wise for them to mitigate

their weaknesses so that the firm remains efficient and profitable.

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In the next section of this chapter, we will discuss the findings from the value chain analysis and

the resource-based view. These tools are excellent additions to the SWOT analysis as this

analysis has several flaws which does not facilitate a comprehensive analysis of the company.

For instance, some of the limitations of the SWOT analysis include its propensity of being a

subjective tool that relies on individual perspectives, leading to bias and inconsistency (Gürel,

2017). It lacks prioritization, depth, actionable insights and it is static as it does not generate

solutions. Its greatest demerit however, is that it doesn't provide competitive benchmarking

(Gürel, 2017). For a company to survive in the dynamic legal landscape, a company must have

sufficient knowledge regarding its competitive advantage for strategic planning (Nwachukwu, &

Chladkova, 2019). Therefore, it is in this context of the limitations of the SWOT analysis, that

the VCA and RBV were conducted.

Value chain Analysis.

The value-chain analysis sees the organization as a series of value-creating activities (Ensign,

2001). In the analysis conducted on the XYZ Law firm, it is critical to determine whether the

findings indicate that the firm may be able to attain a competitive advantage as well as

profitability (Kumar, 2016). This discussion will consider the findings categorically, that is based

on the primary and secondary activities.

The findings of the analysis of the firm’s primary activities are generally positive. In terms of the

findings of the inbound operations, the findings suggest that the company should continue to

foster electronic document submission to reduce paper document expenses, and the possibility of

errors associated with manual data entry. The firm may wish to consider implementing

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standardized digitization procedures to augment this. Additionally in relation to marketing, the

findings recommend that to enhance client satisfaction, the firm should gather feedback, address

concerns, and personalize services. In relation to service, it is observed that targeted marketing

campaigns, lead nurturing strategies, and a CRM system can improve retention and referrals.

Furthermore, in terms of operations, the firm should examine the various stages of case

processing in order to identify bottlenecks and streamline procedures. Using technology such as

case management software and workflow automation could drastically shorten processing times

while preserving accuracy and quality. Finally, in relation to outbound logistics, while email is a

convenient communication medium, the findings imply that the firm should focus on optimizing

response times and ensuring that emails are clear, succinct, and professionally written.

In light of our discussion of the findings above, it is now necessary to consider whether these

findings add value to the customer and whether they will lead to a competitive advantage. In

relation to the outbound and inbound logistics, the findings have noted the attempts by the firm

to automate and make their systems more efficient using technology. In this context, it translates

to less processing time for customers and less effort. This adds value to their experience which

they may interpret as the business prioritizing them. Customers are more likely to select one

business over the other if they feel prioritized and the services are more convenient (Kumar,

2016). This cumulative experience by the business’s primary activities may differentiate it from

its competitors and give it a competitive advantage.

We will now shift focus from the primary activities discussed above to consider the findings of

the VCA on the business’s secondary activities. The findings for the business’s secondary

activities are positive. In terms of infrastructure and information technology, the findings

recommend that the firm considers regularly evaluating the online databases' quality and

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effectiveness as well as train staff, and automate repetitive tasks to free up time for the lawyers.

Similarly, in terms of procurement, the findings of the analysis would recommend that the firm

maintains its cost-cutting activities and assess vendor relationships on a regular basis to ensure

they fit with cost and quality objectives.

In addition to the recommendation of cost-cutting activities in procurement, the final support

service to be discussed is human resources. The findings indicate that there is a low turnover rate

in the firm. To maintain this positive trend, the firm should continue to invest in employee

development, training, and engagement initiatives.

Overall, the findings of the support services indicate that the organisation has a substantial

propensity to add value to the customer. The organisation has invested in several value creating

activities such as automation, as well as quality physical infrastructure which enables the

efficiency of tasks which then translates to the minimization of the time spent by the customer

engaging in the service. In addition, prudent financial management by procurement means less

overhead and operational costs. In this context, customers are less likely to bear the additional

cost in their service charges. This adds value to the customer experience (Kumar, 2016).

In sum, the positive aspects of the primary and secondary activities of the law firm cumulatively

add value to the customer. The internal systems are automated to be more efficient which

minimizes the time spent by the customer. In addition, the financial management has been

prudent and this translates to a cost advantage in relation to the customer. These factors are

highly valued by customers and it will give the business its competitive advantage (Ensign,

2001). In the final analysis, the cumulative experience at XYZ Law firm will differentiate it

from its competitors.

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Notwithstanding the positive attributes of the firm, the internal audit would advise that the

processing time for cases be revised to reduce the time. In addition, the firm’s technological

infrastructure should be examined on a regular basis to discover any cybersecurity issues which

would impact the customer’s security as well as any potential for optimization and the

incorporation of developing technologies. Finally in relation to human resources, the firm should

consider implementing reward and incentive systems for their employees.

Resource-based view.

The success of a legal firm is driven by a combination of material and intangible resources, as

well as its organizational competencies (Sameera, 2018). Tangible resources include physical

assets like office space and technology, whereas intangible resources include reputation, legal

experience, and client relationships (Uyanik, 2023). Organizational competencies, such as legal

research skills and agility, are critical for providing high-quality legal services.

A corporation can obtain a durable competitive advantage by having rare, valuable resources and

capabilities that competitors find difficult to reproduce or imitate (Uyanik, 2023). A resource or

capability that meets all of these requirements is likely to provide a sustainable competitive

advantage (Madhani, 2010: Sameera, 2018).

In this regard, it is important to determine whether the findings from the RBV analysis indicate

whether the law firm’s resources and capabilities meet the requirements for long term sustainable

competitive advantage (Uyanik, 2023). For instance, the findings of the analysis indicate that in

terms of value, the client-centered approach of offering services in line with the client's goals

resulted in favorable outcomes. Similarly, the company continues to invest in novel

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technological programmes to offer distinctive and unique legal solutions and services to its

clients. These actions ensure that clients are satisfied and will feel compelled to offer referrals

and return (Saud, 2015).

In addition to the examples above, the final attribute of value established by the analysis is the

consistent cost-effective operations that facilitate competitive pricing while maintaining profit

margins. In this context, the services of the firm are affordable which is always appealing to

clients. Furthermore, the findings of the analysis determined that the firm demonstrates attributes

of rarity, in that it specializes in niche areas of law as a result of its policy on continuous training.

Moreover, it allows the firm to capitalize on the opportunities where their competitors lack the

niche knowledge. Consequently, they are able to offer distinct legal services or packages that set

the company apart from competition (Sameera, 2018).

Now that we have identified at least two characteristics of sustainable competitive advantage, it

is key to determine whether there are attributes of a third. The findings have demonstrated that

the law firm’s services are difficult to imitate because the services include a combination of

factors of social engineering. The firm consistently invests in their employees as well as fosters a

strong organizational culture which is reflected in the efficient customer service and client

management (Nwachukwu, & Chladkova, 2019).

In addition to social engineering, the use of novel legal technology is used to leverage and create

a technological edge, which inherently creates path dependency (Uyanik, 2023) and fosters a

reputation for excellence and integrity of the firm. In sum, this interrelated approach not only

creates a profitable outcome but it also results in casual ambiguity for the firm’s competitors

(Sameera, 2018).

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In addition to the three characteristics identified, we will continue to build on our discussion by

considering the fourth characteristic that is, non-substitutable (Sameera, 2018). The findings

indicate that XYZ Law firm prioritizes building strong client relationships, forming strategic

alliances with complementary service providers, and diversifying practice areas. These strategies

in turn help make it difficult to find a substitute.

Overall, the findings of the RBV analysis confirm that a XYZ law firm can maintain a

competitive advantage by consistently providing value, leveraging rarity, making imitation

difficult, and minimizing substitution, through a client-focused approach, adaptability and

continuous innovation.

Analysis: Concluding points

In the previous sections of this Chapter, we discussed the findings of the VCA, RCB and the

SWOT analyses. The findings have cumulatively highlighted several positive attributes about the

law firm and several key areas for consideration. In this section as we conclude, we will

synthesize the outcomes of the independent analyses and then conclude by offering

recommendations.

The results of the independent analyses emphasized the significance of a qualified legal team,

ongoing talent development, and financial stability, emphasizing careful management and

resource allocation for long-term growth. Furthermore, the VCA and RBV tools identified the

firm’s, efficiency, lower costs and communication strategies as its competitive advantage. These

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factors are enabled by technological automation, a client centric approach, satisfied employees

and internal controls.

However, in addition to the positive attributes the comparative analyses have identified some

areas for improvement which include: management challenges, risk-based management,

diversification of the geographic reach of the firm and the management of the firm’s overhead

costs.

Recommendations

In the previous section we identified some of the key issues that the internal audit discovered in

XYZ law firm. In this section we will build on that discussion and provide some solutions to

these issues as follows:

 To address limited geographical marketing efforts, the firm should consider both

conventional and non-conventional marketing efforts such as attending legal conferences,

engaging in partnerships with other firms and using digital marketing.

 To address issues related to risk management, the firm should consider investing in

training exercises with the employees and invite trained professionals to conduct the

sessions (Levytska, 2022).

 In relation to the leadership and management challenges, a key recommendation is to

consider training on inclusion and diversity as well as enhancing recruitment policies to

attract competent leaders. In addition, the firm should engage a consultant and the

employees to reorganize the hierarchical structure.

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  The final recommendation to address the issue of high overheads is to consider office

space optimization, strategic outsourcing, reformed procurement policies and hybrid

work arrangements.

Each of these solutions has advantages and disadvantages, and before deciding on a course of

action, the organization should carefully assess its specific circumstances and priorities. A mix of

these options could potentially work (Nwachukwu, & Chladkova, 2019).. Long-term success will

require continuous monitoring and evaluation of the chosen solution's influence on overhead

expenses and overall profitability.

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Conclusion

We conducted an in-depth internal audit of XYZ Law Firm, a legal organization with a long

history and a commitment to providing great legal services. We investigated the firm's strengths,

weaknesses, as well as its key competences and resource distribution across practice areas, using

a combination of strategic management methodologies such as the SWOT analysis, Value Chain

Analysis (VCA), and the Resource-Based Analysis (RBA). Here, we summarize the main

elements of our analyses and offer closing thoughts.

Using the Swot analysis, we discovered that the XYZ Law Firm has strengths such as financial

stability, an experienced team, efficient financial management, cutting-edge infrastructure, and a

skilled management team. However, it faces weaknesses like lack of diversity in leadership, a

flat organizational structure, high overhead costs, limited geographic reach, and potential

leadership and communication issues. We then shifted focus and conducted the VCA.

Shifting focus from the SWOT Analysis, we noted that the findings of the Value Chain Analysis

highlighted a competitive advantage as a result of the firm’s ability to minimize the time clients

spend on its services, its unique legal areas which differentiated it from its competitors and a cost

advantage gained from its affordable service. In addition to the VCA, the RBV further

highlighted the firm’s competitive advantage as a result of its maximization of its resources and

capabilities which made the service rare, non-substitutional, valuable and not capable of

imitation (Madhani, 2010).

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Finally, this internal audit was conducted in a private law firm, future research should examine

the outcomes of an audit on legal services in the public sector (Kamara, (2023): Kalamanova,

2023) to gain a wholistic view of the outcomes of internal auditing in legal offices. Internal

audits are also susceptible to bias and several limitations (Kamara, (2023) : Kalamanova, 2023).

In this regard wholistic analysis is key to furthering credible research.

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