In today’s world, business cycles are moving more quickly. Firms need to be aware of how these cycles will impact demand for the firm’s services. Understanding how your practices are positioned and what that means for investment, divestment and management is critical.
Most law firms today do a relatively good job developing and articulating competitive and thoughtful strategies. But successfully executing those strategies remains a challenge for many law firms.
Many law firms are focused on differentiating themselves from competitors. But what separates one firm from another in the eyes of the client, talent or the market? Years ago, many firms cited culture or quality as the characteristics of their firm which distinguished it from others. However, in today’s legal industry, most clients view quality as ‘table stakes.’
In an effort to better align services with client needs and differentiate the firm from competitors, many law firms have adopted some form of an industry focused strategy. These efforts have seen varying degrees of success, in part driven by the firm’s internal organization of the industry effort. Like many aspects of running a law firm, there is no one size fits all model.