We believe the future is bright in the New Normal, but only for the law firms heeding the sign posts of change.
In David Lat’s recent article about the New Normal and commenting on the 2013 Client Advisory Report from The Law Firm Group at Citi Private Bank and Hildebrandt Consulting, I want to emphasize one of his points from the report.
Quoting from his article:
The second part of the report offers advice to firms on how to navigate the new environment:
- Listen to your clients: This sounds obvious, but you’d be surprised at how often firms don’t listen to their clients. For example, before undertaking an expansion into a new geographical region or practice area, a firm should assure itself that there’s actually demand from its clients for the new services.
- Rethink your business model: The advisory encourages firms to consider sending certain functions to outside providers or to less expensive parts of the country or the world; to provide transparent and responsible leadership; to pay attention to firm culture, using lateral hiring judiciously rather than indiscriminately; and to maintain a strong balance sheet. (Those last few items all sound like lessons learned from Dewey’s downfall.).
- Differentiate yourself ……..
I believe differentiation, as I mentioned in our free Private Client 2013 Law firm guide, is a crucial decision and strategy every law firm executive should seriously consider this year and going forward in this decade. There are too many similar choices in the market and they all say the same thing. “We are a national, we are an international… law firm
with the best lawyers on the planet able to handle any matter or transaction you have…”
It should since nearly 200+ law firms are marketing the same thing.
1)What are your firm’s true strengths and client niches?
2) How do you communicate that?
At the Lion Group, my team and I can assist law firms from boutiques to large firms with:
- Branding & Marketing strategies that will launch your message & firm in various mediums and markets across the legal industry and your client niches.
- Compliment your differentiated approach with law partner recruiting which would also strengthen your bench with the “right lawyers and clients” for your bright future.
Do not delay in the New Normal. Take action and set a new pace for your competition.
The future is bright!
For more information about our services, contact me at firstname.lastname@example.org
For the Above the Law Article click here.