Smith & Williamson have recently published the results from their annual survey of law firms. Not surprisingly (to me) it shows that law firms are increasingly focusing on specialist sectors.
A conclusion reached by the research suggests that the full-service model of some mid-tier firms is losing ground and the importance of these firms in having a strong brand position to ensure that clients have 'compelling reasons to instruct them'.
This really isn't rocket science but it is SO good to hear that law firms have caught onto to the importance of not trying to be all things to all (wo)men.
Success from your marketing and business development activities starts with:
- having a clear understanding of who your clients are;
- what their issues, challenges and opportunities are; AND
- relating this to how you can help them.
By default therefore, understand who you can help, where the opportunities are and then focus on that target market (or sector using the language of this research).
Building a position in that 'space' (market/sector) helps you create the profile and the opportunities to then support those clients.
As a certain meerkat would say - "Simples!"
A greater focus on specialist sectors is seen as the biggest opportunity for law firms over the next three years, a survey has found. The three most commonly cited opportunities were focus on specialist sectors (71%), investment in technology (63%) and lateral hires (33%), according to the annual survey by accountants Smith & Williamson. “It is encouraging to see many firms rethinking their strategic plans to find the right focus for their practice and stand out in this competitive market,” the report said. “The full-service model of some mid-tier firms appears to be losing ground. Many such firms have struggled to deliver the perceived benefits of cross-selling a full range of services to clients. “They will now need to work on their brand positioning to give clients compelling reasons to instruct them and lateral hires compelling reasons to join them.”