,,Why read this article? ,, This short article explores why your firm should implement a sector focused strategy to drive future growth and differentiate your brand from the competition.
Competition across the legal sector continues to be increasingly intense and making it harder then ever for law firms ,when it comes to developing and sustaining long-term profitable client relationships. This is being driven by clients who have ,become increasingly sophisticated, demanding and discriminating in the selection and use of outside counsel.
Differentiate from the competition
n today’s legal market, clients routinely hire law firms based on their specific areas of expertise and past experience in handling particular types of legal issues. Therefore to ensure your firm stands out and to be distinctive in a ,way that is most valued by the clients, you should position your brand and communication on a limited number of industry sectors in which you have the experience and capabilities to build a winning market position.
,,Demand from your clients ,-
when it comes to selecting clients external legal advisers, they inevitably want to understand how your firm has helped similar clients in the same sector and often they will turn to outside counsel to deliver insights based on their broader market exposure, as often clients are trapped in their own industry silos.
Focusing your efforts –
recognising that firms cannot effectively be real or perceived experts in all areas of law, this differentiation strategy requires focus. Through implementing a sector focused strategy upon a small number of carefully selected industry sectors offers a viable and potentially attractive way of growing market share. Depending on the size and reach of your firm, try to limit the number of sectors between three and seven, then invest heavily and strategically in them.
Consider how transitioning and investing towards developing a sector strategy can help your firm compete and attract new clients. A good place to start is to conduct a deep dive into your existing client base to better understand where your firms experience and expertise is currently focused. See this