,,Why read this article? ,, This short article outlines key considerations your law firm needs to address when it comes to selecting which sectors to focus your client strategy on.
Identifying the right sector to focus your firm’s time and capital, is something that needs to be done with careful assessment and implementation, done wrong it can have a drain on money and time, done right it can allow your firm to further capitalise on existing experience and expertise to differentiate your business and
– conduct a deep dive on your existing client base and review recent pitch opportunities to identify which sectors your client base belong to. To avoid focusing too niche, carry out further research to identify your current market share in these sectors to understand the potential for growth in a given sector.
– research and benchmark your
,capabilities against competition within a sector, to fully realise how your offering to clients compares to others. To carry this out, start
by reviewing their website, legal directories and speaking to colleagues that might have previously worked there, to gather insight into their approach, experience and client base.
Understanding client needs
– conducting research on specific sectors and speaking to your existing clients that operate within the sector, is key to understanding what challenges clients are facing on a macroeconomic, geopolitical and regulatory level, this will allow you to anticipate future areas of work for your firm from focusing on a specific sector and also where you might have gaps in your offering e.g. product areas or geographical reach.
Before selecting a specific sector to invest your firms focus in, ensure you carry out a thorough review of your existing client base and segment them by sector, to understand where your strengths are. Then carry out research on your competition and the companies in the sector to better understand their businesses so your firm can anticipate which sectors offer your firm long-term sustainable growth in the future.