The value of legal market positioning

In The value of legal market positioning our regular contributor Heather Suttie argues that definitive legal market positioning leads to a distinctive, authoritative brand for a law firm. And the corollary is that trying to be everything to everyone means a firm stands for nothing in no one’s mind.

Research (by beaton, my Voice of Clients consultancy) over many years amongst the clients of Australian and New Zealand clients of corporate BigLaw firms shows it is possible to differentiate a law firm and sustain a position in the served market. And, it’s no surprise that having a distinctive position correlates with superior client satisfaction, supporting Heather’s proposition that ‘legal market position is critical to surviving while your brand is key to thriving’.

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The ‘Modern Law Firm’ – A Fresh Perspective

The ‘Modern Law Firm’ – A Fresh Perspective is based on my recent conversation with Alastair Morrison, a Pinsent Masons with a penchant for client-centric legal services innovation.

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BigLaw, MVPs and all that

Classic business rule: develop the product then unleash it on customers. Modern business rule: find the skinniest expression of your product, unleash it on your customers, then lever up. Startup thinking has invaded the traditional business model.

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Classic: The cause of, and solution to

George Meyer, producer and head writer of The Simpsons in its glory years, was once asked about his favourite line from the show’s run. He cited the closing scene from the Season 8 episode “Homer vs. the Eighteenth Amendment,” in which the town is celebrating the end of a brief period of Prohibition. Homer stands atop a pile of beer barrels, hoists a sudsy glass, and proposes a toast to the gathered crowd: “To alcohol! The cause of — and solution to — all of life’s problems.”

In a similar vein, I would like to propose, if not an actual toast, then an explanatory observation for the business of legal services: “To lawyers! The cause of — and solution to — all of law firms’ problems.”

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A not so rosy take on US BigLaw 2018 performance

A not so rosy take on US BigLaw 2018 performance is Mark Cohen’s myth-busting analysis of the 2019 Citi Hildebrandt Client Advisory annual survey of US law firm fiscal performance.

Mark opens by observing ‘The most recent Citi Report drew considerable industry attention following its release in December, suggesting the opening sentence of the Executive Summary is the likely reason: “The US law firm industry is enjoying its strongest growth in almost a decade”.

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Ron Friedmann’s highlights from the Altman Weil CLO 2018 survey

This post covers regular contributor Ron Friedmann’s highlights of the annual Altman Weil CLO Survey.

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