SOME QUESTIONS LAW FIRMS NEED TO BE ASKING THEMSELVES

COMPETITION FOR LEGAL SERVICES IS ON THE UP

A paper published by the SRA in 2016 addressed the concern that clients currently have a large choice of firms, and in particular, the influx of US firms in the City and accountancy firms setting up legal teams gives rise to increased competition. Ultimately, there are thousands of legal and other professionals that can offer excellent legal service at competitive pricing. Often, these competitors have sophisticated business developers whose goals it is to acquire market share.

  • How can you continue to be successful in such an increasingly competitive market?
  • How can you maintain your leading edge and pole position?
  • The continued economic recovery means pressure on fees. How can you remain competitive but still be profitable?
  • How do you handle rumours of firms doing work for free to attract clients?
  • Lawyers are moving around more.
  • How do you ensure that your clients are firm clients and not attached to an individual or a few individuals who could leave?