Market strategy must align with a solid business plan. Strategic positioning defines a profitable business.
A solid market strategy and smart legal market position enables a business to encapsulate and protect its core function, and identifies that which is ancillary.
Reinforcing the core business leads to tightly targeted lateral transfers and hiring, keenly focused market penetration, and supportive and sensible marketing expenditures.
Strategic legal market positioning enables a one-of-one differentiation that heightens recognition, leads to a well-defined brand and cements an authoritative selling proposition — all of which acts as a beacon for clients seeking particular expertise especially in an increasingly competitive environment.
Precise positioning requires examining a legal service provider’s offerings from a business perspective rather than from a practice viewpoint. Understanding which industries, services, jurisdictions, and key clients are financially strong now and are expected to remain profitable for the next 10 years or more will define a market position on which to build brand strength and future growth.
Market strategy and positioning is foundational to setting the business’s direction and enables greater ease for executing on:
The Next Decade of Legal Services — Part 2 — Managing Law Market Change
Commoditizing Legal Services
Legal Market Strategies for Uncertain Times
How to Get Out of Your Own Way
Big Four’s Next Big Bite
Legal Gets a Mulligan
The Value of Legal Market Positioning
No ‘Alternatives’ Anymore
Lawyers, Lemons and Lemmings
Toward Industry Alignment
Reckoning and Retooling