Package, Position, Profit: How to Build a Legal Practice the 21st Century Wants to Buy

The legal market refuses to stand still, shifts in competition, new technologies, and rising client expectations are rapidly unsettling many of the more traditional firms' views of the future.

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Details

  • Publication date: April, 2017
  • Pages: 150
  • ISBN: 978-1-78358-282-2

Description

To guide your firm, practice, or department through the next phase of the legal industry’s development, you need to ensure you are as attractive as you can be to the clients you want. You need to choose the right market position for your firm. You also need to know that package (or, if relevant, those packages) are priced correctly, in the way that suits your clients best, and all in a way that supports the market position you aspire to.

Package, Position, Profit: How to Build a Legal Practice the 21st Century Wants to Buy has been written to help you do just that: to show you how to package and position your firm in a way that will allow you to profit from your efforts. It cuts through the marketing-speak that all-too-often either prevents or puts lawyers off getting to the heart of building a viable, relevant marketing strategy. 

Through practical examples of how best to design the right strategy for your firm and, most importantly of all, how you can implement those ideas easily so that they start delivering commercial success.

Package, Position, Profit: How to Build a Legal Practice the 21st Century Wants to Buy also includes six stories from legal services providers in the US and UK that have done an exemplary job of packaging and positioning their firms in today’s competitive legal market. These firms discuss the projects they implemented with a full and frank appraisal of exactly what they did and what they have achieved.

Contents

Executive summary

Chapter 1: An introduction to today

  • Where is the legal market today?
  • What is likely to happen to the legal market?

Chapter 2: First steps towards building a law firm 21st-century clients want to buy

  • Start with the end in mind
  • Why are those answers essential to your progress?
  • The Four Ps
  • How do you apply the four Ps to a 21st-century legal practice? 

Chapter 3: Defining your proposition 

  • Who are you? 
  • What is a client value proposition? 
  • What isn’t a client value proposition?
  • How do you build a credible client value proposition? 
  • Managing the CVP process internally
  • Insource the expertise to run the exercise for you 
  • And a post-script…

Chapter 4: How to use your client value proposition

  1. In person
  2. In writing 
  3. Online

Chapter 5: How to position your firm

  • From a legal market perspective, what does positioning really mean?
  • How do you choose how and where to position your firm?
  • The five-tier model
  • What is a brand and, in real terms, what does ‘brand’ mean for a law firm? 
  • What part does brand really play within the positioning process?

Chapter 6: Examples of packaging and positioning in today’s legal market 

  1. ‘The sector specialist’
  2. ‘The new market entrant’ 
  3. Achieving growth through personal development 
  4. Creating a truly exceptional client experience1 
  5. Deep sector understanding and the capacity to deliver it the way clients demand
  6. The right people, the right reputation, the right skills promoted in the right way 

Chapter 7: How to price your services 

  • How do you come up with your pricing model? 
  • How will your clients react to your pricing?
  • How does your current pricing fit with the current state of your market? 
  • How do you charge for your services?
  • Why should you consider implementing alternative fee arrangements? 
  • How do you decide which type(s) of pricing suits you (and your clients) best? 
  • What are the practical steps you need to take to put your new pricing model in place? 
  • Added value and how to use it 
  • ‘Loss leaders’ and how to use them 

Epilogue: Is there actually a fifth ‘P’?

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Authors

Douglas McPherson
Doug has worked with professional service firms for over 20 years, first as head of sales and marketing for Intellectual Property Publishing, then as the commercial director of Lloyds of London’s Marine Intelligence Unit. Doug is now a director of Size 10½ Boots, a business development agency that works solely with professional service firms. Size 10½ Boots work with law firms, patent and trademark attorneys, Chambers, and accountancy practices all over the UK. They combine their knowledge of the professional services market and direct in-house experience with the sales and marketing skills Doug and his partner Bernard Savage acquired from past roles in international blue chip sales-led organisations. In addition to providing strategic marketing advice, Size 10½ Boots provide a range of more tactical support, including training and personal coaching for professionals at all levels, copywriting and design services, and targeted PR support. Doug is a regular contributor to a range of publications in addition to Solicitors Journal, including Managing Partner, Private Client Adviser, Intellectual Property, The Patent Lawyer, and The Barrister.