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Positioning Your Brand in the Legal Services Industry

Positioning Your Brand in the Legal Services Industry Facilitated by Martin McLaughlin Mosaic Partners llc e-mail: mmclaughlin@mosaicpartners.com Phone: 610.999.9788 September 26, 2006. Fragmented and Faceless Firms. Number and Type of Competitors, Overall

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Positioning Your Brand in the Legal Services Industry

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  1. Positioning Your Brandin the Legal Services Industry Facilitated by Martin McLaughlinMosaic Partners llce-mail: mmclaughlin@mosaicpartners.comPhone: 610.999.9788 September 26, 2006

  2. Fragmented and Faceless Firms • Number and Type of Competitors, Overall • Total establishments providing legal services is 249,969 • Number and Types of Competitors: • Approximately 900 law firms in U.S. with 50 attorneys or more • Approximately 22% of all U.S. law firms have 5-49 employees and less than 20 attorneys • Over 76% of all U.S. law firms have less than 4 employees Sources: AM Law 200, ABA, U.S. Census, Zapp Data

  3. Competing For the Same Clients • Fortune 1,000 Buyers working with fewer providers • Number of outside law firms used by Fortune 1000 companies has already been reduced from 75 in 2001 and expected to contract to less than 40 in total by 2006 • Mid-market Buyers are following the trends of Fortune 1000 Buyers • So who is your competition? Sources: BTI Research

  4. Why Brand Positioning? • The legal industry has consolidated, and there are more…faceless firms competing for the same…clients. The New York Times, “The Legal Beat,” 9/16/05

  5. Basis of Differentiation and Competition Needs to Change • Client service isn’t segmented and prioritized • Don’t understand the needs of differing types of companies and buyers • Practice groups are emerging as the organizing entity in law firms • Firmwide client knowledge is limited and held in silos • Branding is tactical and driven by marketing Impacts everything we say and everything we do!!!

  6. Segment and prioritize best clients – treat them differently!!! Before you create value – understand where you capture value… • In each of the last three years: • Less than 10% of clients generated 70% of revenue • Less than 20% of client generated 80% of revenue • Less than 50% of client generated 97% of revenue • In each of the past three years, median client provided approximately $2,000 in revenue • Look beyond averages!!!

  7. Understand needs of differing buyers – focus on how you do it!!! • “How” you communicate and service must be different for different buyers • Become part of the decision making process (CEO) • Help manage my workload and expand my internal capacity (GC) • Stay in-front of me with frequent and purposeful communication, because I don’t have time to search for help when I need it • Go beyond newsletters, conferences, and websites to communicate with me about my issues, challenges, concerns, growth plans, etc. • Stop uncomfortable attorney introductions

  8. Develop a Value Proposition that extends beyond the offering • “…I can find quality legal representation at many local and regional firms...” – being common leads to commoditization • Offering Value focus is about “what” you deliver: • Practice Groups • Office Locations • Depth of Bench • Service / Solution Value focus is about “results” delivered for your clients: • Business and Legal Advice • Opinion and Recommendations in Context of their Business • Direction based Upon Experience • Experience Value focus is about “how” you interact with your clients: • I love my clients and they need to love me • I treat their issues and their business as if they were my own • My spouse kills me, but I take their call on Saturday, Sunday, etc…

  9. Firmwide client knowledge is an asset – so manage it like one • CRM is equal parts culture and information • An even tighter band of clients adds great value to your firm – focus on securing the working relationship with your very best clients • 100 clients = 30% of total revenue in fy 2006 • Focus account growth and acquisition • Upwards of 60% of new revenue comes from existing clients • Align to your brand positioning!!!

  10. Elements of Defining a Brand Position and Strategy What We Do Target Client ClientWants &Needs Who We Are Positioning the Brand Differentiating the Brand Brand Positioning ValueProposition How We AreDifferent Brand Essence

  11. Our Methodology Create Value Delivering SolutionsThat Matterto Your Customers Articulate Brand Strategy to Employees and Customers Assess Customersand Markets CommunicateValue DeliverValue Mosaic Partners LLC TM Align the Organization andProcesses Around Customers

  12. Next Steps – Go Back and Ask… • Who are your best customers? • Why do they work with you vs. other providers? • Are they advocates of your firm – NPS of 9 or 10? • What information do you have about your best clients and how is that shared internally? • Who are your competitors and how are they positioning themselves? • Can everyone communicate (internally and externally) who you are, what you do, how you create value, and how you are different? • Can you guess the average tenure for CMOs in large organizations?

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