Huge changes happening in the legal markets at the moment: new challenges from specialists; new entries to the market from household brands and abroad; new online techniques; new graduates flooding the market; changes to the regulatory authorities…the list goes on and on. It seems that this once ‘safe’ business is now a tumultuous riot of changes and pressures that didn’t exist before.
As the market takes on a new shape, and new requirements rise to the surface, it is inevitable that there will have to be change. Presently we are witnessing another round of mergers and acquisitions, as firms respond to market forces. By definition this must run out of steam eventually.
If other service industries are anything to go by – eg accountancy, insurance – the winners will be the specialists. This is partly because the value of personal relationships has diminished with the growth of the internet, and partly because of the way markets work – ie if specialists exist, you’d be crazy to buy from a generalist. This is especially true in the legal market where there is no IP, which makes differentiation between firms hard to establish and maintain. So it’s only natural to buy from the firm that offers you the most in-depth knowledge and experience of your special requirements or business.
Most importantly, you have to do what you do well – in fact, better than the rest. Part of that you can achieve by appointing a specialist agency like Marcom, but part of it has to come down to planning your strategy and tactics in such a way that guarantee yourself a place on the winner’s rostrum:
These have to be linked to your strategy, but as a general rule: