The billable hour. Competition from unexpected sources. A consolidating industry. The market for legal services has shifted in fundamental ways, and its evolution presents challenges for law firms. But change also offers opportunities. Law firms today need to think differently, and importantly in this market, look to differentiate themselves.
The client/law firm relationship is constantly changing. Clients are increasingly focused on firms who “invest” in their risk and their business. Those who invest will master these relationships institutionally and will stand apart. Some suggest that great work at a competitive price is all that clients want from their law firms. All AmLaw 100 firms do great work, but great work is not a differentiator. Price is also not a differentiator. The key differentiator is something law firms talk about all the time but rarely master—a true strategic relationship with clients. It sounds simple, but aligning this relationship—the priorities of lawyer and client—is essential for any firm that hopes to succeed in today’s market.
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