With the down economy, law firms are facing additional pressures from all directions. External forces, namely clients, are forcing firms to do things differently, while internal forces, namely firm management, are driving lawyers to challenge themselves and consider doing business differently. There has been a recent emphasis on value pricing through up-skilling of lawyers (and others involved in selling) to enhance their ability to negotiate and present value.
While law firms focused on operational efficiency and cost reduction in 2010, 2011 is seeing a greater emphasis on growth, customers and innovation. Firms are taking client satisfaction more seriously, as they should. According to BTI Consulting Group’s Premium Practices Forecast, “53 percent of clients will replace their primary law firm with a competitor who delivers better value, superior client service, greater flexibility or a more innovative approach.” While this statistic might sound ominous for some, this is actually good news for law firms that are ready to step up their game. And there are several different paths law firms can take to ensure they are the firms that don’t get replaced.
Culture of Experimentation
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