Identifying a law firm’s value proposition is one of the most important things a practice group should focus on. The full group, from partners to associates to legal assistants should all have a clear understanding of what are the competitive advantages of your practice group’s services. This value proposition should be customized to the client/target depending on the size of the company, the industry and its business goals. It’s a shame to think that 50% of law firms do not have a distinct compelling differentiation. Practice group chairs, in collaboration with the marketing support team, should make this a priority and provide the practice group members with a set of talking points to work from. Each firm or practice group should be able to provide at least 3 bullet points as to why they are the best selection for a proposed matter.
For example, some competitive advantages could be:
- We have offices located in all major financial centers across the globe which allows us to more efficiently handle your cross-border matters.
- We are located in a low-cost region of the world – so we are able to produce the same results but at a lower cost.
- Our team of lawyers have specific expertise in this technology and in front of this Judge so we can guide the client through the matter better then our peer firms.
- We are a boutique firm that only focus on this specific matter of law – so we are deeply embedded in the industry. We focus on nothing else but this area of law.
- We have a unique project management system for these types of matters – which will allow us to provide a fixed cost for the matter.
Matthew Prinn is a principal with RFP Advisory Group and can be reached at mattprinn@RFPag.com.