As Gerald Ratner would be all too happy to explain, in the modern world there’s a lot more to branding than just sticking a red-hot poker near a cow’s derriere.
Take Eversheds. Managing partner Lee Ranson is highly unlikely to go and do a Ratner when discussing his firm’s legal services. As one of the more marketing-savvy firms in the market, Eversheds is acutely aware of the power of the brand (see story).
It’s with that in mind that the firm has decided to ditch its cheaper, commoditised arm LSG and bring the work back into the fold of the family Eversheds (see story).
The move is designed to prevent any confusion over the firm’s branding after looking like it was chasing high-end and bulk work at the same time; to the ultra-conservative legal sector, that’s the equivalent of fancying your cousin. It’s just not the done thing.
But Eversheds is not abandoning its value-for-money marketing strategy just yet, with management still saying it can undercut the magic circle. How, you might ask, can they pull this off?
By cutting costs and feeding the savings back to the client, they’d probably say. Not quite as funny an answer as Ratner’s infamous quip but it should be a less costly one.