Before developing that future-proofed, winning strategy that will see you through the next decade and beyond, you need to know who you are fighting. Easier said than done since competition never looked tougher: you’ve got law companies, the big four, legal tech as well as the growing in-house teams, themselves an existential threat to law firms.
• Are other law firms still the industry’s biggest competitors? Do law firms genuinely consider anyone that is not a law firm to be a direct competitor?
• Discussing the proliferation of competitors and the angles from which they are coming.
• To what extent could law companies do something genuinely different and become a real threat to law firms?
• Looking behind the success story of accountancies in the investigations space: what was the main factor behind their success and what other areas could this be replicated in?
• Are clients going to increasingly choose other law firm service providers over law firms if the price is right?
• Can law firms still afford to only go after the ‘cream’ work? Or will we see firms having to compete over the low-value work in the near future?
• Are clients approaching the buying of legal services in an aggregate or disaggregate way?