Law firm positioning & profitability
What sets us apart
- 1Law firms only, since 2004Law Business has advised law firms and patent attorney firms exclusively since 2004. Drawing on that experience we can tell you quickly which positioning and which measures have worked for comparable firms.
- 2Positioning with a planPositioning means knowing which practice areas and sub-services you want to sell to which target groups, and why. Without that clarity and without a plan, budget is spent without direction.
- 3Profitability made measurableYou learn whether your firm is realising its profitability potential and whether your fees are priced correctly. The basis is an analysis of your client base and a comparison with similar units in the market.
- 4Every level taken into accountPositioning has to bring together the interests of the firm as a whole, the practice groups and the individual partners. We therefore work at firm level and at the level of individual fee earners.
What we do
Positioning means knowing exactly which practice areas and sub-services you want to sell to which target groups, and why. It includes deciding how intensively to promote each practice area: a field you are building up is promoted differently from one that is already well established. You also need to know the profitability of your services and your clients, and whether your pricing is right. Without that information and without a plan, budget is spent without direction — what is not measured cannot be managed.
Strategic positioning in the market
Define the goal before spending budget- We define objectives for the firm as a whole, for individual practice groups and for fee earners — their sum is your market positioning.
- We create a clear profile for your target segments so prospective clients can judge how well you meet their needs.
- We determine which segments you address with which services and at which price level.
- We name the services that blur your positioning and therefore weaken it.
- The marketing strategy is derived from the positioning instead of spending budget without direction.
Profitability analysis
Where profit is lost- We identify the causes of lost profit: services that do not match the chosen target groups, misallocated people and resources, unsuitable billing models, hourly rates that are too low.
- We align your services with your target groups and develop new services without you leaving your field of expertise.
- We show the gaps in your sales chain — at firm level and for individual fee earners.
- We analyse your client base, identify the profitable mandates and show how to retain them.
- We compare your client structure with comparable units in the market.
Pricing and hourly rates
Pricing based on experience since 2004- We assess whether your services are addressing the right market.
- We determine whether your firm is realising its profitability potential.
- You receive a concrete answer on how the services in your practice areas should be priced.
- We check whether you are undercharging — and what can be done about it.
- The basis is the experience we have built up in the legal industry since 2004.
Sales processes and organisation
Realising the potential you already have- We increase cross-, up- and down-selling potential by documenting and improving the sales processes.
- We realise the potential that lies in combining practice areas with industries.
- We set up an automated pitch system so nobody has to hunt for the current presentation before a sale.
- We create the structure that keeps sales from being limited to occasional cross-selling meetings.
- The approach follows the size of your firm — the larger the unit, the greater the potential.
Sales targets and leads
A continuous flow of prospective clients- We generate names for your sales efforts in a structured way so that the flow does not dry up.
- We separate sales targets (prospective clients) from sales leads (people ready to buy).
- Targets are turned into real leads through a documented procedure.
- The focus is on contacts already well advanced in the decision process.
- Lead generation is connected to your defined sales processes.
Frequently asked questions
Can we offer new services without leaving our field of expertise?
Yes. We align your services with your target groups and develop new services within your area of law. We also examine which offerings fit your target segments and which blur your positioning. Services that do not fit weaken the profile rather than sharpening it.
From what firm size is work on sales processes worthwhile?
The larger the firm, the more potential lies in the processes — and the less of it is usually used beyond occasional cross-selling meetings. We document the sales processes and improve them so that cross-, up- and down-selling becomes plannable. Smaller units benefit as well, because there is often no process at all. The effort depends on the number of practice groups.
How do we find out whether our hourly rates are too low?
We tell you how the services in your practice areas should be priced. The basis is the experience we have gathered since 2004 advising law firms and patent attorney firms. That allows a judgement on whether you are undercharging. Pricing is part of positioning, because it determines which segments you address.
How does positioning take partners and practice groups into account?
Positioning has to bring together the interests of the firm as a whole, the practice groups and the individual partners. We therefore define objectives at all three levels. How intensively a practice area is promoted follows from this too: a field being built up is treated differently from an established one.
What does a profitability analysis deliver in practice?
We show where profit is lost: through services that do not match the target group, through misallocated people and resources, through unsuitable billing models and through hourly rates that are too low. We analyse your client base and identify the profitable mandates. We compare your client structure with comparable units in the market. From that it follows whether you are addressing the right market and where the potential lies.
What is the difference between sales targets and sales leads?
Sales targets are prospective new clients, meaning names that qualify for your sales efforts. Sales leads are specific people who are ready to buy. We show you how to generate targets in a structured way and how they become leads. The focus is on contacts already well advanced in the decision process.
Why does positioning come before marketing?
Before budget flows into marketing activities, the goal has to be settled. Objectives are defined for the firm, for practice groups and for fee earners; their sum is the market positioning. Without that clarity the budget spreads across measures without direction. With clear positioning the same budget works considerably harder.