How lawyers can innovate and develop a competitive strategy
Rupert White of Legal Support Network interviewed Professor Stephen Mayson about the likely impact of the Legal Services Act 2007 and the article was inspiring. Professor Mayson thinks the main danger to law firms of any size, is to think they will not be affected by the changes. But for those firms who manage the situation, there is everything to play for. Mayson tells law firms to 'innovate' rather than 'follow the herd', and to 'think strategically'.
To start with, you will need to fully understand your market and your customers to have the courage and insight to be an innovator and if you are in the mood for some strategic thinking this insight from Shaun Rein may stimulate the process. Rein writes for Forbes.com and in this article from 2010 he explains his approach to developing strategic thinking which is in step with Professor Mayson's warning. Rein says:
"It is dangerous to read the work of people who agree with you and surround yourself with yes men. You end up falling into the trap of group thinking and believing in your own infallibility. It is startling how similar the thinking is of analysts from Goldman Sachs or Morgan Stanley. When you talk to people who think like you do, you end up thinking the same, and you fail to see reality." Read more.
Professor Mayson doesn't actually use the term 'niche marketing' in the interview with Legal Support Network, but his strategy is clearly based on it. Here are the questions he says lawyers must answer as part of their strategic planning:
- What clients do you want?
- what services do these clients want? (this article may help you answer this question)
- how do you know you can deliver these services better than your competitors?
- how can you create value for your clients?
The next two questions I would ask are: 'how do you intend to tell your clients about your targeted, added value services?' and 'will you be as quick to seize the opportunities provided by the changing marketplace as your commercially astute competitors?'
The interview with Professor Mayson by Rupert White of Legal Support Network is available for download at this link and you can read more articles on law marketing and niche marketing techniques by Carolyn Mumby at www.marketing-for-lawyers.co.uk
Tags: Niche Marketing, Articles, Law marketing, Strategy, Innovation
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I recently spoke with Lara King of BBC Radio Humberside on the subject of Employment Law. Click on the Play button, above, to hear the interview.