Sector focus – real or fake?
Having a sector focus for major law firms has become increasingly commonplace. Where once firms could hold this out as differentiating, today well over half of all the firms in the Amlaw 200 and the majority of the Lawyer 100 firms advertise a sector or industry focus on their web site.
But it’s one thing to claim a sector focus: The proof is whether clients in that sector experience the firm as more connected with their business. In short, is the firm a better choice as a result of its sector offer.
Our Sharplegal research shows that many firms are failing to substantiate claims to offer that sector superiority. In many cases, there is little or no difference in how the firm is perceived in its core sectors than how it is viewed more widely. Even firms who have increased the level of market awareness in their chosen sectors are often failing to convert that into genuine immersion in those sectors and a deep understanding of clients’ needs.
Sector Effectiveness Program
Our Advisory team offers a program to review and enhance the performance of a firm’s industry groups. Or, for firms that have not yet put in place a sector focus, we can advise on the design and implementation of that program.
Our approach allows us to draw on the deep data in Sharplegal which reveals which firms are genuinely performing in sectors and which are not. We also use our Stellar Performance research to look at the habits and behaviours of Stand-out lawyers who have built their firm’s sector capability.
For Sharplegal subscribers, we can assess your firm’s performance against the benchmark of success. For any firm we work with, we will audit your current approach, and show you how it can be enhanced to deliver real value to clients and a competitive advantage for your firm that goes well beyond lists on a web site.
The program typically includes 7 stages:
- For firms who already have a sector focus, we will map our performance data onto your sector segmentation
- We then use our industry research from Sharplegal to evaluate the performance of your sectors
- We will undertake an appreciative audit of your sector program to establish what’s working well and where enhancements are desirable
- We will compare what your firm is doing with our model of best practice – again evidenced by our global research
- We will report to you on the gap between where you are and where the best practice model suggests you could be
- We work with you to develop an action plan to take your sector focus forward
- We provide you with tracking measures so you are able to monitor progress
If you would like to discuss how our Sector Effectiveness Program might support your firm, or have a presentation on Sharplegal and Stellar Performance research, please do email or call.
Steve Blundell firstname.lastname@example.org +44 808 178 3020
David Johnson email@example.com +44 808 178 3020