Legal News
Legal expert warns legal firm to diversify
31/10/2011
A leading legal expert has warned solicitors to develop sharp business strategies and branding to combat the threat of major high-street brands in the legal market place.
Professor Stephen Mayson told the Legal Futures conference in London that solicitors should not rely on clients who express a desire for local, personal services.
He said: “Clients might say they like corner shops or their local post office, but it that where they are going to spend their money? Are they actually going to be there for the legal equivalent of the corner shop?”
He added that the emergence of law firm brands was “an eminently sensible response” to the arrival of the high street brand thanks to the launch of alternative business structures (ABS).
According to Professor Mayson, law firms need to be clear about what competitive advantage they could exploit, whether it was local knowledge of their clients, niche expertise or personal services.
He continued by warning that the high-street brands had access to almost infinite resources, including a minefield of data on potential clients.
“They use that data in some incredible ways, not only to work out what we have been spending our money on but also on how they can encourage us to spend it on something different in the future,” he said.
Solicitors might also find themselves competing for work with barristers, he predicted. “Don’t write them off, barristers are actually quite bright,” he added.
He suggested lawyers who were “bold, dare to be different and don’t follow the herd” will be the ones to prosper in future.
