Rather, it might focus on challenging the leader in a few practice areas, or in identified, defined market segments where it can create a clear superiority, and then build from there. Perpetuation of the status quo, for example, is never enough in a competitive marketplace where other firms are advancing aggressively as a result of their own planning efforts. In many legal markets, competition is so intense that virtually every market segment as defined by specialty, industry or client groups and geography is occupied by formidable competitors unlikely to be unseated on that basis alone. In that instance, the source of differentiation must be both credible and demonstrable, prospectively, to potential new clients as well as to existing clients. This requires uniform implementation of the chosen strategy across the broad range of lawyers and staff, and therefore excellent communications, training and execution, firm-wide.
Experience seems to indicate that five years is about the right planning horizon for a law firm.
The plan will always change, requiring periodic updating due to changed market conditions or developments within the firm. The plan must be communicated, understood and ultimately accepted by all. This may require those who do not agree with the plan to leave the firm, one of the risks inherent in the planning process. In spite of challenges to the legitimacy of strategic planning as a business process popular in some management circles these days, experience has shown it to be the most effective management discipline employed in the legal marketplace to date. Flash Points sm brings you free monthly updates from eight subject matter experts.