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Use strategic focus to dominate a market

By Andrew Hedley, Director, Hedley Consulting

27 January 2015

High performing firms share one characteristic. They all have focus - they know what they are in business to do and not do. Their unwavering focus is expressed through a defined group of target clients or industries, legal practice areas, jurisdictions or market places.

Focus matters and plays a key role in improving overall business performance. Decisions about the markets, services and clients to focus on are of huge strategic significance. They set a direction of travel for the firm from that point forward and
carry implications for inherent profitability. While firms can play with the metrics, baseline profitability varies between segments in a structurally defined way.

Firms operating in high risk, high value and high price environments will have a greater inherent profitability than those which are dealing with more day-to-day work. Successful firms within each segment create significant levels of partner profits, even if their partnership st...

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