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Using a competitive perspective to chart your law firm’s strategy

By Andrew Hedley, Director, Hedley Consulting

18 March 2015

The core purpose of any strategy is to create sustainable competitive advantage. A critical strategic discussion centres on the choice of markets in which to compete and the kinds of activities which are involved in such markets.

Several models exist to chart market attractiveness and these tend to map the size and future potential of a market against the firm's relative competitive strength (i.e. its ability to take advantage of latent opportunities). What this means in practice
is that the strategy team needs to be building a picture of the firm's ability to perform in the context of others targeting the same markets.

This competitive perspective is quite fundamental, yet it is often underplayed in strategic discussions in law firm boardrooms. If we accept that, in choosing a firm, a client goes through a cognitive process of weighing up the skills, capabilities and experiences of a ...

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