Editor's Letter: Being original

A question constantly facing every law firm, whether large or small, is how to remain competitive and increase client business. It certainly isn’t easy in the current market, with many clients demanding alternative fee arrangements and a variety of perks to sweeten the deal.

Recently, CMS Cameron McKenna has gone as far as to invite clients to pay what they like for their services, based on a predetermined set of options. While price is certainly a key differentiating factor, this model reminds me of the McDonald’s low-cost high-volume approach to business. But then, the fast food chain’s core revenues apparently come from its real estate and franchises rather than its value meals.

So, if you’re not willing to slash your prices, how else can you differentiate your services? Stubbornly saying that the quality of your services is what sets you apart really isn’t being original. Neither is emphasising your dedication to clients going to make you stand out from the crowd.

Of course, there are standard benchmarking tools – including legal directories – which general counsel  can use when deciding to refer work to external counsel. However, what will impress them a lot more is if your firm demonstrates something new and innovative which adds real value to their business.

Finding this area of service of course takes time, as it involves reflecting upon and analysing your firm’s as well as your competitors’ offerings. It also takes commitment to follow through on developing it. Once you’ve found your ‘blue ocean’ opportunity, it’s very easy to let your day job take over and throw in the towel when it’s taking too much time to get internal support.

But, at the end of the day, do you want to ride the wave of innovation or sit in the shallow waters until the tide comes in?

Until next month,

Manju Manglani, Editor

mmanglani@waterlow.com

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