Winmark has published a report which includes the views of 124 General counsel in the UK, 57 Managing Partners and 18 Marketing Directors of law firms.
Its worth reading and you can get a copy from www.winmarkeurope.com . Some of the themes covered include potential changes in the business model in law firms, general counsel’s experience of innovation, and the usage of different pricing approaches.
Marketers may also be pleased to see that 42% of Managing Partners say they expect their investment in marketing to increase over the next 12 months, with only 5% saying it will decrease.
Another finding from the report grabbed my attention straight away. Managing Partners were asked to choose their top 3 areas of strategic focus. Costs and expenditure were in the top 3 areas for 65% of the managing partners, and pricing for 72%.
But the top factor with 99% including it – and over 90% including it as first choice – was client service. If that is the case, then in my opinion there are some firms who understand what is involved in such a strategic focus and some who don’t. Typically, those that don’t have not asked the right questions and not thought through the implications of what this strategic focus means. They may also believe they know what drives value for clients.
However their peers and competitors are actively and openly asking this.
Which group does your firm sit in?