Professional services are the final frontier for branding.
The period since the millennium has seen the rise of business development and client relationship management to drive competitive growth. The next era will see brand differentiation as the new battlefront in professional services for clients and talent. And the advantage will go to the first movers. (more…)
Marketing investment has uncertain returns for law firms. This is the headline from a survey of CMOs at 68 of the world’s leading law firms by consulting firms Calibrate Legal and Totum Partners (1). This timely report is further evidence of the need for robust metrics to inform marketing and business development (BD) strategies in law and all professional services firms.
This post follows beaton’s successful joint webinar with APSMA on 22 November 2016. During this webinar, Paul Hugh-Jones (Partner, beaton) and George Beaton (Executive Chairman, beaton) discuss trends in client buying behaviour, best practice in client centricity and why becoming more client centric will improve your firm’s financial performance. To watch the full webinar, please click on this link.
One of the big trends we have seen across the professions over recent years has been firms changing their ‘go to market strategy’ from an internal product focus (expertise/ service line/ practice group) to a client-centric view of the world (industry sector/ market). (more…)
When we present our beatonbenchmarks™ reports, the section about why clients appoint a more expensive firm often gets the most attention, challenge and interest.
Of course, this doesn’t mean that 80% of clients always choose a more expensive firm, but it does mean that they are open to selecting firms based on demonstrated value rather than price. (more…)
To win work, you have to convert clients from consideration to purchase, in other words you have to focus your prospecting and pitching on what matters most to clients. This requires effective business development, with prospecting and pitching that is more persuasive than your competitors who are also being considered. (more…)
This is the first of a series of posts on how to develop and execute an effective industry strategy to drive profitable growth in a professional services firm.
The three things that create value for clients jumped out at me during the excellent 2015 APSMA conference 'Reframe the future' in Sydney on the different market forces, challenges and opportunities facing professional services. (more…)
If you look around law and other professional service firms, it is clear that after a period of decline, the Managing Partner, Clients role is back in vogue. In Australia Clayton Utz, King & Wood Mallesons, Herbert Smith Freehills, Ashurst and others have such positions – and with good reason. Here’s why. (more…)
These are unprecedented times for partner mobility in the BigLaw part of the legal ecosystem, driven by clients, firms themselves and talent.
As firms reposition themselves for the new market dynamics summarised here and here by my colleagues Warren Riddell and George Beaton, respectively, there is a cascading of talent between the different law firm tiers: (more…)