Whether businesses rebound from the COVID-19 crisis or sustain lasting damage depends a lot on which sector they’re in. For law firms, this poses immediate as well as long-lasting challenges and opportunities.
The services and advice clients will need varies greatly by sector, as do the risks facing law firms.
It’s therefore more important than ever that law firms view the market and their clients though a sector lens. Identifying which of your clients fall into which sector, understanding and sharing crucial industry knowledge, and applying this to the relevance of updates and advice are more important than ever.
Doing this requires a sector philosophy as well as the underpinning apparatus needed to support it. This process starts with the leadership team putting sectors high on the strategy agenda — and it must result in the engagement of partners who in turn, are prepared and able to position themselves as knowledge leaders in the sectors in which their clients operate.
Model of Best Practice
In the post-pandemic legal market, sectors won’t be optional — and making them work will separate those law firms that will emerge from the crisis much stronger and those that won’t. For the former, evolving a greater sector focus may be one of the most enduring legacies of the current crisis.
Knowing what good looks like in this new environment is key. To that end, we have created a Model of Best Practice.
This will help you:
- Identify sector focus as a core element of the strategy and engage partners in that
- Organize sector groups with clear role definitions and accountability for partners and support teams
- Focus sector delivery so that it genuinely impacts client service and share of wallet
- Sharpen marketing and business development activity so it creates significant competitive advantage