The Importance of Porter’s Five Forces

Topics: Billing & Pricing, Business Development & Marketing Blog Posts, Law Firms, Midsize Law Firms Reports & White Papers, Thomson Reuters

It’s been more than thirty years since a young Harvard associate professor of Economics published his first Harvard Business Review article, “How Competitive Forces Shape Strategy.” That single article has since led to multiple books and has completely redefined how organizations view and approach competitive strategy. And, as the market for legal services continues to grow in complexity, never before has this simple treatise been more relevant to the legal profession.

The Five Forces consist of the Bargaining Power of Suppliers, the Bargaining Power of Buyers, the Threat of New Entrants, and the Threat of Substitute Products & Services, all which surround the most powerful force, which is the Rivalry Amongst Existing Competitors. In the years since the article was first published, the propensity for all five forces to simultaneously impact the legal profession has not happened, until now.

You can download the The Importance of Porters Five Forces white paper here.

This white paper was written by Patrick Fuller