Post #835 – February 19, 2020
Does Your Firm Have A REAL Industry Focus?
Understanding Your Client’s Industry is the single biggest differentiator among law firms. Unfortunately, for too many firms, any pretense of having a real industry focus is simply a list of industries displayed on their website – without any recognition that perhaps clients can discern the difference. Bad News Flash: you are not fooling anyone!
Meanwhile, Michael Rynowecer (BTI Consulting) and I continue to hear how industry group leaders are completely frustrated . . . by their lack of any clear mandate, authority, and visible support from firm leadership. Few get any meaningful leadership training; a separate budget or a dedicated marketing support professional attached to the group. Few meet on a monthly basis or collaborate across offices; nor have they developed a ‘real’ formal strategic plan. Worse yet, few get support from partners or firm management, which could, for example, make a firm require that partners work only in one core industry.
Here are a dozen diagnostic questions (not intended to be comprehensive) that you might internally review and discuss, to evaluate where you stand with respect to having a genuine industry focus.