Feb 11, 2014
Law Firm Business Models – Alternatives to Consider
Question:
Our firm located in Grand Rapids, Michigan consists of 12 attorneys – 8 partners and four associates. We are a litigation firm and a relatively young firm. We started the firm six years ago as a result of several of us leaving larger law firms and wanting to start something new and different. We have been discussing our current approach to law practice and want to consider alternative business models. We would appreciate your thoughts?
Response:
The current economic climate has caused law firms to question many of the fundamental business models that have served at the core of law firm practice management for many years. Many law firms are exploring revolutionary business models while other firms are actively discussing whether changes to their traditional approaches are needed.
Suggest that you start by conducting a review of the following areas and develop strategies for each area:
- Infrastructure
- Talent management
- Legal services pricing
- Work process improvement
- Client acquisition and retention
The key is to look for ways that you can differentiate yourself, make your firm distinctive, establish a lasting competitive advantage, and determine your competitive strategy.
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John W. Olmstead, MBA, Ph.D, CMC
Posted at 08:16 PM in Competitive Business Models
Tags: Law firm business models
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