Global Law Firm Market Analysis Case Study
The world changes for an international law firm. This article is a Global Law Firm Market Analysis case study. Read how we helped a global law firm stop losing business in the crucial finance sector. This case study has changed many aspects to protect the firm’s geography and name.
Global Law Firm Market Analysis Brief
A traditional and highly successful global law firm was experiencing business disruption in a critical financial sector. Mergers were happening around it, and its marketing team needed to determine the cause and take action. Before it was too late, they were taken over.
Solution
Octopus spoke with industry insiders, clients, and other lawyers to gain a deeper understanding of what was happening. We offered our thoughts on other factors that would have impacted their performance—the then-ongoing uncertainty following the global financial crisis and the future of Europe and London in relation to the financial markets.
We found that although it was understandable that the firm’s global financial performance had been mixed compared to the other top 25, modest fee income growth had been achieved, this was not consistently reflected in the firm’s profitability.
Most partners delivered fee income growth at an average of 3.2%, compared to 4.1% last year. However, the average net profit (before share equity partner remuneration) decreased by 0.5%, compared with the 3.5% growth in 2019. We discovered that the firm had lived off its name for years. However, new firms were trying harder to stay in touch with their clients, and fees became increasingly important when the recession struck. We asked questions of current and former clients, who opened up to us after we had developed trust and credibility. The reputation and name of the firm were becoming less of a concern for them. Especially in cases where it seemed the firm did not appreciate their business.
Using our work, the law firm improved how it communicated with its clients and realised it could never take for granted that it would always secure new work without a great deal of effort. New business development and marketing are now integral to the firm’s operations.
What we did
- Competitive Intelligence
- Strategic analysis
- Win-Loss analysis
Global Law Firm Marketing Analysis Case Study
This article was a Global Law Firm Market Analysis case study. Read how we helped a global law firm stop losing business in the crucial finance sector.
