Global Law Firm Market Analysis Case Study

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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 legal firm was experiencing business disruption within a critical finance sector. Mergers were happening around it, and its marketing team needed to find out why and take action. Before it was too late, they were taken over.

Solution

Octopus spoke to industry insiders, clients, and other lawyers to understand what was happening. We offered our thoughts on other factors that would have impacted their performance—the then-ongoing uncertainty following the global financial crash and the future of Europe and London associated with 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) fell by 0.5%, compared with 2019’s growth of 3.5%. We discovered that the firm had lived off its name for years. However, new firms were trying harder to keep in touch with their clients better, and fees became very important when the recession struck. We asked questions of current and former clients who opened up to us after developing trust and credibility. The reputation and name of the firm were becoming less of a concern for them. Especially in the case when it seemed the firm did not appreciate their business. 

Using our work, the law firm improved how it spoke to its clients and realised it could never take for granted that it would always pick up new work without a great deal of effort. New business development and marketing are now a significant part of 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.

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