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. Many aspects of this case study have been changed to protect the geography and the name of the firm.
Global law firm Market Analysis brief
A traditionally highly successful global legal firm was haemorrhaging business within a critical finance sector. Mergers were going on all around them, and its marketing team needed to find out why and do something about it. Before it was too late, and they were taken over.
Octopus spoke to industry insiders, clients and other lawyers to see what was going on.
We offered our thoughts of other factors that will have impacted their performance – the then ongoing uncertainty following the global financial crash, the future of Europe and London associated with the financial markets.
We found that although understandable that the firm’s global financial performance had been mixed compared to the other top 25. Whilst modest fee income growth had been achieved. This was not consistently reflected in firms’ 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. But new firms were trying harder, kept in touch with their clients better, and when the recession struck, fees became very important. We asked questions to 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 the case when it seemed the firm did not appreciate their business.
Using our work, the law firm improved how they spoke to its clients and realised it could never take for granted that they will always pick up new work without a great deal of effort. New business development and marketing is now a significant part of the firm’s operations.
What we did
- Competitive Intelligence
- Strategic analysis
- Win-Loss analysis
Global Law Firm Market 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.