Package, Position, Profit
How to Build a Legal Practice the 21st Century Wants to Buy
Published: 2017
Pages: 150
eBook: 9781787427242
This book has been written to show you how to package and position your firm in a way that will allow you to profit from your efforts.
Table of Contents
Cover | Cover | |
---|---|---|
Title page | i | |
Copyright page | ii | |
Contents | iii | |
About the author | v | |
Executive summary | vii | |
Dedication | xi | |
Chapter 1: An introduction to today | 1 | |
Where is the legal market today? | 1 | |
What is likely to happen to the legal market? | 10 | |
Chapter 2: First steps towards building a law firm 21st-century clients want to buy | 17 | |
Start with the end in mind | 17 | |
Why are those answers essential to your progress? | 25 | |
The four Ps | 27 | |
How do you apply the four Ps to a 21st-century legal practice? | 31 | |
Chapter 3: Defining your proposition | 35 | |
Who are you? | 35 | |
What is a client value proposition? | 35 | |
What isn’t a client value proposition? | 37 | |
How do you build a credible client value proposition? | 41 | |
Managing the CVP process internally | 42 | |
Insource the expertise to run the exercise for you | 47 | |
And a postscript… | 48 | |
Chapter 4: How to use your client value proposition | 51 | |
1. In person | 51 | |
2. In writing | 56 | |
3. Online | 58 | |
Chapter 5: How to position your firm | 63 | |
From a legal market perspective, what does positioning really mean? | 63 | |
How do you choose how and where to position your firm? | 63 | |
The five-tier model | 66 | |
What is a brand and, in real terms, what does ‘brand’ mean for a law firm? | 68 | |
What part does brand really play within the positioning process? | 73 | |
Chapter 6: Examples of packaging and positioning in today’s legal market | 75 | |
1. ‘The sector specialist’ | 75 | |
2. ‘The new market entrant’ | 78 | |
3. Achieving growth through personal development | 81 | |
4. Creating a truly exceptional client experience | 86 | |
5. Deep sector understanding and the capacity to deliver it the way clients demand | 90 | |
6. The right people, the right reputation, the right skills– promoted in the right way | 96 | |
Chapter 7: How to price your services | 103 | |
How do you come up with your pricing model? | 103 | |
How will your clients react to your pricing? | 106 | |
How does your current pricing fit with the current state of your market? | 108 | |
How do you charge for your services? | 110 | |
Why should you consider implementing alternative fee arrangements? | 114 | |
How do you decide which types of pricing suit you (and your clients) best? | 116 | |
What are the practical steps you need to take to put your new pricing model in place? | 119 | |
Added value and how to use it | 120 | |
‘Loss leaders’ and how to use them | 125 | |
Epilogue: Is there actually a fifth ‘P’? | 131 |
Douglas McPherson has worked with professional services firms for over 20 years, first as head of sales and marketing for Intellectual Property Publishing, then as the commercial director of Lloyds of London's Marine Intelligence Unit. Doug is now a director of Size 101/2 Boots, a business development agency that works solely with professional services firms. Size 101/2 Boots works with law firms, patent and trade mark attorneys, chambers, and accountancy practices all over the UK. They deliver professional services in sales and marketing skills, strategic marketing advice, and tactical support, including training and personal coaching for professionals at all levels.