Sector/Industry Strategy

At a recent legal marketing conference, the CMO of a global AmLaw 50 firm predicted that all law firms will eventually organize by sector. Clients increasingly want their legal providers to understand their business, both the strategy and operation of their business, as well as broader industry trends. They want a legal advisor who is attuned to the breakneck changes in their industry. Shifting from a firm organized by practice to one organized by sector presents myriad challenges. The  LawVision team is experienced with identifying and addressing those challenges. This includes  selecting the sectors to target, picking strong leaders, organizing effectively, and measuring success:

1. Key Sector Selection
a. Has the firm rigorously analyzed its existing client base?
b. What is a large enough sample size?
c. How many sectors are too many; not strategic enough?
d. How do you measure competitive advantage within sector?
e. What trends are happening in the sectors?

2. Leadership
a. How does one communicate choices to partners outside of chosen
b. How do firms reward industry team leaders?
c. What is the governance structure for sectors as broad as the technology or
financial services sectors?
d. What are the roles/ideal qualities of working group leader v. sector leader?

3. Organization
a. How do firms address practice-based dominance in a matrixed environment?
b. What compensation models encourage a sector focus?
c. How do firms align key support areas like marketing, sales, and practice
management to a sector focus?
d. How do you track work experience by sector?

4. Measuring Success/KPIs
a. What are some of the ways to measure success in a sector-based approach?
b. How do firms use client feedback or listening programs to measure industry
c. What is the right time horizon by which to measure success?

The LawVision team can address these key questions and more, based on years of experience working within law firms that have been on the leading edge of sector-based strategy.

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