A Market Strategy for a Global Law Firm Creates Structure and Revenue

The leadership of one of the most prestigious New York based global law firms engaged Broderick to review and update the firm's approach to the marketplace. Growing competition, increasingly sophisticated buyers, and the need to globalize services, caused the partners to question their brand and market strategy. They wanted to test the firm's perception in the marketplace, develop a focused strategic plan, and build an infrastructure to support and sustain a marketing and sales program.
 

Engagement Plan

The Broderick team conducted in-depth interviews with 55 partners and other professionals throughout the firm, capturing the internal perspective on market trends, perceptions and awareness of the firm, and clients' changing service needs.

Next we interviewed the firm's key strategic clients to gather information about their current and future service needs, opinions about the firm's capabilities and services, and recommendations for improving and growing
relationships.

Based on the internal and external feedback, Broderick pinpointed four key areas that needed attention and worked with the firm for a 12 month period to implement our recommendations.

Brand Awareness — Feedback indicated that the firm's strong brand was eroding in certain markets. Changes in their service mix had created confusion around capabilities. We developed a program to upgrade the firm's thought leadership initiatives to strategically reposition the firm and showcase the breadth of services.

Client Relationship Management — The firm received high ratings from its client base, but the interviews revealed some significant opportunities to sell additional services to several key clients. Broderick developed three pilot client programs to strategically grow, manage and track their relationships.

Business Development — Like many of our clients, the firm relied on a few rainmakers to bring in business. There was no formal strategy or plan for targeting prospects and methodically approaching these targets. Broderick developed a pilot program focused on three practice areas that were identified by clients as areas where they intended to purchase services. We worked with each practice group to develop and implement plans to build awareness and generate business.

Key Themes and Recommendations

In addition, together with leadership, we identified 20 top prospective client opportunities, and worked with the appropriate partners to approach each target. Our team generated 130 pitch opportunities to these and other prospective targets in a six month period.

Marketing Infrastructure — The firm needed to build a more sophisticated marketing team and infrastructure to support marketing and business development activities. Broderick recommended an organizational structure and outlined roles and responsibilities for each position. We worked with a search firm to recruit, retain and train key professionals for the firm.
 

The Bottom Line

The firm became much more sophisticated and competitive in marketing and business development. The firmwide marketing team was put in place, the business development pipeline grew 100%, and the firm experienced “record revenue” in the year following our engagement. The firm partnership is much more business development oriented and motivated to generate new business.

Broderick CEO, Maureen Broderick, Discusses Her Research Findings

In this podcast for Management Consulting News, Maureen discusses what surprised her most during the 130 in-depth interviews with firm leaders that she and her team conducted for her new book.

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