|From online surveys to, say, assess firmwide issues – to one-on-one or group interviews with partners, key stakeholders and external audiences – we have the right tools to unearth key issues and opportunities at your firm.|
How to identify your best opportunities
No firm has infinite resources to pursue all possible opportunities. In fact, “doing a little bit of everything” is often a recipe for disaster. Therefore, developing an effective plan often entails saying “no” or “not yet.” The question is: how do you decide which opportunities represent the greatest potential for your firm? And how do you ensure that these decisions will generate consensus?
We have a toolkit of techniques that help firms objectively identify the most fruitful opportunities and build consensus on where to invest a firm’s limited resources. For example, our techniques help firms identify which practice areas or offices to invest in. We can also help firms sort out which clients on your roster represent a more likely path to growth and which are leading candidates for special attention in your firm’s cross-serving program, an effective engine to drive revenue. We can help you identify specific cross-serving opportunities – by practice area, office and even as granular as by partner.
Once you’ve identified clients to focus on – we can also help firms build a specific plan for each client, because as we all know effective client service is bespoke.
These formats all use objective criteria and facts, so outputs have solid rationales which will help facilitate adoption. We also encourage firms to include a reasonable representation of key constituencies in the process. This helps the partnership believe in the integrity of the process – and therefore helps build buy-in.
External Audits – does the outside view jibe with the internal view?
You may well know how the firm views itself. But that’s only half of the story. In an increasingly competitive marketplace for clients and laterals you should also know how the outside world sees you. At Adam Smith, Esq. we develop custom programs to assess your strengths and gaps as perceived by critical outside audiences. Depending on the distinct issues for each firm, we can choose the most effective and efficient research methods—from one-on-one interviews to focus groups to surveys to secure insights from the legal industry, as appropriate.
In certain circumstances, we can also include other law firms’ leaders, recruiters, the press, and beyond—as well as the business and financial communities. Find out how you stack up against competitive firms, or perhaps why you’re not winning as many pitches as you think you should.
How collaborative is your firm? Take our survey and find out.
There is substantial research supporting the bottom-line importance of collaboration at law firms; it retards client attrition, increases client satisfaction, and most important, builds firm and per-lawyer revenue. Many firms point with pride to high levels of collaboration at their firm. We hope that’s an accurate view, but just to make sure, there’s one objective way to assess how collaborative your firm really is and to identify your strengths, as well as highlighting gaps that may be hampering your best efforts to win new clients or more effectively service those already on your roster. At Adam Smith, Esq., we believe in using hard data to help inform planning. We use a short online survey to help firms pinpoint what they need to do to jump start more beneficial collaborative initiatives.
How do firms and vendors establish their credentials with the marketplace? One very effective tool can be third-party whitepapers. At Adam Smith, Esq., we have extensive experience preparing trenchant, provocative whitepapers. We conduct original research and review extant sources on topics relevant to a firms’ expertise or market distinction. Similar to pieces on our site, these are thoughtful, robust examinations of issues critical to the industry at large which firms or other organizations can use as added value in communicating to current or prospect clients.
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