Monday, November 13, 2006

Simplify Your Law Firm Competitor List

Some firms and attorneys appear to be obsessed with everything that every other firm or attorney is doing. I feel pretty certain it does not need to be that way. If I am constantly watching what everyone else is doing when will I find time for marketing my firm.

Instead I focus on our niche of expertise and client demographic. I've taken the time to understand what our sweet spot is, why clients buy specifically from us, and which other firms in town match us on most points. What I've found is that we actually have very few "real" competitors. Perfect!

I have also been able to observe is that most of my competitors are absorbed with frustrating over clients and pitches that are a match for one type of firm but not right for both. For instance, an international firm will have a very different ideal client demographic than a regional firm. The differences are in resource requirements, billable spread and tolerance, and, partner compensation systems.

In my little part of the country I find that instead of having hundreds of firms and attorneys to keep an eye on I have less than two dozen. And most of them are stagnant marketers.... Even better! In the end I spend a lot less time wondering about others and more time planning and executing. Stop looking over your shoulder and pay attention to what matters most!