A Big Idea for BigLaw? Just One Word: Strategy

Law Practice Magazine (Link to Full Article) In contrast to the dearly departed Golden Age of BigLaw, when generous annual increases in hourly rates supported healthy top-line increases for all market participants, revenue growth no longer occurs by fiat. Rather, as clients have, since 2008, spent less on outside counsel, BigLaw has found that growth requires taking work from the competitive set.

So how does a firm face this new reality? Well, at least one thing seems clear: The times demand a sharper competitive instinct. And, in this respect, Rynowecer’s research provides a second valuable tool. Foundational to BTI’s approach is an array of 17 service attributes that, in the view of Rynowecer’s researchers, drive client decision-making...

These types of service attributes, it should be noted, cultivate precisely the kinds of conditions under which clients form long attachments to their professionals. In the terms of strategic marketers, these types of conditions create “positive affective reactions” that are highly valued for their emotive element. Indeed, an emotive tie to a product or service is the foundation upon which business organizations build not just competitive advantage but sustainable competitive advantage-advantage of a type that is particularly costly for a competitor to surmount.