Industry Focus Archives - The BTI Consulting Group https://bticonsulting.com/tag/industry-focus Sat, 25 Apr 2020 01:39:26 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://bticonsulting.com/wp-content/uploads/2020/03/cropped-BTI_Logo_Favicon-32x32.png Industry Focus Archives - The BTI Consulting Group https://bticonsulting.com/tag/industry-focus 32 32 40% of Law Firms Now Use Industry Groups—Here Are 8 Ways to Turbocharge Yours https://bticonsulting.com/themadclientist/40-of-law-firms-now-use-industry-groups-here-are-8-ways-to-turbocharge-yours Wed, 19 Feb 2020 18:24:01 +0000 http://btibuzz.com/?p=12046 The post 40% of Law Firms Now Use Industry Groups—Here Are 8 Ways to Turbocharge Yours appeared first on The BTI Consulting Group.

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Industry groups are a bet. Low-risk/high-reward—but a bet, nonetheless. Firms are betting they will attract marquee clients and fuel existing relationships. Those who don’t use industry groups are betting their marketing won’t be diluted by the rapidly growing list of firms who do.

At 36.9%, more law firms than ever are going to market by industry-facing groups, up from 27.3% in 2017. But, only about 1/3 of these bring the winning formula success demands. This includes:

Its Own Budget
A successful industry group takes research, training, planning, clear messaging, client outreach, and more. Less than half of industry groups have a dedicated budget—one proven component for success to fund all this.

Dedicated Leaders
Leaders who live, breathe, and sleep their industry—only 13% of law firms dedicate a leader solely on an industry.

Strategy
Going to market by industry demands different messaging, content, and outreach. Each industry has different priorities—an industry-focused strategy leads with the most important practices based on client need and builds the other practices for an integrated offering. This is one more way to prove your understanding.

Dedicated Marketing
Every industry has its thought leaders, preferred blogs, influencers, and trade media. Your job is to attract this core group and get them to help spread the word.

Content
Not just any content. Hyper-relevant content—and not so much about the law itself. Clients can get insight on the law—they are looking for the future trends, regulatory strategies, management strategies, industry benchmarks for spending and staffing, and other key metrics like spending on product development, acquisition strategies, and talent retention.

Metrics
These metrics can come in many forms as long as they drive constructive action and success. Metrics proven to drive success include:

  • Number of client visits to discuss the industry
  • Visits to non-clients to discuss the industry
  • Number of date-specific social media posts
  • Number of inbound leads
  • New business
  • Types of matters
  • New contacts made by source

Dedicated Business Development
The best industry groups rely on a small collection of highly knowledgeable and well-trained partners to follow up on leads. These attorneys know how to lead conversations and know their content. The aspiring attorneys with less knowledge and experience will be part of the team—but play a supporting role until they, too, are pros.

Client Feedback and Insight
No amount of secondary research will match what you learn from talking to clients and prospects alike. Bring knowledge, and clients will learn something new and valuable about the industry. And you may just get yourself referred.

Clients bring high expectations—meet them and you win big. Falling short of these expectations means you take 2 steps back. It hurts credibility. The risk/reward ratio suggests the investment to exceed client expectations dwarfs the rewards. For example:

  • Top clients of industry groups generate 16% more revenue than the top clients with no industry group

  • Growth in clients serviced by industry groups is more than 4x higher than growth at clients outside an effective industry group

  • Firms with 3 or more industry groups add just over $32,000 in profits per attorney

The 38.9% of law firms with industry groups have a head start, especially the firms with the 8 key drivers for success. We recommend jumping on this trend before the other 60% figure this out.

MBR

You can read more about industry teams in an article I had the pleasure of contributing to with my longtime friend and esteemed consultant, Patrick McKenna.

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]]> The Driving Force Behind the Most Successful Industry Programs https://bticonsulting.com/themadclientist/the-driving-force-behind-the-most-successful-industry-programs https://bticonsulting.com/themadclientist/the-driving-force-behind-the-most-successful-industry-programs#respond Mon, 11 Dec 2017 22:14:08 +0000 http://localhost/igor/2017/12/11/the-driving-force-behind-the-most-successful-industry-programs/ Behind the most successful industry programs stands an opportunity for your firm to provide deep insight into your clients’ greatest concerns and needs. You can view the video by clicking the image below, or on YouTube directly here: https://youtu.be/6ZUGTpSeQ2I We’ll be releasing videos here on The Mad Clientist blog every Tuesday....

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You can view the video by clicking the image below, or on YouTube directly here: https://youtu.be/6ZUGTpSeQ2I

We’ll be releasing videos here on The Mad Clientist blog every Tuesday. Subscribe today (in the box at the upper right of your screen) and be sure you don’t miss a single one.

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]]> https://bticonsulting.com/themadclientist/the-driving-force-behind-the-most-successful-industry-programs/feed 0 Clients Name the Best Law Firms in Top Spending Industries for 2017 https://bticonsulting.com/themadclientist/clients-name-the-best-law-firms-in-top-spending-industries-for-2017 https://bticonsulting.com/themadclientist/clients-name-the-best-law-firms-in-top-spending-industries-for-2017#respond Wed, 26 Jul 2017 21:08:57 +0000 http://localhost/igor/2017/07/26/clients-name-the-best-law-firms-in-top-spending-industries-for-2017/ Clients don’t think in terms of practices like law firms do—clients are always thinking about their business. Today’s legal decision makers want to understand what factors pose a threat to their business, industry, and their specific business objectives. Clients are now selecting law firms based on the firm’s industry knowledge....

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Clients don’t think in terms of practices like law firms do—clients are always thinking about their business. Today’s legal decision makers want to understand what factors pose a threat to their business, industry, and their specific business objectives. Clients are now selecting law firms based on the firm’s industry knowledge. Are they choosing your firm?

By way of example, in Financial Services, top legal-decision makers recognize 24 law firms as having the best relationships—up from 18 last year. These large-spending clients have seen their needs change and expand. Many are trying to assess the impact of Brexit, cybersecurity, the Fiduciary rule, and the changing regulatory and interest environment. These clients have a deep appreciation for law firms who play the role of advisor, as well as attorney.

Financial Services clients use more law firms than most due to their diversity of need, but only 24 have achieved the ultimate relationship status of Clientopia—who are both core and recommended first.

You’ll find the 24 law firms with the strongest client relationships in the Financial Services industry from the just-released BTI Industry Power Rankings 2017 at the bottom of this post.

You can also see the law firms who are earning primary status and the recommendations by clients to their peers in 6 other top spending industries:

And, the 24 Law Firms with the Strongest Client Relationships in Financial Services:

These 24 law firms with the strongest relationships—who are both core and recommended first in the Financial Services industry—are singled out by clients in the just-released BTI Power Rankings 2017:

  • Akin Gump Strauss Hauer & Feld
  • Blank Rome
  • Buchanan Ingersoll & Rooney
  • Dentons
  • Dykema
  • Foley & Lardner
  • Gibson Dunn
  • Green & Hall
  • Honigman
  • Hudson Cook
  • Jones Day
  • Milbank, Tweed, Hadley & McCloy
  • Morgan Lewis
  • Orrick
  • Paul, Weiss
  • Proskauer Rose
  • Quinn Emanuel
  • Reed Smith
  • Reiferson Miller & Dee
  • Sidley
  • Simpson Thacher
  • Skadden
  • Taft
  • Wachtell Lipton

The firms named in these industries—along with those in 11 more industries—are drawn from our brand new report BTI Industry Power Rankings 2017: The Law Firms with the Best Client Relationships. Use the analysis and insight in this report to develop more Clientopia relationships with your clients and enjoy all the benefits of stronger relationships.

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]]> https://bticonsulting.com/themadclientist/clients-name-the-best-law-firms-in-top-spending-industries-for-2017/feed 0 The 17 Law Firms with the Strongest Client Relationships in the Energy Industry https://bticonsulting.com/themadclientist/the-17-law-firms-with-the-strongest-client-relationships-in-the-energy-industry https://bticonsulting.com/themadclientist/the-17-law-firms-with-the-strongest-client-relationships-in-the-energy-industry#respond Wed, 26 Jul 2017 18:40:14 +0000 http://localhost/igor/2017/07/26/the-17-law-firms-with-the-strongest-client-relationships-in-the-energy-industry/ Energy companies are starting to adapt to a low energy prices environment. Some Energy companies have learned how to develop resources at much lower prices than ever before. This enables them to bring new projects online they couldn’t just 2 years ago. Other companies are starting to see stock valuations...

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Energy companies are starting to adapt to a low energy prices environment. Some Energy companies have learned how to develop resources at much lower prices than ever before. This enables them to bring new projects online they couldn’t just 2 years ago. Other companies are starting to see stock valuations reaching a point where mergers and acquisitions may make sense. And supply contracts are being rewritten to reflect the new environment.

All of this translates into opportunity—especially for the law firms with the best client relationships.

BTI research reveals 17 law firms stand out with the strongest relationships—who are both core and recommended first in the Energy industry—are named by clients in the just-released BTI Industry Power Rankings 2017:

  • BakerHostetler
  • Blakes
  • BoyarMiller
  • Bryan Cave
  • Cotton Bledsoe Tighe & Dawson
  • Crowell & Moring
  • Eversheds Sutherland
  • GableGotwals
  • Hunton & Williams
  • Jones Day
  • Latham & Watkins
  • Meyer, Unkovic & Scott
  • Miller Canfield
  • Nixon Peabody
  • Norton Rose Fulbright
  • Pillsbury
  • Ropes & Gray

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]]> https://bticonsulting.com/themadclientist/the-17-law-firms-with-the-strongest-client-relationships-in-the-energy-industry/feed 0 17 Law Firms with the Strongest Client Relationships in the High Tech Industry https://bticonsulting.com/themadclientist/17-law-firms-with-the-strongest-client-relationships-in-the-high-tech-industry https://bticonsulting.com/themadclientist/17-law-firms-with-the-strongest-client-relationships-in-the-high-tech-industry#respond Wed, 26 Jul 2017 14:45:01 +0000 http://localhost/igor/2017/07/26/17-law-firms-with-the-strongest-client-relationships-in-the-high-tech-industry/ Technology continues to play a bigger role in the world and these clients show a continued drive to exceed—and invent—new demands, which in turn causes big spending in IP. At the same time they show a healthy appetite for M&A. These clients want law firms who understand them, their vision,...

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Technology continues to play a bigger role in the world and these clients show a continued drive to exceed—and invent—new demands, which in turn causes big spending in IP. At the same time they show a healthy appetite for M&A. These clients want law firms who understand them, their vision, and what they are doing.

All 17 law firms have proven they can not only keep up with their constantly changing High Tech clients, but also stay ahead.

These 17 law firms with the strongest relationships—who are both core and recommended first in the High Tech industry—are named by clients in the just-released BTI Industry Power Rankings 2017:

  • Akin Gump Strauss Hauer & Feld
  • Cooley
  • Covington
  • DLA Piper
  • Finnegan
  • Fish & Richardson
  • Irell & Manella
  • Jackson Lewis
  • Keker, Van Nest & Peters
  • Kirkland & Ellis
  • Morgan Lewis
  • Nutter
  • Pepper Hamilton
  • Polsinelli
  • Seyfarth Shaw
  • WilmerHale
  • Womble Carlyle

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]]> https://bticonsulting.com/themadclientist/17-law-firms-with-the-strongest-client-relationships-in-the-high-tech-industry/feed 0 The 5 Law Firms with the Strongest Client Relationships in the Food Industry https://bticonsulting.com/themadclientist/the-5-law-firms-with-the-strongest-client-relationships-in-the-food-industry https://bticonsulting.com/themadclientist/the-5-law-firms-with-the-strongest-client-relationships-in-the-food-industry#respond Tue, 25 Jul 2017 16:35:24 +0000 http://localhost/igor/2017/07/25/the-5-law-firms-with-the-strongest-client-relationships-in-the-food-industry/ The Food industry is large, with many players playing different roles ranging from the source to our tables. Food companies have big litigation needs, see increased M&A activity, seek regulatory counsel, and help in supply chain management and assessing the impact of new food technologies. The sheer number of competitors...

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The Food industry is large, with many players playing different roles ranging from the source to our tables. Food companies have big litigation needs, see increased M&A activity, seek regulatory counsel, and help in supply chain management and assessing the impact of new food technologies. The sheer number of competitors in this industry makes it harder for law firms to stand out than in other industries.

However, BTI research reveals 5 law firms enjoy the strongest relationships—who are both core and recommended first in the Food industry—and are named by clients in the just-released BTI Industry Power Rankings 2017:

  • Brown, Hay + Stephens
  • Chambliss, Bahner & Stophel
  • Faegre Baker Daniels
  • McGuireWoods
  • Sidley

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]]> https://bticonsulting.com/themadclientist/the-5-law-firms-with-the-strongest-client-relationships-in-the-food-industry/feed 0 The 15 Law Firms with the Strongest Client Relationships in the Health Care Industry https://bticonsulting.com/themadclientist/the-15-law-firms-with-the-strongest-client-relationships-in-the-health-care-industry https://bticonsulting.com/themadclientist/the-15-law-firms-with-the-strongest-client-relationships-in-the-health-care-industry#respond Mon, 24 Jul 2017 17:39:22 +0000 http://localhost/igor/2017/07/24/the-15-law-firms-with-the-strongest-client-relationships-in-the-health-care-industry/ The Health Care industry faces great uncertainty and change. The Affordable Care Act faces a cloudy future as demand rises and the cost of medical technology soars. The big players are plotting their moves with mergers and other plans while regional systems combine resources to create new delivery models—and litigate...

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The Health Care industry faces great uncertainty and change. The Affordable Care Act faces a cloudy future as demand rises and the cost of medical technology soars. The big players are plotting their moves with mergers and other plans while regional systems combine resources to create new delivery models—and litigate with potential competitors and partners alike.

The top legal decision makers in Heath Care see 15 law firms standing out with the best and strongest relationships—who are both core and recommended first—up from 9 last year. These firms are recognized in the just-released BTI Industry Power Rankings 2017:

  • Akerman
  • Davis Polk
  • Dechert
  • Foley Hoag
  • Greenberg Dauber Epstein & Tucker
  • Hogan Lovells
  • Latham & Watkins
  • Morrison & Foerster
  • Norton Rose Fulbright
  • Paul, Weiss
  • Polsinelli
  • Reed Smith
  • Shearman & Sterling
  • Skadden
  • White & Case

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]]> https://bticonsulting.com/themadclientist/the-15-law-firms-with-the-strongest-client-relationships-in-the-health-care-industry/feed 0 The 16 Law Firms with the Strongest Client Relationships in the Pharmaceutical Industry https://bticonsulting.com/themadclientist/the-16-law-firms-with-the-strongest-client-relationships-in-the-pharmaceutical-industry https://bticonsulting.com/themadclientist/the-16-law-firms-with-the-strongest-client-relationships-in-the-pharmaceutical-industry#respond Mon, 24 Jul 2017 13:32:40 +0000 http://localhost/igor/2017/07/24/the-16-law-firms-with-the-strongest-client-relationships-in-the-pharmaceutical-industry/ Big Pharma named 16 law firms with the strongest relationships, up from 10 last year. These clients have big needs and are among the largest legal spenders in the world. Look for Big Pharma to spend big before and during development of a drug, and as it goes through the...

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Big Pharma named 16 law firms with the strongest relationships, up from 10 last year. These clients have big needs and are among the largest legal spenders in the world. Look for Big Pharma to spend big before and during development of a drug, and as it goes through the regulatory process. In addition, there is an active licensing, joint venture, and acquisition need as these companies drive their own growth.

Big Pharma use many law firms in different roles—but only 16 firms stand out as having the strongest relationships, reaching Clientopia.

These 16 law firms with the strongest relationships—who are both core and recommended first in the Pharmaceuticals industry—are named by clients in the just-released BTI Industry Power Rankings 2017:

  • Arnold & Porter Kaye Scholer
  • Burr & Forman
  • Crowell & Moring
  • Dentons
  • Erise IP
  • Fish & Richardson
  • Hall, Render, Killian, Heath & Lyman
  • King & Spalding
  • Mayer Brown
  • Schiff Hardin
  • Skadden
  • Thompson Coburn
  • Venable
  • Wachtell Lipton
  • White & Case
  • WilmerHale

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]]> https://bticonsulting.com/themadclientist/the-16-law-firms-with-the-strongest-client-relationships-in-the-pharmaceutical-industry/feed 0 The 12 Law Firms with the Strongest Client Relationships in the Real Estate Industry https://bticonsulting.com/themadclientist/the-12-law-firms-with-the-strongest-client-relationships-in-the-real-estate-industry https://bticonsulting.com/themadclientist/the-12-law-firms-with-the-strongest-client-relationships-in-the-real-estate-industry#respond Fri, 21 Jul 2017 13:58:57 +0000 http://localhost/igor/2017/07/21/the-12-law-firms-with-the-strongest-client-relationships-in-the-real-estate-industry/ The commercial Real Estate industry shows pockets of growth, trouble, and change. Certain REITs worry about their regulatory status while others are growing—primarily through specialty REITS. High-end transactions are still attracting buyers while there is a large segment of the market trying to restructure tenant leases and financing. This market...

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The commercial Real Estate industry shows pockets of growth, trouble, and change. Certain REITs worry about their regulatory status while others are growing—primarily through specialty REITS. High-end transactions are still attracting buyers while there is a large segment of the market trying to restructure tenant leases and financing. This market demands you know your clients and the intricacies of their situation.

BTI research shows 12 law firms with the strongest relationships—who are both core and recommended first in the Real Estate industry—are named by clients in the just-released BTI Industry Power Rankings 2017:

  • Bradley
  • Burke, Williams & Sorensen
  • DLA Piper
  • Hinshaw & Culbertson
  • Jenner & Block
  • Jones Day
  • Latham & Watkins
  • Munger, Tolles & Olson
  • Polsinelli
  • Sidley
  • Stikeman Elliott
  • Thompson Hine

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]]> https://bticonsulting.com/themadclientist/the-12-law-firms-with-the-strongest-client-relationships-in-the-real-estate-industry/feed 0 GCs Single Out Law Firm Power Players in 18 Industries https://bticonsulting.com/themadclientist/gcs-single-out-law-firm-power-players-in-18-industries https://bticonsulting.com/themadclientist/gcs-single-out-law-firm-power-players-in-18-industries#respond Wed, 19 Jul 2017 20:34:17 +0000 http://localhost/igor/2017/07/19/gcs-single-out-law-firm-power-players-in-18-industries/ Some firms deliver 3.1 practices to their clients on a regular basis while ringing up $32,000 more in profits per attorney than competitors. They also are getting vastly larger shares of client spending. These firms are in Clientopia®—the strongest relationship you can ever have. Testing Your Relationships for Clientopia You...

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Some firms deliver 3.1 practices to their clients on a regular basis while ringing up $32,000 more in profits per attorney than competitors. They also are getting vastly larger shares of client spending. These firms are in Clientopia®—the strongest relationship you can ever have.

Testing Your Relationships for Clientopia

You look to 2 undeniable milestones when measuring Clientopia. First, attaining status as the lead primary provider—a position reserved for the single firm capturing the bulk of a client’s work. You are also the most important firm to your client on a continuing basis.

Second, the honor of being first recommended to a peer. Not just a plain, old recommendation—as in “will you recommend me?”—but the highly prized, elusive unprompted recommendation clients share with each other in confidence. The firm who gets the unprompted peer-to-peer recommendation is the one with the emotionally invested client. Emotionally invested clients give you more pricing flexibility, work without competitive bid, share their deepest concerns, give you feedback, and actively work to make you successful. (The only way to win this envied investment is to deliver superior client service.)

The rare combination of being lead primary provider and earning unprompted peer recommendations places you in Clientopia—the strongest type of client relationship. Firms in Clientopia enjoy preferred access to the best work, more intellectual challenge, higher rates, and a generally more fulfilling experience.

Law Firms with More of the Best Relationships

We conducted in-depth interviews with more than 950 top legal decision makers—all of whom answered the question about their primary firms and exactly who they recommend to their peers—with no suggestions of names or firms. Our goal: to identify the law firms with the strongest relationships.

Only 143 law firms are in Clientopia relationships spread across 18 industries. We found 24 law firms capture more Clientopia relationships, along with delivering a greater number of practices, reaping higher profits per attorney and a larger share of spending than all other firms—these are the BTI Clientopia 24. Please join us in congratulating these firms on earning the largest number of Clientopia relationships of all law firms serving large clients:

  1. Jones Day
  2. Skadden
  3. Dentons
  4. Latham & Watkins
  5. McGuireWoods
  6. Cooley
  7. DLA Piper
  8. Sidley
  9. Kirkland & Ellis
  10. Polsinelli
  11. Hogan Lovells
  12. WilmerHale
  13. Orrick
  14. Reed Smith
  15. Ogletree Deakins
  16. Wachtell Lipton
  17. BakerHostetler
  18. Gibson Dunn
  19. Norton Rose Fulbright
  20. Bryan Cave
  21. Cleary Gottlieb
  22. Paul, Weiss
  23. Crowell & Moring
  24. Alston & Bird

You can see exactly where your firm stands by industry—and overall—and learn how to capture more of these coveted relationships in our newest report BTI Industry Power Rankings 2017.

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