Global law firms have found a new way to compete.
Large, US-based law firms have spent the last 5 to 7 years building out their global networks. As the race to go global accelerated, establishing a global infrastructure took priority over client service; leaving the door open for other firms to jump ahead in client service—until now.
In 2013, we found the best performing global law firms refocused their efforts on clients and client service. These firms recognized their imbalance in delivering exceptional client focus while still building their global networks—and they have come back with a vengeance. These firms are now using their global platforms to focus on clients, key local markets and industries.
This change signals a new phase in competition. Global firms are leveraging their expansive platforms to target and meet the needs of individual clients and markets.
The top 5 law firms in the BTI Client Service A-Team 2014 all boast a global presence. These firms are followed closely by 2 mid-sized firms—showing it still is anyone’s game. But, all firms are forced to up their client-facing game as the behemoths show renewed interest in delivering exceptional service on an individual client basis.
Any firm, regardless of size can edge out any other with the right tactics, focus and discipline. The winning law firms are accelerating the pace of improvement—in many cases leap frogging competitors in client service and business development (a touch of innovation has helped spur these firms ahead, too).
As more firms go global, the new services and ability to pull together global resources won’t be enough. Clients will look for superior client service on a global scale or will parse out the work to multiple firms around the world who can provide the superior service clients are seeking.
Client service will be the great equalizer.
We discussed this new trend and much more in our webinar: BTI Market Outlook and Client Service Review 2014. Click here to download a copy of the webinar.
MBR/JPD