In our last post, we focused on assessing a firm’s competitive position by reviewing planned work-life timelines, relative workload distributions, and capacity. Please see last week’s post to review that information.
The next step is to compare your firm’s ability to perform to that of your competitors. Performing this analysis requires developing an understanding of the market and a willingness to accept the objective results.
Practicing law is not war, but knowing that you are undermanned and outgunned going into a legal battle is still important. Equally important is knowing when you have a competitive advantage.
The process for determining how well suited your firm is to compete includes understanding your top competitors’ capacity, age and experience demographics, and capability. Competitor billable capacity, age, and experience demographics are easier to determine. Assessing competitor capability requires an internal evaluation of individual competitor lawyers and external insight supported by a higher level of research.
