Walker Clark
Worldview Archives
Eight Things for Indian Law Firms to Think About
As part of our ongoing experiment to test the potential value of artificial planning in law firm management, we asked the newest version of our chatbot, openai GPT-4, what Indian law firms should be considering in their planning for the incursion of foreign law firms into the Indian legal market.
The response outlined eight good starting points.
Survival Tools for Small and Midsize Law Firms
Law firms — indeed, most professional services firms — will be confronted by some formidable challenges between now and the year 2030. Consolidation of the legal market, the emerging dominance of large service providers with national and global capabilities, a continued profitability crunch, and increased competition for professional talent are probably the most obvious threats to continued success.
Independent small and midsize firms are the most vulnerable.
The International Challenge to Asian Law Firms
As international law firms from outside the region become more deeply embedded in the legal markets of Asia, the leading local and national law firms, which previously may have held relatively secure market positions, must respond quickly and accurately to these new competitors, or face relegation to the lower, less-profitable levels of the market.
Five Asian Legal Markets to Watch: Vietnam
Vietnam will experience substantial growth in its economy and legal market in the next five years. In our view, it already is a "must be there" location for any international firm that is seriously interested in developing a Southeast Asian practice, especially law firms based in other parts of the Asia-Pacific region.
We also expect that a group of well-regarded independent Vietnamese law firms can continue to compete effectively against the local offices of foreign law firms.
This is the second of our series of briefings on high-potential legal markets in Asia for the next five years.
Five Asian Markets to Watch: Philippines
Our recent evaluation of the growth prospects of Asian legal markets between now and 2020 persuade us that the Philippines will present great opportunities for local and foreign law firms. We expect more foreign law firms to increase their activities and, for some, their presence in the Philippines.
We also expect that increased competition will challenge the strategic thinking and management acumen of Philippine law firms, including well-established market leaders, as perhaps never before.
An Open Indian Legal Market: Opportunity or Threat to Indian Law Firms?
The Bar Council of India is about to approve rules to permit foreign lawyers to practice in India. National and local law firms in India are already concerned about how the entry of foreign lawyers and law firms could change the competitive dynamics of the Indian legal market.
Learning from the Dragon: The Magic Circle Law Firms in China
Some foreign law firms are learning some hard lessons from the Chinese legal market.
The Lawyer has published a very interesting "long read" article on the disappointments that some prominent foreign firms, especially Magic Circle firms like Linklaters and Allen & Overy, are experiencing in their China practices. In "Why the Magic Circle is Struggling in China,” Yun Kriegler has summarized recent problems that some foreign firms are experiencing as the Chinese legal market matures.
Some of the observations and comments might describe some aspects of your firm, as well.
Too Good to be True?
A lawyer's ego can be a profit center — for someone else.
I recently received an e-mail from an outfit with an address in the United Kingdom, inviting me to become an exclusive member of a worldwide legal network. Like most of these offers, the first few words clearly signaled that this amazing opportunity is not entirely credible.
Innovation and Competitive Advantage
For law firms, true innovation requires much more than wishful thinking powered by determination. It requires a solid business rationale. It also can be very hard work.
Resilience: Playing an Unexpected Poor Hand Well Enough to Win
"We are in a window of change right now. There are certain traditional firms that will die," said Richard Rosenbaum, former CEO and current Executive Chair of Greenberg Traurig.
How can law firms become resilient during unprecedented changes in the profession?
Level Playing Fields, Giant Shadows, and Other Cliches that can Come True through Electronic Publications
Most small and midsize law firms are missing great opportunities to improve their visibility and communicate their competitive advantages in increasingly competitive legal markets.
These firms might have thought about how to use electronic publications, such as newsletters, client alerts, and electronic guides, to extend the reach of their marketing message, but they have rejected them as something that works only for larger firms.
They are mistaken.
The Coming Seismic Shift in Law Firm Business Development
As legal markets become even more competitive over the next ten years, commercial law firms will need to reconsider many of their long-held assumptions and practices about marketing and business development.
Some firms will negotiate the coming seismic shift well and continue to succeed. Others will not.
“Zero-Tolerance” Profitability: Quality Assurance and Profitability
Every law firm says that they delivery quality.
For most of them their quality program is nothing more than a slogan on their website.
This is the final installment in a five-part series of posts that focuses on profitability in small law firms and solo practices.
“Zero-Tolerance” Profitability: Why are we doing this work?
Have you ever been tempted to discontinue some of the services that your law firm offers? That could be one of the most important things that you can do to improve your firm's profitability.
This is the third in a five-part series of posts that focuses on profitability in small law firms and solo practices.
Debunking the Cult of the Rainmaker
Too many law firms sacrifice too many opportunities and too much human capital as they worship before the idol of the rainmaker.
When does “professional courtesy" become “free advice?”
Law firms can lose a lot of money on what should be profitable client relationships by providing too many services "off the clock." This phenomenon usually arises when a partner repeatedly provides advice as a "professional courtesy" or as a "client relations" activity, rather than charging a fee.
Social Media: a Two-Edged Sword
Although there are a limited number of situations in which social media can be a useful part of a law firm's marketing tactics, social media also present serious risks for managing partners and other prominent lawyers whose firms depend on their market presence and reputation.
In short, social media can make you look ignorant, intellectually eccentric, or just plain silly.
Start small. Start now.
The new year has already begun!
We have never had a formal business plan or marketing plan!
Is it too late?
Are we truly doomed?
Why? and How? — Frequently Overlooked Questions in Marketing Plans
Law firms that have formal marketing plans (and every firm should have one) usually do a very good job of describing the what in marketing plans.
However, many of those plans do not consider the questions of Why? and How? These omissions make it much more difficult to manage the marketing plan to successful results.
Market leaders lead the market.
When a group of law firm partners discusses significant possible changes in their firm, at some point one of them often will say: "But no other firm in our market does this..."
My colleagues and I usually have three responses when we hear this from one of our clients.
