I would like to ask how people answer questions like 'how our firm differentiate itself from our competitors?' In what way should we define competitors, and in what perspective should we look from?
Identifying competitors is from all perspectives -
firms with similar practice areas strengths, international presence (maybe in same jurisdictions or target particular markets), origins (i.e. if they're both US firms), strategy.
If you say how the firm distinguishes itself,
identify things that make the firm different. It's difficult because they're mostly all international, full service firms, but you'll definitely find something unique. For eg, perhaps Firm A has a specialised crisis teams/committees, which Firm B doesn't have which will be useful for clients and shows more commitment to them (e.g. some firms have a Brexit crisis team).
Firm A might have incredible accolades in a particular practice area, which Firm B doesn't have, so clients are likely to entrust Firm A for their legal needs within that department.
Firm A might have a united firm culture, which Firm B doesn't have, which seamlessly blends all the work in its international offices and emphasises the unity of the firm.
It can be quite hard to identify them, but once you do you'll know if it differentiates the firm or not! Hope this helps
feel free to PM if you'd like more info.