Training Contract- Commercial Awareness Question

[Jaina]

Hi everyone,

I'd appreciate your thoughts and ideas on the following question! I've been struggling to think of things!

In a competitive legal market, how do you think a firm can remain successful and attractive to clients in 2020 and beyond without compromising on profitability?

Thank you!
Jaina

 

[Changes]

Have a read of their strategy.

What sort of issues do you see on the horizon for law firms maintaining market share?

How can they be different/add value?

 

[TCLA Community Assistant]

Just make sure you don’t regurgitate their strategy - they are not asking you to explain their strategy, they are trying to get your thoughts on this.

Think about what makes a firm attractive to clients now (those things are typically very stable/consistent). Then think about creative ways in which firms can provide that without it costing them a fortune or taking up too much of their time. Also think short-term and long-term. Some ideas the firm may already be doing, some ideas other firms may already be doing, other ideas may come from other industries.