5 Strategies Successful Law Firms Employ to Increase Market Share

In today’s competitive legal market, delivering exceptional legal services and serving as a strategic business partner to in-house counsel is no longer considered a differentiator by clients, but table stakes. Lawyers who wish to retain and attract new business and gain market share must distinguish themselves from their competitors. This process requires an honest assessment of a firm’s unique value proposition. By focusing on these key areas, law firms can not only build awareness but also achieve sustainable growth and a competitive edge in the marketplace.

What is your differentiator?

A clear and compelling differentiator identifies the unique attributes that set your law firm apart from the competition. Whether it’s deep experience in a specific area of law, the use of cutting-edge legal tech tools for matter management and client service, or a history of successful outcomes, your differentiator should be at the core of all your marketing efforts. Creating an effective message or positioning statement that highlights this unique value proposition ensures consistency and helps build recognition and trust among current and potential clients and reinforces your firm’s reputation. “With an effective positioning statement, you can shape that perception and define how you want to be viewed in the market,” said Furia Rubel International Faculty member Francois Lassalle in the article, “Create an Effective Positioning Statement: Define How You Want to be Viewed in the Market.” He continues, “A positioning statement is not about you; it’s about what you can do for your audience. Many firms have opening statements about their credibility, commitment, or experience. Instead, make your positioning statement focus on how you solve your clients’ problems. By creating an effective positioning statement that defines your firm’s key benefits, features, and differentiators, you will elevate your reputation as an industry leader, increase memorability within the market, and boost your bottom line.”

Are you innovating?

Technology can enhance both legal practice and client service, creating efficiencies and improving client engagement and satisfaction. Firms that aim to stay ahead of the curve with innovation are using legal practice management software to streamline case management, document automation, and billing processes, increasing overall efficiency for their clients. Utilizing secure communication tools and client portals ensures that clients have easy access to their case information and can communicate effectively with their attorneys, increasing client satisfaction.

Furthermore, law firms partnering with clients to experiment with new tech trials can foster innovation and deepen client relationships. Inviting clients to participate in pilot programs for emerging legal technologies, such as artificial intelligence for document review or blockchain for secure transactions, allows your firm to tailor solutions to their specific needs while demonstrating a commitment to cutting-edge practices. This collaborative approach not only enhances the client experience but also provides valuable feedback that can refine and improve the technology’s implementation. By adopting these innovative technology solutions and collaborating closely with clients on tech trials, your firm can deliver superior client service and maintain a competitive edge in the legal market.

Value-based billing “can create some additional incentives for us to work and experiment together and for our law firm partners to continue to innovate so they can have that profit and revenue while still looking at bringing in innovation and doing great work,” said Microsoft’s Corporate Counsel and Digital Strategist Lydia Petrakis in an On Record PR podcast interview. “I think we can also take some of our learnings from when we just shifted at the beginning from hourly-based to value-based billing. It’s been a tool to be used as an incentive for that area of partnership together.”

Are you demonstrating your value through thought leadership?

Public and media relations can significantly enhance your firm’s visibility and credibility. Specifically, positioning your attorneys as thought leaders in their fields can greatly enhance your firm’s overall profile. This not only showcases their expertise but also helps build connections and establish trust with potential clients. Contributing articles to legal journals, industry publications, and mainstream media can demonstrate your firm’s deep knowledge and subject matter expertise. Conducting and publishing original research on relevant legal topics through comprehensive reports and surveys can garner media attention and establish your firm as a leading authority.

For in-house counsel, it is imperative that their outside counsel provide industry insights and contextualized feedback on changing regulations and laws and the ways those changes will impact their business. Law firms that prioritize staying abreast of industry developments and regulatory changes can offer invaluable guidance to their clients. By delivering tailored insights and proactive advice, outside counsel can help companies navigate complex legal landscapes, anticipate potential risks and seize emerging opportunities. This not only strengthens the client-attorney relationship but also positions the law firm as a strategic partner, ultimately contributing to greater client satisfaction and loyalty. In turn, this can significantly enhance the firm’s market share by attracting and retaining more clients seeking comprehensive, forward-thinking legal support.

“[I value knowing a lawyer is] thinking about me and what information impacts me,” said Terezka Zabka, Vice President, General Counsel, Padres during the Legal Marketing Association’s 2024 Annual Conference. “Something as simple as a tweet, you view it from a legal lens. If you think it is something I should be aware of, let me know. I want to know I am top of mind for you.”

Are you building strong relationships?

Building and maintaining strong relationships not just with the general counsel but throughout the legal department is essential for long-term partnering success. Inviting legal department members to client events, such as educational seminars or social gatherings, provides opportunities for them to learn and connect with you and your firm’s attorneys. Hosting lunch-and-learn sessions tailored to their specific needs, especially in person, can be highly beneficial.

“In-person meetings still matter,” said Julie Aslaksen, Executive Vice President, General Counsel and Secretary at Host Hotels & Resorts, during Passle’s CMO Live! event in New York. “They matter hugely, quite frankly. I love when a firm brings their team in or invites us to the firm – and us, not just me but my full team. We’ve been doing that a lot lately. It was one of our goals this year to reengage with our law firms in person. And so, bringing my whole team in and talking about current topic, it keeps everyone current and builds the relationship.”

Additionally, facilitating introductions to other professionals facing similar challenges can create a valuable network for mutual learning and support. Investing time and resources in up-and-coming team members, both within your firm and the client’s organization, helps build future leaders and strengthens the overall relationship.

Proactive engagement is key; don’t wait until a legal need arises to reach out. Building a relationship over time ensures that you are top of mind when the client needs an alternative option, such as when their go-to firm has a conflict.

“Don’t reach out to me for the first time when you know I need legal counsel,” said Justin Witzmann, Director of Legal Affairs at NuVasive during the Legal Marketing Association’s 2024 Annual Conference. “You need to build a relationship with me. You need to be top of mind when I need another option. For example, my go-to firm as a conflict.”

Are you planning for your client’s future?

Planning for the future of your legal teams and the clients they serve is crucial for law firms to ensure stability. When a firm has a well-thought-out succession plan, it demonstrates a commitment to maintaining high-quality service regardless of changes in leadership or personnel. This forward-thinking approach reassures clients that their legal matters will be handled seamlessly and with consistency, even as senior partners retire or transition out of the firm. Effective succession planning involves preparing and mentoring the next generation of attorneys, ensuring they are equipped with the knowledge and skills to uphold the firm’s standards. This not only preserves client trust and loyalty but also enhances the firm’s reputation for reliability and foresight.

“You’re probably going to start to see larger clients asking their law firms to indicate they do have a succession plan in place and meet certain requirements,” said Armanino’s Director of Law Firm Services, Patrick Cusick in an On Record PR podcast interview. “The last thing a client wants, especially a larger corporate client with many millions of dollars on the line, is to find out a law firm they liked and trusted and thought was doing a great job on their cases didn’t really figure out the next generation.”

By prioritizing succession planning, law firms can provide clients with confidence and peace of mind, knowing their legal needs will be continuously and competently managed.

Law firms that have built awareness and increased market share in the legal industry have deployed strong communications – both internally and externally – to support the efforts and investments they make into the firm, its people, and their clients. This multifaceted approach – leveraging true differentiators, innovation, thought leadership, relationship building and planning – your firm can enhance its visibility and position itself for long-term success in a legal marketplace where clients want more than just good lawyering.