Looking very similar to your competition, copying or trying to incrementally improve using the same traditional competitive factors the legal profession has been using for centuries is an exercise in irrelevance.
Competing using these traditional factors are forms of uniqueness that clients simply do NOT value!.
The view expressed by Legal Industry thought leaders & consultants is that being a "full-service" or deep generalist lawyer limits a lawyer/law firms ability to differentiate.
The mantra being repeated is that the path to standing out, and finding your niche is to be found via specialisation.
Our view is that specialisation is a Red Ocean Strategy which seeks to carve up the existing legal marketplace into smaller and smaller niches competing for existing clients with increased cost pressures.
This creates a highly competitive environment where it is difficult for law firms to grow and prosper.
One strategy tool used in Blue Ocean Strategy® to generate alternative competitive factors -> see the below Buyer Utility Map.
As examples, Simplicity, Fun, Time-Saving + Long-term deep knowledge of the client developed from having one lawyer/law firm as a trusted advisor are competing factors which we submit clients highly value.
An overall perspective of a client's business supported by deep expertise can improve the odds that risks + opportunities are not lost.
Being a deep generalist lawyer or law firm does not mean knowing everything about all areas of law... it just requires the humbleness to know you/your law firms limitations to help determine when to refer a matter or collaborate with the required expert/s (as and when required).
New and even old technology tools (which have been ignored for far too long by the legal industry) and a change in mindset (refer Blue Ocean Strategy ®) regarding which new competitive factors lawyers can use to increase value to clients -> translates to a transformed + remarkable client experience.
🌊 Innovative pricing models (away from time-based billing);
🌊 Self-service 24/7 top-tier law firm quality legal documents across multiple jurisdictions (we currently cover all jurisdictions of Australia);
🌊 Automation of many transactional tasks, etc.;
🌊 This list goes on ... to include fun quizzes to help educate clients and/or collect matter details.
The article that inspired this FAQ discussion is Claiming to be Full Service is an Exercise in Irrelevance by Patrick McKenna.
For further curated links which further the debate of Generalist v. Specialist see our Smartlist: The Generalist v. Specialist Debate