Early on in my legal career, I learned something about law firms that has stuck with me.
Law firms don’t want to be first. But they want to be first to be second.
Bearing that in mind, the importance of keeping an eye on what your competitors are up to cannot be undervalued. Whenever I speak to a lawyer or legal marketing professional, I get the sense that we’re all doing this on an informal, if not formal, basis fairly regularly. We know who our competitors are and what they’re good at, in much the same way that we know the ins and outs of our own organizations or firms.
This afternoon, I read a great post on “6 Things Your Competitors Can Teach You About Your Business,” which I highly recommend – there are some concrete suggestions in here for ways you can look critically at what your competitors are up to in the context of your own firm’s activities, and use those to improve your own goals and focus. It got me thinking about some additional ways that firms can be looking at their competitors for answers, and below are four key questions you want to ask yourself about your competitors to drive your own firm.
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