41. Retaining Market Position

Retention Part 3: Market Position

Law firm leaders looking at retaining market position need to think in terms of long-term sustainability, not short-term profitability or rankings. Any firm can have a spike or a dip for a host of reasons, but what matters is trends over time, not this year’s tables.

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In our miniseries on “retention” we’ve looked at separately at both client and talent retention. That sounds like everything, right? Keep the clients and keep the talent. Almost, but not quite. This lesson picks up on the issue which follows naturally in this flow — retaining market position.

The reason the AmLaw 100, 200, mid-market, PEP tables and every other index exists is because law firm leaders care. We can debate how much it means to clients — less than you’d assume — but it matters for sure to law firms.

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