DLA’s recent full page advertisement in the national press provoked a largely sceptical reaction from lawyers, with the most common reaction being that advertising does not produce business. Yet the ad carried an important message which lies at the very heart of any law firm’s ability to compete effectively on price: that the firm has shown it is prepared to invest heavily in process and knowledge management.
For too many years, lawyers have demonstrated project management and budgeting skills that would shame a cowboy builder or backstreet garage. In a market where supply exceeds the demand for legal services, price competition will be a key determinant in shaping the success or failure of law firms. Price competition revolves around a firm’s ability to answer a simple question – “how much will it cost and how long will it take?”.
