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Some research that was pulled together for clients but from many different resources - from 2008 and 2009.
Citation preview
1
Advertising, PR, Events, Thought
Leadership, Seminars, etc.
Conduct Market and Brand Research
Understand Current Perceptions of the Brand
Define the DesiredBrand Position
Build the Brand
Platform
Deliver theBrand
Build the Brand to Implement StrategyBuild the Brand to Implement Strategy
Collateral Material,Website, Firm
Identity,Direct Mail, etc.
Service Delivery, Customer
Interviews, Client Teams, etc.
2
ConductMarketResearch
Understand Current Brand PerceptionsUnderstand Current Brand Perceptions
ConductBrand Research
UnderstandCurrent Brand
Quantify Demand for Current and Future Lines of Business
Industry Research for emerging trends, size, growth, and spend rates
Analysis of 16 Local, Regional and National Competitors
Revenue Analysis from 2006-2008
Understand How Our Best ClientPerceive the Firm and Our Attorneys
20+ Client Interviews - GC / In-house Counsel and CEO from 2007
79 Survey Respondents Primarily from Top 300 Clients (as of 2008)
201 Internal Survey Respondents
3
Need:
Total legal spend (size and growth) by Industry, Practice Area and Issue
# of law firm competitors by size
Benchmark industry growth against Cozen O’Connor growth by key segment
Trends in consolidation from a buyers perspective (e.g., from 300 to 30 providers) and impact on providers
Define emerging buying trends and practice areas (e.g., outsource legal spend litigation)
Industry ResearchIndustry Research
Understand Emerging Opportunities and Threats Shaping the Industry
4
Industry is:
Large: Generating $180 billion annual revenues in 2008 and attracting over 1,180,000 licensed attorney in 2009
Fragmented: Approximately 170,000 law firms where the largest 50 firms generate only 15% of industry revenues
– 65% of all US Law Firms have 2 to 4 employees and 97% of all US Law Firms have less than 25 employees with approximately 10 attorneys
– 1,354 US Law Firms have more than 100 employees with approximately 40 attorneys
– 375 US Law Firms have more than 250 employees with approximately more than 100 attorneys (less than .5% of all US Firms)
– 120 US Law Firm have more than 500 attorneys
Demonstrating a Widening Revenue Gap Between Levels of Firms:
– ‘07 Avg. Gross Revenue: Top 100 = $644.5 Million and Second 100 = $170.5 Million
– ‘08 Avg. Gross Revenue: Top 100 = $671 Million and Second 100 = $172.5 Million
Industry OverviewIndustry Overview
Resources: 2008 Am Law 200, Dunn & Bradstreet (ZapData)
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Industry is:
Delivery Services to:
– Business: Accounts for 50% of industry revenue
– Individuals (including estates): Accounts 40% of industry revenue
– Government: Accounts for 4% of industry revenue
– Non-profit: Account for 3% of industry revenue
– Miscellaneous: Account for 3% of industry revenue
Growing at a Slower Rate:
– Nearly 50% of the AM Law 100 reported a drop in revenue per lawyer in 2008
– Revenue increased 1% for the Second 100 firms from 2007 to 2008
Industry OverviewIndustry Overview
Resources: 2008 Am Law 200, First Research, Bloomberg.com, Citi Private Bank Research
6
Industry is:
Continuing to Consolidate (Demand Side)
– Demand in 2008 dropped from 2007 levels and was uneven across practice areas
Industry OverviewIndustry Overview
Resources: 2008 Hildebrandt Peer Monitor
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Industry is:
Continuing to Consolidate (Demand Side)
– Revenue falls as much as 10% in 2009 even after demand improves slightly in Q3
Industry OverviewIndustry Overview
Resources: 2009 Hildebrandt Peer Monitor
YTD September ’09 vs. Last 3 Qtrs 2008
-20
-15
-10
-5
0
5
10
15
20
Bankr
uptcy
IP L
itiga
tion
M&A
Corpo
rate
Litigat
ion
L&ETax
Real E
stat
e
Per
cen
tag
e C
han
ge
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Industry is:
Continuing to Consolidate (Supply Side)
– Merger activity is up from 55 in 2008 to 57 in 2009, but still below 2006 levels
– 75% involved the acquisition of firms with 20 or fewer attorneys
– 40% of pairings were multi-regional and cross-boarder
– Number of local law firm combinations dropped
– Outlook for 2010 is expected to be greater than the deal flow of 2009
Industry OverviewIndustry Overview
Resources: Hildebrandt Merger Watch, Altman Weil Merger Line
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Industry OverviewIndustry Overview
2 PrimaryLaw Firms
3.8% 31.9%
10 SecondaryLaw Firms
19.4%
SecondaryLaw Firms
50.4%
All OtherLaw Firms
76.8%
All OtherLaw Firms
17.7%
Number of Law Firms
Spending on Outside Counsel
Industry is:
Continuing to Consolidate (Supply Side)
– Primary Law Firms enjoy more than 3 times fees of secondary firms – trend where more dollars are going to fewer firms
Resources: 2008 BTI Research
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Industry is:
Continuing to Consolidate (Supply Side)
– Number of Law Firms Used by Corporate Counsel will continue to contract from 32 firms in 2007 to a projected 24 firms by the end of 2010
Industry OverviewIndustry Overview
Resources: 2007 BTI Premium Practice Forecast
Number of L aw F irms Us ed
22 23
19 1922
20
15
97 8 7
11
15
107
2 2 2 2 2 2 2 20
5
10
15
20
25
30
2001 2002 2003 2004 2005 2006 2007 2010P rojec ted
Nu
mb
er o
f F
irm
s
All Others
S ec ondary
P rimary
S ourc e: BTI 2007
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Need:
Who Do We Think We Compete Against and Who Do Our Clients Think We Compete Against
Beyond First and Second Tier, What Other Categories of Competition Exist
Are We Competing in the Right Market Category and Can We Win in Our Defined Market Category
What Messages Is the Competition Delivering in the Marketplace (Compelling, Different, and Unique)
What Assets is the Competition Investing in to Win in the Marketplace
Competitive AnalysisCompetitive Analysis
Define Our Ability to Compete and Win in a Highly Competitive Market
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Position 1: Full Service
Value: Multiple Practice Areas, High Quality Work Product, Many Attorneys, Multiple National and International Offices, Seamless Integration Across Offices and Locations
Context: Legal challenges
Positioning Objective: Learn more about our firm and what we have to offer
Position 2: Get Closer to the Client Need
Value: Improve Understanding of Business and Industry, Thought Leadership, Client Service Mindset, Prompt and Accurate Evaluation of Case, Cost Certainty (Budgets)
Context: Legal challenges
Positioning Objective: Improved efficiency and effectiveness
Competitive AnalysisCompetitive Analysis
Understanding Positions that Extend Beyond First, Second, and Third Tier Law Firms
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Position 3: Business Success
Value: Look at each question afresh (within context), creative and innovative solutions, keeping clients ahead of the competition, advancing clients’ interest
Context: Business, legal, competitive, and risk challenges
Positioning Objective: Connect and engage at multiple levels to deliver solutions that are tailored to the clients’ specific business need
Position 4: How we do it is as important as what we do
Value: Perspective (see the world through clients’ eyes), Aggressive and Comprehensive, Collaborative and Client-focused, Collegial, Practical, Ethical,
Context: Cultural and personal alignment / fit
Positioning Objective: Client integration and relationship management
Competitive AnalysisCompetitive Analysis
Understanding Positions that Extend Beyond First, Second, and Third Tier Law Firms
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Competitive AnalysisCompetitive Analysis
Ballard Spahr Value Proposition and Positioning
Provide nothing less than excellence in every legal representation. (and) Responsiveness Counts
Offering Value Responsive – 500 attorneys in 12 offices to respond wherever and whenever our clients need us
Full Service – results-driven counsel in Litigation, Business, Finance, Real Estate, IP, and Public Finance
Quality – provide nothing less than excellence in every legal representation
Service Value Understanding of Client’s Business Needs - on staff client interviewer to understand needs and how well Ballard is meeting those needs.
Solution Value Client Risk Adjusted Solutions – look at each question afresh based upon understanding of client’s business, objectives and tolerance for risk.
Experience Value No Surprises, No Frustrations - not willing to sacrifice client experience to achieve successful outcomes
Practical – exceptional knowledge and straightforward counsel
Client Relation Driven – cultivating client relationships
15
Competitive AnalysisCompetitive Analysis
Blank Rome Value Proposition and Positioning
At Blank Rome, we see the world through our clients' eyes.
Offering Value Longevity – successful history (over 60 years) of growth
Large – one of America’s largest law firms to attract top talent and add new practice areas to handle client matters
Capital Presence – achieved goal of developing a practice in NYC, financial capital of the world and DC, nation’s capital
Service Value Listening – to anticipate needs and provide exceptional service
Solution Value Innovative and Imaginative Solutions – solving the complex needs of clients through the intellectual power of lawyers – informed by diverse attributes, backgrounds and experiences
Experience Value Practical – business minded approach
Perspective – see the world through our client’s eyes
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Competitive AnalysisCompetitive Analysis
Buchanan Ingersoll Value Proposition and Positioning
Provide sophisticated legal service and counsel clients need to success in business, solve disputes, and secure future.
Offering Value Full Service – attorneys focus on 65 different practice areas
Large – more than 450 attorneys and government relationship professionals
Bi-coastal – provide clients nationwide access to all attorneys in respective areas of experience
Service Value Closer to Client’s Business and Industry – established industry focused and multi-disciplinary client teams
Client Service Philosophy – named as “Client Service A-Team” for 6th straight year by BTI Research.
Solution Value
Experience Value
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Competitive AnalysisCompetitive Analysis
Butler Pappas Value Proposition and Positioning
A civil litigation defense firm
Offering Value Hard Work, High Quality – work hard to ensure high quality legal counsel and to comply with client’s administrative needs
Large – 110 attorneys representing client throughout the US and internationally
Insurance focused – Appellate, Arson, Fraud, Bad Faith, Causality, Subrogation & Recovery, etc.
Service Value Industry Knowledge and Involvement – enhances our representation of clients
Market Updates – impact of hurricanes, seminars, and industry insight
Solution Value
Experience Value
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Competitive AnalysisCompetitive AnalysisClausen Miller Value Proposition and Positioning
Many firms practice law. We practice partnerships as well.
Offering Value Insurance Defense Focused – global and transitioning to full service
Large and International – 175 attorneys practicing in 5 US offices and Shanghai and London
Longevity – celebrating over 70 years of success
Strong and Diversified Educational Backgrounds – enables better understanding of industries and client needs to provide fast, effective solutions
Service Value Prompt, Accurate Evaluations – provide clients with foundation to determine whether disputes should settle, litigated, mediated or arbitrated
Relevant Publications, Events, etc.
Solution Value
Experience Value Problem Solvers
Aggressive and Comprehensive
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Competitive AnalysisCompetitive AnalysisDechert Value Proposition and Positioning
With in-depth industry knowledge and legal experience – able to identify the crux of most complicated issues and focus on what matters most to clients
Offering Value High Quality Work – promoted by recruiting and retaining best and supporting with professional development training
Worldwide Resources to Provide High Quality Service Wherever Clients do Business – each practice area in supported by a fully integrated infrastructure of offices in US, UK, Europe and Asia
Top Ranked, World-Class Practices – focus on corporate, complex litigation, and financial services / asset mgmt
Service Value Understanding Client’s Needs – approach to problem solving begins with a thorough understanding of clients’ objectives…leading to tailored solutions
Solution Value Keeping Clients Ahead of the Competition – leveraging in depth experience in a broad range of industries and practice areas
Tailored Solutions – as a result of problem solving approach
Experience Value Collaborative and Client-focused – work closely with clients to achieve objectives
20
Competitive AnalysisCompetitive AnalysisDrinker Biddle Value Proposition and Positioning
Full Service, Rich History, Lead Complex Transactions and Litigate Most Important Client Challenges
Offering Value Rich History – 160 years marked by service to the public and to the bar – extraordinary tradition in ethics leadership
One Firm Concept – organized as one firm with national practice groups
Large, Full Service – 700 attorneys in 12 offices serving clients that range from mid-sized to Fortune 50
Dedicated to Excellence and Client Service
Service Value First Year Training Program – industry leading position to improve quality and intensity of its new attorneys – while lowering the first years’ billable requirements and rates
Publications, events, etc.
Solution Value Lead complex and sophisticated business transactions and litigate many of the most important legal challenges clients face
Experience Value High Character, High Ethics
Active and Hands-on
Professionalism
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Competitive AnalysisCompetitive AnalysisDuane Morris Value Proposition and Positioning
Global, Collegial, Large, Full Service…and Technology Savvy
Offering Value Large, Full Service – 700 attorneys in 24 offices in the US and internationally
Service Value Investment in Independent Affiliates – strive to respond to clients’ business objectives pursuant to separate, non-legal service engagements
Investment in Technology – allows for quick communication and collaboration – and to make better decision using knowledge sharing and research tools
Solution Value Innovative Solutions – to the business and legal challenges presented by today’s evolving global markets.
Experience Value Collegial Culture – preserved and nurtured through organic growth
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Competitive AnalysisCompetitive AnalysisFried Frank Value Proposition and Positioning
Where the smart, determined and ambitious can flourish in a
culture that thrives on excellence, imagination & achievement. Offering Value Large, Full Service and Wide Geographic Coverage – more
than 500 attorneys based in principal financial centers in the US, Europe and Asia .
Service Value Beyond Legal Skills - our attorneys bring business savvy to the table - innovative and creative advice on behalf of our clients.
Commitment to Clients - our attorneys work an unwavering commitment to client service and to the achievement of our clients'
objectives. Solution Value Experience to respond to clients most challenging transactions
and matters - strength is to deploy well-configured attorney teams with the requisite experience and expertise to meet our clients' demands on their most challenging transactions and matters.
Experience Value
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Competitive AnalysisCompetitive Analysis
Greenberg Traurig Value Proposition and Positioning
We’re Built for Change.
Offering Value Large, Full Service – 1,775 attorneys in 30 offices in the US and internationally
Go-to-market by practice area and by key industries
Service Value Investment in people - GT leaders travel across the country handpicking lawyers with the talents to guide clients through the very moments their businesses and markets are changing most.
Investment in office locations – select locations where innovation is booming - in every major U.S. financial center, key U.S. growth states and in leading centers for business and finance in Europe.
Technology-based environment - helps keep costs down, keeps attorneys highly accessible to clients and expedites cases and solutions.
Solution Value Helping businesses navigate change - the marketplace is changing at light speed. So is the law. Businesses expect lawyers who are built for change.
Experience Value Built for Change Culture – it is this rare combination of talents around which they relentlessly hire at GT – legal, business and
leadership skills - refer to GT lawyers as "3-D lawyers"
24
Competitive AnalysisCompetitive AnalysisHerrick Feinstein Value Proposition and Positioning
Committed to Your Success
Offering Value Full Service and global – is now one of the nation's most prominent mid-sized law firms, providing a full range of legal services to businesses and individuals around the world.
Service Value Breadth of services and flexibility - assemble client service teams across practice areas and locations, without the layering and other inefficiencies common to bigger firms.
Talent sourced across multiple professions - people come from all walks of life and grew up in a whole range of industries, and we'll do our best to learn yours.
Solution Value Commitment to your success - attention to detail often reveals unforeseen potential, and you can rely on our expertise to capitalize on it.
Get more than your money's worth from your transactions - introduce you to lucrative business opportunities, improve decisions you make day-to-day, and resolve your hotly contested disputes.
Experience Value Something different to everyone - to some, we're builders and
innovators and to others, navigators and protectors. Smart, productive, creative people that genuinely care about clients
25
Competitive AnalysisCompetitive AnalysisMarshall Dennehey Value Proposition and Positioning
Proud of the fact that, for strategic as well as philosophical reasons, have chosen to focus on defense litigation
Offering Value Focused – regional defense litigation firm with 400 attorneys working from primary 18 offices
Cost Effective and High Quality Representation
Service Value Investment in Satellite Offices - 60% of attorneys work from 17 local offices highlighting the importance of regional offices to clients – the local advantage of knowing judges, jurors, and opposing attorneys
Solution Value Commitment to providing clients with a consistently high level of defense representation and service
Experience Value Deliver on Promises – providing result-oriented litigation and client-focused services
Committed to provide Professional, Responsive, and Courteous treatment from all staff members
26
Competitive AnalysisCompetitive AnalysisMayer Brown Value Proposition and Positioning
Unrivaled geographic scope in the Americas, Europe, and Asia
Offering Value Large and Unrivaled in Geographic Scope – 1,650 lawyers worldwide, 450 in Europe and 300 in Asia
Working with the Biggest Cos in the World – firm advises 89 of Fortune 100, 35 of 50 largest US banks, and most of the FTSE 100
Premier Practice Groups – Supreme Court and appellate, litigation, corporate and securities, real estate and tax practices
Service Value Commitment to client service
Industry insight, intellectual leadership
Market knowledge
Solution Value Assist clients with most complex and demanding legal and business challenges worldwide
Experience Value
27
Competitive AnalysisCompetitive AnalysisMorgan Lewis Value Proposition and Positioning
Handling most complex global matters….seamlessly
Offering Value Comprehensive / Full Service – serving clients in transactional matters, litigation, labor and employment, and IP – from Fortune 100 cos to just-conceived start-ups – across all major industries
Large – 1,400 lawyers in 22 offices throughout the world
Growth Oriented – approximately 2,000 new client and 20,000 new projects each year
Service Value Fluent in Multiple Languages – Arabic, Chinese, Dutch, English, French, German, Greek, Hebrew, Hindi, Italian, Japanese, Korean, Portuguese, Russian, Spanish, Turkish
Solution Value International breadth and depth of practice enables Morgan to handle the most complex matters as a seamless global team
Advancing the clients’ interest as effectively and efficiently as possible
Experience Value Close working relationships define the Morgan Lewis Culture
Relationship-driven – with a slogan, “We’re in this together. Your team and ours.” – more than 2,000 clients have been with the firm for more than 5 years
28
Competitive AnalysisCompetitive AnalysisPepper Hamilton Value Proposition and Positioning
Sophisticated, large law firm with national an international practice.
Offering Value Multi-Practice, Multi-Location Law Firm – serving clients with corporate, litigation and regulatory legal services to leading business, governmental entities, non-profits and individuals
Large – 500 lawyers practicing throughout nation and the world
Excellent Work Product
Service Value Thought leadership – articles, publications, studies, webinars
Solution Value Start closer to the right answer. Breadth of practice areas and depth of experiences to help clients solve problems and realize goals.
Experience Value Commitment to client’s cause – counsel each client as if it were our only client
Value service, trust, interdependence, and collegiality
Objective and independent
29
Competitive AnalysisCompetitive AnalysisSaul Ewing Value Proposition and Positioning
Best of both worlds – national reach with local connections
Offering Value Global and Local – national reach and sophisticated experience of a large firm and the local connections and value of a small boutique
Collaborative Approach – Cross practice client teams working seamlessly to align with the needs of the clients
Large and Full Service – serving business throughout the US and internationally – with 250 attorneys
Service Value Cost Certainty – flexible and cost-effective service to respond to client’s cost concerns by tailoring a fee arrangement
Client Service Satisfaction – solicit feedback to improve our service
Understand big picture and specific challenges that affect clients – through industry participation and leadership
CLE seminars and educational new alerts
Solution Value
Experience Value Proactive – keep clients up-to-date with designated research team
30
Competitive AnalysisCompetitive AnalysisReed Smith Value Proposition and Positioning
Represents many of world’s leading companies in complex litigation and other high stakes disputes, strategic transactions and crucial regulatory matters.
Offering Value Global Reach– lawyers coast to coast in US, as well as UK, Europe, Asia, and Middle East
Industry-focused – experience in broad array of industry sectors (industry over practice areas)
Large – one of 15 largest firms in the world
Quality – uncommon commitment to delivering quality service
Service Value Client Satisfaction – strategic focus on the firm
Understand Clients’ Goals – develop resources necessary to help clients achieve their goals
Reed Smith University – in conjunction with Wharton School for continuing education
Solution Value Solving clients’ most complex litigation and other high stakes disputes, strategic transactions and other crucial matters
Experience Value Relationship driven – tagline is “the business of relationships” and they are the top ranked firm for building and maintaining relationships from BTI Client Relationship Scorecard
31
Competitive AnalysisCompetitive AnalysisSedgwick Value Proposition and Positioning
An International Trial, Litigation and Business Law Firm
Offering Value International and Trial / Litigation Focused – provide counseling, risk, management, litigation management, trial, appellate and transactional legal services
Large and Comprehensive – 350 attorneys in offices around the world across virtually every industry
Responsive – able to deploy attorneys with experience relevant to the issue at hand on a moment’s notice
Commitment to Excellence – programs focused to empower and challenge our team of attorney to an ever increasing level of excellence
Service Value Sedgwick University – to help attorneys realize their full potential as advocates, counselors and leaders – from the courtroom to the boardroom
Solution Value Provide defense of difficult matters involving significant potential exposure, sensitive public relation issues or industry-wide policies
Experience Value Client-focused - What we do defines us. How we do it is defined by our client’s needs.
32
Competitive AnalysisCompetitive AnalysisWhite and Williams Value Proposition and Positioning
Large Enough to Serve Our Clients and Small Enough to Care
Offering Value Stability – founded over 100 years ago as a model of continuity and stability, we have enjoyed slow and steady growth
Large – 230 attorneys in 10 office across the US
Litigation Focused – widely respected for excellence in the courtroom, we represent clients in all aspects of civil litigation and appellate practice in state and federal courts
Service Value Understand Client Needs – focus remains on clients – whose goals and objectives we strive to understand and serve
Publications, events, etc.
Solution Value
Experience Value Culture of Integrity, Loyalty, and Service to Clients
33
Competitive AnalysisCompetitive AnalysisWilson Elser Value Proposition and Positioning
One of the premier litigation defense firms in the United States
Offering Value Full Service and large – full-service firm with 750 attorneys serving clients in the US (20 cities), Latin America, Europe and Asia. Ranked among the top 50 US law firms by AMLaw and The National Law Journal.
Quality - work has also been ranked among The National Law Journal's "Top 10 Defense Verdicts of the Year."
Credibility of attorney - some lawyers are experienced accountants, architects, former judges, engineers, former nurse practitioners and other medical professionals
Service Value Investment in technology – drives timely and efficient legal solutions to all clients.
Government relations – the leading law firm doing lobbying in New York state.
Client Alerts, Legal Analysis, e-Newsletter, Seminars, etc.
Solution Value Resources to respond to complex client needs - using the resources of a large firm, develop client-oriented strategies that provide the best possible accommodation to complex legal matters.
Experience Value Mission - committed to being the leading and largest law firm in the world in our core practice areas