How can X firm overcome the challenges it faces in a saturated legal market ?

[Lorenzo Pizarro]

Hi TCLA!

This is a bit of a toughie from an application I've been working on.

Wanted to hear everyone's thoughts on this, particularly from anyone doing a TC at the moment.

Think it would be a useful exercise generally, as this question seems to come up a lot in interviews.

Cheers!

 

[A]

I also have a similar q so I won't create a thread for this. What kinds of challenges are some of the larger law firms facing and how can these challenges be overcome? Especially with the pandemic and many law firms producing the same sort of advice.

 

[Ahi88]

For this question, you will need to think of the law firm as a business. The goal is to make money and to remain sustainable within a saturated legal market therefore requires the firm to win business and stay competitive.

The first thing would be to look at the type of firm asking the question. Depending on whether it is a national, international or US player will shape the structure of your answer as each will have their own respective challenges to overcome. Think about what the firm in question is currently doing and look at how they can improve further their existing services. A lot of law firms are now going beyond the provision of legal services and are branching into consulting for example. It may also be helpful to think about how the current demand from clients for more for less is shaping how law firms market themselves. Focus on how law firms can deliver more value for money and how a saturated legal market provides the client with more power to pick and choose who they hire as their legal advisers.

 

[Jaysen]

For this question, you will need to think of the law firm as a business. The goal is to make money and to remain sustainable within a saturated legal market therefore requires the firm to win business and stay competitive.

The first thing would be to look at the type of firm asking the question. Depending on whether it is a national, international or US player will shape the structure of your answer as each will have their own respective challenges to overcome. Think about what the firm in question is currently doing and look at how they can improve further their existing services. A lot of law firms are now going beyond the provision of legal services and are branching into consulting for example. It may also be helpful to think about how the current demand from clients for more for less is shaping how law firms market themselves. Focus on how law firms can deliver more value for money and how a saturated legal market provides the client with more power to pick and choose who they hire as their legal advisers.

This is an excellent answer. It would very much depend on the firm you are thinking about. For example, some firms will be more flexible when it comes to alternative fee arrangements and lowering the prices they charge, whereas for other firms, this wouldn't fit their business model and the type of work they advise on.