- Sep 7, 2024
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does anyone have any idea how to structure an answer to the question "what are xyz's competitors?" in an interview?
Hiya @AnAnonymousDuck
It can be tricky to answer these at interview, but I typically tried to take the following approach:
- Acknowledge how you are defining competition: I always tried to pre-empt what I was saying by acknowledging that competition can be defined or measured in different ways. A firm's competitors could be defined by a range of factors, including practice area strengths, sectoral capabilities, international reach, client base, or their firm structure (e.g. traditional partnership vs swiss verein). Stating this upfront shows your interviewer that you’re aware of the different angles the answer could be taken.
- Name a few (2-3): After setting out the above parameters briefly, I'd then say "taking this all into account, I think firms X, Y, and Z really stand out as key competitors to the firm."
- Make it relevant: I'd then try to explain why these firms are competitors specifically to the one you’re interviewing for. Again you can make reference to the factors you initially set out/mention in step 1 of making this answer.
Hope this helps! Good luck with any upcoming interviews!