Law firms are quick to post on websites regarding recently passed regulations or court decisions, but they rarely assess whether the situation warrants the creation of a new service line. In order to fully support clients while also strategically growing their firms, leadership should be prepared to create offerings pursuant to market demands. The following criteria help determine the viability of a new product:
Will the new regulation or court finding place your client in jeopardy?
If clients are operating in noncompliance of legislation or are in immediate danger of becoming a defendant in a lawsuit, great lawyers will quickly devise an issue/impact statement illustrating how a quick response or proactive audit will mitigate risk and set in motion protective measures.
Does the new challenge have a significant life cycle?
The problem should be critical enough to not only concern existing clients but also make clear that ramifications will open doors to new customers. A savvy firm will spend money on research, development, and marketing when it is clear that responding will be profitable in the long term.
Will the new situation impede your clients’ business imperatives?
Perhaps your client is not in violation of recent regulations, but you are aware it may hinder specific goals the client is trying to achieve. Smart lawyers will create compliant alternatives and will help the client navigate the path to success.
Does your firm have existing expertise to handle the new challenge?
If the change in law is sweeping, a strategic firm will conduct a profit analysis and swiftly bring on laterals to meet market demands. This type of growth can prevent competitors from taking slices of work from existing clients, which would leave the firm vulnerable to loss.
Having the right mix of solutions to fully service clients is critical in today’s competitive marketplace. Being first on the draw to add services can be a game changer for cutting-edge firms.