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Strategic Advice for Law Firms at a Crossroads
Prepared by Roderick Cameron on Decktopus - Business & Finance. Download slide deck and other presentations from business-and-finance category. Business Marketing, Sales & Service Management, Leadership & Coaching, Finance, Strategy Management
A law firm is at a crossroads when it needs to choose between remaining an industry leader or expanding into new areas of practice.
A law firm that has been the best in its field for several years might be tempted by opportunities to expand, but this can lead firms down different paths with uncertain outcomes. For example, one successful business strategy would involve diversifying offerings and moving away from traditional services like criminal defense work toward alternative legal practices such as intellectual property rights (IPR) consulting where many clients are more profitable than average defendants whose cases generate lower fees on account of their financial assets being less extensive than those typically required under heavy fines connected to IPR violations - which could also boost revenue through patent infringement litigation if necessary. However, not every