This provides greater efficiency and predictability for the client and profitability for the firm. In the last 3 years, the legal industry has seen a growing surplus of talent, leading to lower cost associates, staff, and contract lawyers, enabling more adaptive firms’ greater opportunities to introduce alternative fee arrangements. While this means different things to different industries, for the legal profession, supply is all about talent. The first market force is the bargaining power of suppliers. In the years since the article was first published, the propensity for all five forces to simultaneously impact the legal profession has not happened, until now. The Five Forces consist of the Bargaining Power of Suppliers, the Bargaining Power of Buyers, the Threat of New Entrants, and the Threat of Substitute Products & Services, all which surround the most powerful force, which is the Rivalry Amongst Existing Competitors.
And, as the market for legal services continues to grow in complexity, never before has this simple treatise been more relevant to the legal profession.
That single article has since led to multiple books and has completely redefined how organizations view and approach competitive strategy. It’s been more than thirty years since a young Harvard associate professor of Economics published his first Harvard Business Review article, “How Competitive Forces Shape Strategy”.
0 kommentar(er)
