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Dominance in the Details
Ed Wesemann's book Creating Dominance provides an impressively coherent guide to strategic thinking for law firm planners. The book draws on Wesemann's extensive experience in law firm consulting as well as insights from business-management theorists ' notably Peter Drucker, pricing theorists Thomas Nagle and Reed Holdern, Hardball authors George Stalk and Rob Lachenauer, and merger scorecard explicators Robert Kaplan and David Norton.
The book's opening chapter, excerpted in this issue in full except for graphics, explains why law firms should seek to dominate their market niches. Subsequent chapters offer a wealth of how-to ideas for improving and leveraging a law firm's market share through five different approaches:
- Geographic strategies;
- Practice strategies;
- Industry strategies;
- Pricing strategies; and
- Growth strategies
As Wesemann explains, these strategies have many interdependencies, and many of them depend heavily on timing. For example, the requirements for gaining industry dominance differ depending on whether the industry itself is in an emerging, growth or mature stage.
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