When Demand Decreases, Grow Market Share

Despite increasing mortgage-related legal work, Wells Fargo GC Jim Strother announced that his law department is going to handle it by reducing spending on outside counsel, according to ALM writer Catherine Dunn in Corporate Counsel online.

"We do expect to have a meaningful reduction in outside counsel expense," Strother told Reuters at a law school conference in North Carolina.

Further, a recent client advisory by Hildebrandt Consulting and Citi Private Bank reveals that the growth rate for demand dropped from 3.7 percent to -0.4 percent from the boom years, 2004 to 2008, to the post-crisis years, 2008 to 2012

When demand decreases the only way to increase business is to grow market share. To accomplish that, clients must view your firm as the best value compared to your competitors. They won't move the business from another firm to yours without a substantial reason.

Strategic Client Interviews will give your firm the advantage it will need to grasp onto more market share, by first revealing what you need to know:

What clients want from your firm

What problems you must address to strengthen your client relationships

Clients' perceptions of your firm, particularly compared to other law firms

And the opportunities that could increase your firm's business with its clients

For more information on Strategic Client Interviews, contact Joyce K. Smiley at 561-775-9755, or jsmiley@jkscompany.com. On the web at jkscompany.com.

Verbatim: What Clients Say is published electronically by JKS & Company LLC/Strategic Client Interviews. Copyright 2013 JKS & Company LLC. All rights reserved.

email: jsmiley@jkscompany.com