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Will ABS put the brakes on law firms’ profits?
So the legal profession is next for the deregulation treatment, with October 6th being the fateful date. While the Legal Services Act may not exactly have Manchester law firms quaking in their briefs, there will be apprehension. With good reason. As the financial sector has discovered, there may be trouble ahead. Allowing legal practices to operate within ‘Alternative Business Structures’ or ABS means that supermarkets can steam in and offer customers legal services at far cheaper prices. They’re also likely to cherry-pick the most profitable business - a development that, coming on top of the recession, you could well do without.
Of course, one of the most pertinent factors is the sheer marketing muscle the likes of Tesco and Sainsbury’s can bring to bear. The massive budgets, sophisticated techniques, extensive market research and established brand equity the big boys can deploy are not to be taken lightly. After all, how many legal firms can claim to be household names? Exactly!
In the famed biblical encounter, David got the better of Goliath. Yet in today’s world, this outcome is less than likely to be repeated. For the David’s of the local legal community, and even the relative Goliaths, the fight may be an arduous one.
What to do? You could:
• Fight the good fight and try and compete on your own.
• Join together with similar firms, forming an umbrella brand under which you can pool your resources to wage war more effectively.
• Borrow a strategy from a large flightless bird and hope for the best.
Realistically, only options one and two pass muster, and both will need a similar approach, albeit deployed individually or collectively. In truth, there are many benefits to dealing with small, experienced and well-established legal firms, yet the public will need convincing of these. Their awareness and goodwill can’t be assumed.
It means that effective communication with your markets is essential. Yet surprisingly, that need not cost a fortune. A good quality website is the place to start, and this can be achieved relatively inexpensively. While if your budget – yes, you’ll need one of those - won’t run to expensive advertising campaigns, public relations can be an equally effective tool for a fraction of the cost.
To help you get your message across, you need to find a good marketing communications consultant or copywriter. For more information, visit www.robjacksoncopywriter.com, email: [email protected] or call (0161) 445 6270.
I provide a broad range of professional copywriting services. These include researching and writing content for all marketing communications and press material, both online and offline. I have…
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