The world had changed for law firms

“We forgot how and why we spoke to our clients. We realised there are many alternative law firms open to them, apart from other ‘magic circle’ firms.”

Who

A ‘magic circle’ law firm

Issues

Legal sector
Competitor Intelligence
Why were they losing business?
Deeper understanding

Challenge

A normally highly successful global legal firm was losing business in a very important finance sector. Mergers were going on all around them and its marketing team needed to find out why, and do something about it.

Solution

Octopus spoke to industry insiders, clients and other lawyers to see what was going on. We discovered that for years the firm had lived off its name, but new firms were trying harder, kept in touch with their clients better and when the recession struck, fees became very important. We asked questions to current and former clients who, after developed trust and credibility opened up to us.

Outcome

Using our intelligence, the ‘magic circle’ law firm improved how they spoke to its clients and realised it could never take picking up new work for granted. Business development and marketing of the firm is now a very important part of the firm’s operations.