We live in dynamic times and, law firms, like other businesses, face their own challenges in a market that continues to evolve. New entrants to the market, Alternative Service Providers, the march of the Big Four, the impact of technology and the challenges of adapting the Partnership model to the needs and wants of the next generation, all highlight how important it is for law firms to enjoy a strong profile.
Such a profile is formed by the classic business ingredients: having a solid and growing business, made up of the best people and clients and supported by a robust culture and brand. Increasingly, the glue that holds all these elements together is reputation – how you are perceived by the audiences that matter most. The right reputation allows law firms to flourish in good times and be more adaptable to market changes and increased competition. It also allows firms to weather storms more effectively –, particularly when faced with a crisis.