Bill Henderson and Evan Parker wrote a brief, but important article in the December edition of The American Lawyer magazine, titled “How to Size Up Sectors and Practices for Future Growth”. As they do so effectively, Henderson, a law professor at Indiana University and co-founder and principal at Lawyer Metrics, and Parker, director of analytics at Lawyer Metrics, distilled from market data several important ideas about how law firm leaders should think about their firm’s strategies.
In this blog post, I will comment on three concepts the article develops:
- The importance of understanding the firm’s market;
- How to conceive the best strategy to expand market share; and
- The strategic value of industry sector expertise.