It has to be said and said loudly that with the explosion of knowledge and information plus the notorious unwillingness of legal practitioners to do anything remotely disruptive, we are all equally matched. And yet some law firms seem to be doing well or better than others, how is this possible? Imagine two world class criminals going on a quest into a diamond vault and in the middle of the operation NEPA takes the light. One immediately takes out her laser torchlight and proceeds to raid the vault while the other is left in the dark, trips into a booby trap door and is found by the police in the morning. The lady criminal with the light won because she could see and so in a legal services space where the strength and capacity and rigidity of law firms are basically the same the ones who see, who understand the market win.
This understanding of the market is the light in a dark place by which they navigate their way through innumerable local laws, customs, business practices and political choices. If you cannot see where you are going what does it matter that you went to Harvard law or some such place?
For your law firm this is a big, big deal. Understanding the market means you can raid the territory of the accountants, tax people, consultants (they've been doing it for a while to legal if you've noticed). You can initiate fancy footwork, your plans can make sense, you know if throwing money, more bodies or partners will be the optimal approach. If you understand what the lady (client) wants you can pattern your dating strategy (business development) leading unto the proposal more realistically. If intelligence will work, having financial capacity should be underplayed, even hidden.
If you take the effort to understand the market, you have the light.
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