Legal Lightbulbs: Is law firm market differentiation a unicorn?

Welcome to another episode of Legal Lightbulbs: the show that sees hosts Jerome Doraisamy and Bowd chief executive Fionn Bowd discuss and debate the questions to which lawyers have always wanted answers (but have perhaps not felt comfortable asking). In this episode, Jerome asks Fionn about the concept of market differentiation and whether – in a modern legal marketplace – differentiation even exists. The pair talk about the lack of trust that graduates have when it comes to law firm marketing, and they dive into the history of how law firms historically differentiated themselves and what it means to have a “brand”. Fionn and Jerome talk about the importance of truth in marketing, how the fear of imaginary clients get in the way of firm marketing, why law firms are like washing powder, and the need to market what you know to be true about your business. The pair also reflect on a handful of law firms that are getting their points of difference right, the value of filling a void in the market, the black and white principles that firm leaders can use to re-establish market differentiation, whether a lack of differentiation feeds into the need for partners to say “yes” to every client request, and whether there is a place for emerging leaders to speak up about the need for a business to market itself in better ways. To learn more about Fionn Bowd, click here. If you have any questions you want to see answered on this show, reach out to Jerome at editor@lawyersweekly.com.au.