Dominance in the Details

Ed Wesemann's book Creating Dominance provides an impressively coherent guide to strategic thinking for law firm planners. The book draws on Wesemann's extensive experience in law firm consulting as well as insights from business-management theorists ' notably Peter Drucker, pricing theorists Thomas Nagle and Reed Holdern, Hardball authors George Stalk and Rob Lachenauer, and merger scorecard explicators Robert Kaplan and David Norton.

The book's opening chapter, excerpted in this issue in full except for graphics, explains why law firms should seek to dominate their market niches. Subsequent chapters offer a wealth of how-to ideas for improving and leveraging a law firm's market share through five different approaches:

• Geographic strategies;
• Practice strategies;
• Industry strategies;
• Pricing strategies; and
• Growth strategies

As Wesemann explains, these strategies have many interdependencies, and many of them depend heavily on timing. For example, the requirements for gaining industry dominance differ depending on whether the industry itself is in an emerging, growth or mature stage.

Considering its brevity, the book is remarkably comprehensive. In the chapter on pricing strategies, for example, Wesemann assesses five billing “philosophies,” three basic pricing methods, four basic client positions on pricing, ten sets of criteria for assessing price sensitivity, and five different pricing strategies.

Of particular interest to A&FP readers will be cost-benefit considerations of the various strategies. For example, geographic dominance strategies can entail heavy investments in new offices, while practice dominance strategies can require large investments in lateral acquisitions. By comparison, industry-focus dominance can often be attained much less expensively. Wesemann considers industry dominance a significantly underused strategy, in part because its attainment permits relatively easy horizontal and vertical expansion of dominance into related industries (eg, to industries that supply the original focal industry).

Wesemann concludes the book with a chapter on “Implementing Strategy,” in which he illustrates how a bold strategic plan can bring well-chosen strategic aims to fruition.

Creating Dominance: Winning Strategies for Law Firms is available from the publisher at 800-839-8640 (or search for Wesemann at www.authorhouse.com/bookstore). The publisher also has Wesemann's 2004 book, The First Great Myth of Legal Management is that it Exists, which was reviewed in A&FP's February 2005 edition.

' Joe Danowsky, Editor-in-Chief

Ed Wesemann's book Creating Dominance provides an impressively coherent guide to strategic thinking for law firm planners. The book draws on Wesemann's extensive experience in law firm consulting as well as insights from business-management theorists ' notably Peter Drucker, pricing theorists Thomas Nagle and Reed Holdern, Hardball authors George Stalk and Rob Lachenauer, and merger scorecard explicators Robert Kaplan and David Norton.

The book's opening chapter, excerpted in this issue in full except for graphics, explains why law firms should seek to dominate their market niches. Subsequent chapters offer a wealth of how-to ideas for improving and leveraging a law firm's market share through five different approaches:

• Geographic strategies;
• Practice strategies;
• Industry strategies;
• Pricing strategies; and
• Growth strategies

As Wesemann explains, these strategies have many interdependencies, and many of them depend heavily on timing. For example, the requirements for gaining industry dominance differ depending on whether the industry itself is in an emerging, growth or mature stage.

Considering its brevity, the book is remarkably comprehensive. In the chapter on pricing strategies, for example, Wesemann assesses five billing “philosophies,” three basic pricing methods, four basic client positions on pricing, ten sets of criteria for assessing price sensitivity, and five different pricing strategies.

Of particular interest to A&FP readers will be cost-benefit considerations of the various strategies. For example, geographic dominance strategies can entail heavy investments in new offices, while practice dominance strategies can require large investments in lateral acquisitions. By comparison, industry-focus dominance can often be attained much less expensively. Wesemann considers industry dominance a significantly underused strategy, in part because its attainment permits relatively easy horizontal and vertical expansion of dominance into related industries (eg, to industries that supply the original focal industry).

Wesemann concludes the book with a chapter on “Implementing Strategy,” in which he illustrates how a bold strategic plan can bring well-chosen strategic aims to fruition.

Creating Dominance: Winning Strategies for Law Firms is available from the publisher at 800-839-8640 (or search for Wesemann at www.authorhouse.com/bookstore). The publisher also has Wesemann's 2004 book, The First Great Myth of Legal Management is that it Exists, which was reviewed in A&FP's February 2005 edition.

' Joe Danowsky, Editor-in-Chief