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Establishing a Dominant Market Share
I see a lot of law firm strategic plans that talk about “establishing a position of dominance” or “being preeminent” in an area of practice, an industry or a geographic area. In my mind these are precisely the kind of market-driven, externally focused goals that law firms should be setting for themselves. The obvious question, however, is how does a law firm know whether or not it has created a position of dominance?
Is There Such a Thing as Dominance?
In fact, I have heard law firm managing partners argue that the legal marketplace is so fragmented that no one firm could have a dominant market share. That is, if we were to consider a large American city to be a market, it might very well have 30,000 lawyers in private practice with total annual client billings of more than $4 billion. For a law firm to have a 10% market share it would have to have locally generated revenues of $400 million. At an average revenue-per-attorney of $400,000, this would mean the firm would need 1000 lawyers just in that city.
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