Wy'East Law Firm
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Wy'East Law Firm is entering their first year of operation. A cohesive marketing plan is required to ensure future profitability. The basic market need is for an attentive, knowledgeable, specialized high technology law firm. Wy'East will meet this market need by creating a boutique law firm that specializes in the issues high tech firms face.
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Wy'East has gathered a fair amount of information about the common attributes of their prized customers. Wy'East will leverage this information to better understand who is served, their specific needs, and how Wy'East can better communicate with them.
The Wy'East Law Firm will be providing its customers with high quality legal services and consultations for any issue a high tech company might face. Wy'East Law Firm seeks to fulfill the following benefits that are important to their customers.
The market trend for law firms, particularly the larger ones that receive a major portion of their business from higher profile companies, is to create a specialist group within the firm to address these particular needs.
Since the recent Internet boom, there has been a significant increase in high technology and start-up legal work. Many of these firms, particularly the start-ups, have been well funded and want high-end, specialized legal services for their company. To meet these needs many of the larger firms have created a group within the firm that specializes in this type of work. This allows the larger firms to leverage the incredible amount of goodwill that they have developed in their firm name and parlay it into addressing the specialized needs of high tech firms. While this is good for the firms because it creates an appearance of specialization, which to a large degree is correct, unless you are Intel, IBM, or HP, the large firms are unable to give the level of attention that many companies, particularly start-ups require.
While some attorneys that have worked for the larger firms have then moved on to open up their own boutiques, this movement is somewhat small and unnoticed, to a large degree because these are just individuals or a couple of people so it tends not too have that large of impact on the local law community.
The profession of law or more accurately the practice of law has always grown at or better than the general community. The economy does not seem to have that much of an effect on legal services. While lawyers often tend to be the butt of many people's jokes, the fact is that the practice of law is driven by American society, and the litigious nature of Americans. Certainly some lawyers tend to fuel this perception, but on a whole, lawsuits (or more generally the need for attorneys) occur because there is demand for the service. This is mentioned because people do not get more or less litigious depending on the economic climate, they seem to be litigious based on a societal enculturalization.
This is good news for attorneys who are looking for a relatively stable profession. With the recent Internet boom, there has been a significant increase in demand for specialized services such as corporate formation, qualified stock option plans, mergers and acquisitions, as well as shareholder lawsuits that attempt to pierce the corporate veil (attempting to hold the officers of a corporation personally liable).
The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threat facing Wy'East Law Firm.
The technology law practice is fairly competitive in Boston. Most larger, more prestigious firms have attorneys that specialize in technology. Some smaller firms also have attorneys that do work for technology companies. Lastly, there are boutique firms, like Wy'East. As a service-based industry, the practice of law is driven significantly by personal relations and reputation. Potential clients choose attorneys based on reputation and who they are familiar with or are recommended to. Therefore, if the attorney is providing satisfactory or better service to a client, the client is likely to form a long lasting business relationship with that attorney and his firm.
Clients typically switch attorneys only if they are unhappy with their current attorney. New companies find attorneys through networking, who they know or who their friends know.
Wy'East has the advantage that when Richard left (name omitted) he brought 15 of his existing clients with him to Wy'East.
Wy'East will provide law services to two different groups of customers.
The keys to success are:
Wy'East Law Firm is still in the speculative stage as a start-up organization. The critical issues that Wy'East faces are related to expansion. It is important for Wy'East to expand, not for the sake of expansion in and of itself, but because it makes prudent fiscal sense to. Wy'East will continue to take a modest approach to growing the business. Richard is thrilled to be working on his own, serving both high tech and public interest clients and is unlikely to do anything that will jeopardize his ability to enjoy his livelihood.
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