Do You Know What Your Competitors Are Doing?
A recently published study looked at competitive intelligence (CI) - that is “knowledge and foreknowledge of the competitive environment refined to the point that is can be used in making a business decision” - to determine just how often law firms use CI in making decisions. The study was primarily focused on large firms with a mean size of 255 lawyers and a median of 115.
Competitive intelligence goes back to Michael Porter’s strategy models and looks at things like what clients want, what competitors are doing, trends in the legal industry, government regulations, opportunities and threats in the market place, and possible substitutes for your services - basically anything that might have some influence over how well your firm does.


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