China’s law firms are increasing in sophistication and seeking growth in foreign markets, including the United States, according to a recent report entitled Asia-Pacific 150: The Big Market Slowdown by Yun Kriegler (@TheLawyerAsia), in The Lawyer.
As Kriegler details: “Volatility, competition and consolidation are the best words to sum up 2015 in terms of local firms vying for business and talent in Asia-Pacific’s crowded [legal] markets. As this year’s Asia-Pacific 150 research shows, the growth rate of the Top 100 largest independent firms is slowing in comparison with recent years.”
Some Chinese firms turning to cross-selling to achieve growth
But some in the market are turning to increasingly sophisticated methods by which to compete for legal work. As Kriegler details: “One of China’s largest firms Jun He…has been putting an emphasis on improving its internal structure and last year overhauled its partner remuneration system to promote collaboration between partners and increase cross-selling.”
Cross-selling by law firms has been utilized by some BigLaw firms to achieve greater growth levels and compete more effectively against rivals, while more effectively meeting the needs of clients.
How your firm can adopt law firm sale-pipeline strategies to achieve growth
In previous articles, I’ve outlined in great detail — what firms can do to deploy not only cross-selling initiatives, but also how to establish and deploy outbound selling efforts – aimed at identifying, pursuing and capturing new business from multinational corporations and other key clients.
That law firm sales efforts have been deployed by some BigLaw firms in the United States and Europe — and are now being utilized in China – reflects both an increasing acceptance of the practice – and testament to their success. Law firms anywhere, of any size, can seek to emulate these efforts – tailored to their own unique firm needs.