Law Firm SWOT Analysis
You should routinely perform a law firm SWOT analysis to help you plan for the upcoming quarter and/or year. The below video is an excerpt from a CLE I presented for the Louisville Bar Association in June, 2015.
Use a SWOT Analysis to Define Opportunities
A law firm SWOT analysis gives you the ability to look at your firm strategically. From there, you can develop tactical plans based on your findings. The acronym SWOT stands for Strengths, Weaknesses, Opportunities and Threats. The first 2 are internal. The second 2 are external.
In this video, I provide an overview of key factors you may consider. A law firm can identify ways to use strengths to defend itself against external threats. More importantly, a SWOT analysis provides insights into how you can leverage your firm’s internal strengths to take advantage of external opportunities.
Use SWOT to Develop Individual Performance
Based on a question I received from the audience, I also address how a SWOT analysis relates to managing yourself and your associates.
GE’s Jack Welch had very specific views of how your talent pool should be managed. I began my career at GE and learned some valuable insights in this progressive organization. If you lead a firm or organization, you might find my views helpful.
I share my somewhat controversial view on dealing with the B- and C-level talent, within your own organization. I managed sales teams and organizations a significant part of my career. There’s no silver bullet, but understanding how a personal SWOT analysis can help in the development/performance of your team can provide some direction.
Earlier this year, the Louisville Bar Association published my article about how a law firm can use a SWOT analysis. Here’s a link to that article on my blog: https://jimrayconsultingservices.com/evaluating-firms-market-position/
If you’d like to discuss issues related a law firm SWOT analysis to evaluate your firm’s growth and direction, please contact me. My cell is (502) 208-9639. For more information, feel free to SUBSCRIBE to my YouTube channel or Like my business Facebook page.
I submitted this article to the Fayette County Bar Association for an upcoming edition of their Bar News. It’s taken from a segments of a CLE I presented. If you want to grow your law firm, consider using public data for business development. You may be surprised at how useful this information can be when crafting your marketing and advertising strategy.
