Clients are increasingly demonstrating their confidence in FRS’ capabilities by using our research function as a service in its own right. The legal market intelligence we deliver is now informing a diverse range of business strategies, not necessarily directly related to lateral hires. These services include:
Where clients are considering making a hire or entering a new market and wish to gather data relating to that market, FRS can undertake a market mapping project. Clients also instruct us to conduct mapping exercises as part of the early stage preparations in making a hire. This will involve mapping out the entire relevant market and will provide the client with extensive information, enabling the organisation to make choices about its strategic growth and be fully prepared to act quickly if they decide to move forward. Frequently, a market mapping exercise is a critical component of a competitor analysis project.
FRS has particular expertise in undertaking feasibility studies in relation to the launch of new practice areas for law firms. This may relate to entry into a new sector or market or indeed the establishment of a new office. We speak with clients and in-house counsel as well as other market participants to gain an understanding of the relevant market and gather feedback directly from end-users.
Competitor Analysis and Perception Surveys
Many of our clients are concerned with their positioning in the market and market perception. These issues are closely interlinked with attracting and retaining both employees and clients. FRS can undertake competitor analysis or a market perception survey which will enable client organisations to understand how their competitors are organised and/or how they are perceived in the market by their clients and peer organisations. This will assist in identifying weak spots in a practice or organisation and will often result in changes that can strengthen the business and ultimately improve the bottom line.
Compensation Benchmarking and Analysis
FRS undertakes compensation benchmarking projects on behalf of clients. A compensation benchmarking project assists clients in ensuring that their compensation structure is competitive and in line with the market, so that they are not falling prey to threats from competitors.