It's always a shock, in any business, when a larger, better-funded competitor sets up shop down the street: witness the plight of all those mom-and-pop stores that are driven out of business by a Costco or Wal-Mart.
Once you get over the initial surprise, though, there are two ways to handle this situation: the first is to throw up your hands, concede the game, and take up another profession. The second is to accept the challenge head-on, and figure out a way not only to survive, but thrive, in the shadow of your new competitor.
No, it's not easy. But look at it this way: for every five mom-and-pop stores that are driven out of business by big-box retailers, there are two or three that adjust their business plans, step up their marketing and promotional efforts, and resolve to present themselves as the personable, reliable, home-grown alternative to a faceless corporation. So what if some of your clients defect to that new law firm? With some clever marketing, you can attract new clients, who may not be as eager to have their cases foisted off on junior partners or to be treated like statistics rather than live human beings.
More to the point, failure breeds failure: if your remaining clients see your hang-dog attitude about that new law firm, they'll be all the more likely to defect themselves, since you've convinced them that your ship is going down and there are no rescue boats on the horizon.
Questions? Call the lawyer marketing consultants at Great Legal Marketing (888-791-2150) to learn more!