We all know the Conventional Wisdom about the legal market: It’s never been more competitive! And we’ve all heard the obvious solutions: Try harder! Take market share! Merge with a thousand lawyers you don’t know!
Roch Parayre has a different idea. A strategy partner at Heidrick and Struggles, Parayre thinks that smart law firms would benefit by looking for places in the market that their competitors haven’t inundated—he calls them patches of Blue Ocean—and sailing toward them. Firms can choose to battle in the overcrowded space they know too well, or they can start creating new market opportunities.