We stopped hiring „star“ lawyers because they often bring more hype than real value. Instead, we hired more young and underrated lawyers. This is important because to build a business that is not only profitable in the short term, but sustainable in the long term, you need to nurture and develop local partners who share the company`s core values and fit well into the internal corporate culture. This is much easier to achieve when a person`s early career is supported and developed within the company rather than outside the company. The entire legal market in Central Asia is a red ocean of fierce competition, with all companies pursuing one main goal: to increase their market share. Companies tend to follow the same pattern: stick to existing clients, offer more projects, offer better prices, hire better lawyers, etc. For clients looking for standard legal and commercial services (Red Ocean) Instead of expanding to other legal specializations, we invited a group of economists and analysts to join the team. We currently have 12 experts who make up the company`s business and business consulting unit. By setting up this unit, we can fill the knowledge gap that is a sore point for so many clients in the region. The unit provides clients with market analysis, cost-benefit analysis, policy impact assessment and strategic planning.
In strategy books, we call it: creating your blue ocean. This means you can find your industry where other law firms haven`t even thought to look. Focus on clients who don`t buy legal services. Why don`t they buy it? What is their frustration? What should change in legal services so that they can buy them? Boom. You have found your hidden treasure. Because if you seek advice from clients who use traditional law firms, they won`t give you solid answers. You will probably reproduce what already exists. Your feedback will lead you to compete on prices and do more with less: traditional competitive thinking, red ocean thinking.
Regenerate the health of the oceans and thus contribute to the achievement of SDG 14. Good news. You are not alone. The fear of finding new customers is a major obstacle for budding entrepreneurs. It may not look like it, but the world is big enough for everyone. Especially you and your dream of leaving Big Law and starting your legal business. Have you heard of the blue ocean? I will talk about that. It`s not woo woo. It`s strategic and written just for you. We have also reduced the number of specializations we offer. Business law firms tend to advertise dozens of specializations (e.g., tax law, insurance law, construction, contracts, etc.).
However, we have reduced them to two main products: Corporate and Finance. We chose these core offerings because they meet the needs of our existing clients and especially our non-clients who invest primarily in our region, trade with businesses in our region or finance large regional infrastructure projects through loans. Rather than offering a broader range of legal services, we saw an opportunity to add value to the key core legal products we had focused on over the past decade. We focus on solutions for overfishing, marine pollution and marine solutions, climate change. Most law firms think the cost of legal advice is something they can`t influence. The value that the customer experience correlates with the cost of providing the service. In law, this usually means the number of billable hours. According to the same logic, it is impossible to provide a valuable service to a customer at a lower cost. Progressive thinker looking for innovative approaches to provide traditional legal services, compliance + business Professional / CEO / Board member / General counsel Looking for traditional legal support, compliance + corporate governance Are you ready? Take a box and put your existing legal mindset in it and hide it at the top of your closet. You won`t need it. The secret ingredient of your Blue Ocean strategy is you and your people. All in all, with all your human emotions and reactions.
Fears are a natural part of you and your journey. You prove that you are an authentic person: human and accessible. Not to mention a good decision-maker. Because you understand that you make the most important decisions with your heart. Not with your head. Since the beginning of our shift to the blue ocean, our Blue Ocean approach has made us unique in the region, setting us apart from the rest of the market and avoiding fierce competition. We have gained unknown clients such as the Uzbek government, state-owned enterprises, the commercial departments of several of our existing clients in the petrochemical and energy sectors, as well as the analysis departments of many development banks. Other successes include working with large international management consulting firms that rarely turn to law firms when carrying out projects in our region. Our customer satisfaction scores are increasing and sales are growing at a double-digit rate. The number of visitors to our website has almost doubled in the last 12 months, an unprecedented jump for us.
Most companies are swimming in the Red Ocean and struggling to survive under constant pressure from their competitors. Blue Ocean companies are the ones that do not yet exist and are waiting to be discovered. If you want to leave Big Law and start your own legal business, put these gems on your must-read list. This is a frightening fact supported by research, look at Global Insights` reports on access to justice, for example. The majority of people and businesses do not buy legal services, even if they need them. So the potential is enormous. Go ask them! Imagine the niches you can fill. There is an ocean full of customers who are put off by the traditional model.
Think about the sore spots you can serve. You are getting closer to your niche, my friend. The fastest way to get your staff + Business Legal & Corporate Governance (including blue ocean Strategy ®) is important in order. In the legal industry, we know (and often suffer) traditional and well-established business methods. A cookie-cutter approach: how they work, what they look like, the services and how they serve their customers. These legal transactions exist thirteen and a dozen. All exact copies of each other. They know what they look like. How they feel.
All very strict and quiet. And very intimidating for the little person on the street. You probably got scared the first day too, right? Centil operates in emerging markets. When international clients and investors try to research jurisdictions in the region, they often fail. There is a lack of well-written information in English to help them navigate the legal, environmental and legal framework of the region. I see you swimming in the blue water. You look fulfilled and happy. The legal industry is very competitive, but finding new clients doesn`t have to be a ruthless business. Otabek Suleimanov, a partner at Central Asian law firm Centil, explains why the firm sought a change in the blue ocean, what pain points it discovered for clients and what results it is already starting to see. The law firm shows how to break with the fierce competition in the legal industry. „A promising and innovative Australian law firm that does things differently. Blue Ocean takes an interdisciplinary approach to its personal and business legal practice to ensure you get what you and your business need.
A major problem for foreign investors and financial institutions operating in Central Asia is the lack of reliable analytical data that would help them make better decisions. Our competitors, i.e. other law firms in Central Asia, typically only provide legal services without giving clients a broader picture of the investment environment as they prepare to do business in the region.
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