Competing for private client work in a changing environment

Competition within private client work has never been more intense but local firms are well positioned to counter that. Private client practices face competition on a number of external fronts: online providers, law draftsmen and large commercial organisations such as the Co-operative branching out into legal services.

The answer at our firm has been to remain true to our fundamental principles by providing a cost-effective, speedy and efficient service, where trust and face-to-face relationships '¨are vital.

We're also looking ahead, improving communications channels and expanding those services we believe will be key in the future. We're seeing an increased demand from private clients as the needs of an ageing population require more robust future planning. To this end, earlier this year, we launched a specialist service for the elderly, Carepal, providing advice to clients and their representatives in making long-term care and financial planning arrangements.

People may attempt their will online - though many in fact revert to a professional in the end anyway - but few would consider setting up a trust or power of attorney without an expert, and we've seen little evidence of a downturn in these services. Many people are wary of online services for something as serious as a will, and they value dealing with a qualified and credible professional face-to-face who can answer queries and get to the bottom of issues outside the regular tick boxes. Clients are also reassured the documentation is prepared by experts who are insured and professionally regulated, which is not necessarily the case for '¨other providers.

To date, competition from new entrants such as the Co-op has had little effect. We compete on price and exceed standards of service, and when it comes to brand awareness and trust, local firms do extremely well in their markets. Our firm, Vincents, '¨has a recognised high street presence with a number of offices across Lancashire, a solid history of word-of-mouth referrals, and can offer home visits at no extra charge. Clients appreciate the personal service and the ability to call in to speak face-to-face with a solicitor on very short notice, something the alternative providers cannot offer.

We have also responded to the changing methods of approach used by new customers. Most people will begin with an internet search, whether cold or off the back of a word-of-mouth recommendation. Our recently re-vamped website gives an introduction and overview and invites direct email requests which are responded to that day. A strong social media presence also helps to make us more accessible and this is a growing channel for new enquiries and customer communication.

This speed of response, our clear and transparent pricing structure, and a trust developed from building real relationships between solicitors and clients face-to-face, is what will continue to give firms like ours the edge. SJ