The Four Types
Let’s look at Harvard’s four types – along with our take on legal industry examples and marketing tactics.
Commodity.
Commodity practices help clients with simple and routine problems by providing “economical, expedient and error-free service,” the authors state. (This type of practice is most vulnerable to threats from legal tech.)
Example:LegalZoom, which offers basic business and family law offerings online at fixed prices
Strategic focus: Efficiency
Profit margin: Single to low double digits
Hiring strategy: A commodity practice will prioritize dependability over creativity or credentials: “They recruit steady individuals who will produce regular output at a reliable pace and quality,” the Harvard professors note. Once on board, new hires will need to deliver standard output efficiently.