Services, Market & Marketing
Product RangeHDY offers legal services in the following areas:
PricingLegal services are generally charged on an hourly basis. Rates are higher for more experienced lawyers (eg partners) and for certain types of services (eg tax advice). Some clients who purchase a lot of legal services from HDY have lower fixed rates (panel rates). Sometimes HDY will do work for a fixed fee.
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Target MarketThe target market for the business is medium to large corporate and commercial enterprises, financial intuitions (eg banks), superannuation and insurance companies, government departments, government instrumentalities (eg the police or road/maritime services), professional services firms (eg accountants), overseas law firms, and regulators. The areas of law that HDY practices in are focused on the types of clients they have (eg they don’t do family law because that’s not what our clients need).
Market ExpansionThe firm is expanding into new markets in Brisbane and Canberra, where existing clients have a presence and will use HDY’s services if HDY is also located there. Canberra in particular is relevant to expanding the Government practice. It is important to employ local lawyers in those offices who have contacts in the chosen practice areas.
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Promotion & marketing strategiesThe advertising HDY undertakes includes:
The firm had a strategy for increasing its profile in the areas of insolvency and financial services and they have been very effective, leading to the firm being recognised as one of the top firms in those areas. However the downside is that clients are less aware of the range of other services also offered. The firm is now focused in increasing its profile in those areas to catch up with its reputation in insolvency and financial services. |