Warren Buffett is, unquestionably, the world’s greatest investor.
A lot of folks come close, but Buffet is in a league of his own. What’s the secret of his success? He knows how to tell the difference between businesses that have protected, long-range earning power – and business that may seem to be making money right now, but are ultimately just sitting ducks for price-slashing competitors.
So, then, what protects a business’s long-range earning power? Something that Buffett calls a “moat” – a specific advantage that lets a business charge higher prices or fees than its competitors. Can law firms have a “moat,” too?
No doubt about it. In fact, if Warren Buffer was an attorney, you can be sure his firm would have a vast moat around it to stave off price-slashing competitors.
What is the most effective moat for attorneys? Authority.
Even though more and more juniors are flooding the market – driving prices down – there will always be a cadre of attorneys who can command higher fees. They also are protected from the onslaught of competitors.
Why? Because they’ve deliberately positioned themselves as an authority in their metro/practice area, for a particular type of client. That means potentials perceive them as the best, and often only, choice.
Fortunately, building a moat around your practice with this kind of authority positioning is a straightforward process. Done correctly, you’ll not only outcompete price-slashing juniors, but you’ll also protect your long-range earning power in a hyper-competitive market.
My latest book, Attorney Authority Reboot, explains how to do it.
If you don’t have a copy, I’m happy to send you one on the house – just click below and tell me where to ship it and it’s yours:
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