It feels like only yesterday—it was around 2015. At that time, the music streaming arena was dominated by three giants: Apple Music, Tidal, and Spotify. While these services boasted around 200 million paid subscribers, the potential market was astronomically higher—nearly 2 billion listeners of music streaming services globally (by the way, now the numbers are very different, but this is not the point).
Each platform had its unique allure: Apple Music was deeply integrated into the Apple ecosystem, Tidal was renowned for its high-fidelity audio and strong ties with major players in the music industry, and Spotify was celebrated for its laser focus on music and exceptionally curated playlists.
Reflecting on this, a pivotal question often echoes in my mind, especially now as I navigate managing a consultancy in the legal domain. We offer a diverse array of services—legal operations, legal management consulting, legal design, legal wellbeing, to name a few. Observing the consulting market for the legal field, we find ourselves in a familiar setting reminiscent of the mid-2010s music streaming scenario—a tightly contested space where everyone knows each other, each firm or consultant vying for the same clients but with a distinct “vibe.”
What sets us apart? We are a benefit corporation, therefore we aim for a strong social impact; we have a unique framework; we are young, fresh, dynamic; we operate fully remotely, which cuts enormous structural costs; we have a net of trusted external consultants, which reminds more of a software house than an old-school company. I could elaborate, but now it is not the time for pitching.
When I look at the market – a small, yet significant group of law firms and corporate legal departments relying on external consultants, and a giant potentially addressable market -, the core strategic dilemma looks similar to what faced Apple, Spotify, and Tidal years ago. Should we target clients who already recognize the need for our services, engaging in a relentless pitch battle, or should we invest our energies in articulating the value to those who might not yet see the benefits? Are we aiming for the 200 million who are already paying, or are we reaching out to the 2 billion potential users? Just as Spotify, Apple, and Tidal found their niches and thrived, there might be a segment of the market waiting for the unique resonance of what only we can offer.
While it’s tempting to view this as a zero-sum game, the reality is far more nuanced. But one thing is for sure: the way we pave our path will significantly shape our future.
And yes, we already developed our strategies and insights, but they are not stories for this blog.
At the end of the day, business is business.