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Michael Porter’s Five Forces Applied To Tucker & Associates, Pllc

862 words - 4 pages

In the Law Firm of Tucker & Associates, PLLC there are many services offered such as Foreclosure Defense, Short Sale Negotiations, Bankruptcy, Immigration, Uncontested Divorces, Personal Injury, and Wills & Estates. The company initially began in order to fulfill the needs of the Hispanic community by providing their law experience, knowledge and well equipped negotiations skills in order to help their client’s afford their mortgage payments and rescue them from foreclosure. However the law firm must take into consideration the “Five Forces Model” by Michael Porter to anticipate their competitors and prepare enough strategic advantage. I prepared the following analysis in regards to Michael Porter’s Model applied to Tucker & Associates.
The five forces entail the threat of substitutes, the supplier power, and the threat of new entrants, the buyer power, and the existing competitors. The first force introduced in this paper is the threat of substitutes. This market force has a huge leverage in the market. One the primary drivers of this market force is Non-Profit Organizations or other organizations that will not charge upfront costs to accommodate clients. For example, some Realtors have attempted to imitate the Foreclosure Defense procedures by helping clients negotiate a loan modification for free and if the client is not satisfied with the modification agreement they offer to short sale the property. Opportunely, for our company, we have more resources than Non-Profit Organizations and the more capable then other real estate office. We serve our client’s best interest and do not mislead the clients with creating false hopes. In addition, one particular advantage T&A has been able to offer their resources and time to help those non-profit organization sponsor events. During those events, T&A’s purpose is to help potential clients be aware of their options, which in turns builds a stronger relationship with the community even if it means turning to other organizations.
The second market force is the bargaining power of buyers. Unfortunately, many buyers or clients have the advantage in the industry. Since there are numerous options or other firms they can consider and generally price is a huge factor especially in Foreclosure Defense. If clients can no longer afford their mortgage, in which scenario will clients feel compelled to hire an attorney they cannot afford? Fortunately, Tucker & Associates, PLLC offers affordable payment plans and in most cases do not charge an hourly rate (unless extra services is performed and excluded from scope of work in the contract). They also offer significant value to their clients, by delivering great customer service, outstanding duty of care, and exceeding the...

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