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The RED ZONE - Selecting Outside Counsel
May 01, 2007
HIDDEN DECISION MAKING – Last week we began a discussion of the pressures in-house counsel face in making their decisions to hire counsel. This week we will look more closely at Hidden Decision Making.To overcome hidden decision making, a law firm's red-zone strategy must include a systematic approach to finding out what the decision-makers won't reveal on their own. Who is the real buyer of the service the law firm is selling? Who is its real user? When are the decision-maker and the jperson the company sent to the sales meeting the same person?Holding pre-meeting, pre-presentation discussions in person or by phone are a must. And if this is a new potential client, identify other vendors used by the company and with whom you have relationships. Research at this stage will greatly enhance your opportunity to pursue and close this engagementPlease enter your comments below or through [email protected] May Day!
HIDDEN DECISION MAKING – Last week we began a discussion of the pressures in-house counsel face in making their decisions to hire counsel. This week we will look more closely at Hidden Decision Making.To overcome hidden decision making, a law firm's red-zone strategy must include a systematic approach to finding out what the decision-makers won't reveal on their own. Who is the real buyer of the service the law firm is selling? Who is its real user? When are the decision-maker and the jperson the company sent to the sales meeting the same person?Holding pre-meeting, pre-presentation discussions in person or by phone are a must. And if this is a new potential client, identify other vendors used by the company and with whom you have relationships. Research at this stage will greatly enhance your opportunity to pursue and close this engagementPlease enter your comments below or through [email protected] May Day!
Top 5 Strategies for Managing the End-of-Year Collections Frenzy
End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
The Self-Service Buyer Is On the Rise
Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.
Should Large Law Firms Penalize RTO Rebels or Explore Alternatives?
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
Sink or Swim: The Evolving State of Law Firm Administrative Support
The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?
Tax Treatment of Judgments and Settlements
Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.