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The RED ZONE - Selecting Outside Firms
May 22, 2007
PERSONAL CONSIDERATIONS – This third criterion in the series identifies what you need to know beyond objective data on client retention of a prospective client, which we discussed in the last article. Red Zone strategies demand that you identify the maximum personal and subjective sensitivity of the man or woman across the table. What are their individual hopes, fears and how can your firm play to those, for the client's benefit as well as the firm's? For the red zone strategist, there are two alternatives. The first, if feasible, is to identify the true final hiring decision maker and spend more time with him/her. Alternatively, the firm may want to do the opposite and focus more on the in-house counsel either directly, or move subtly communicating an “I'm on your side” message.And there is a third possibility as well: do both. the firm could seek another sales target within the organization while helping the general counsel to, well, find another job. Your firm could wind up with two clients.Next time, we will discuss “selection.
PERSONAL CONSIDERATIONS – This third criterion in the series identifies what you need to know beyond objective data on client retention of a prospective client, which we discussed in the last article. Red Zone strategies demand that you identify the maximum personal and subjective sensitivity of the man or woman across the table. What are their individual hopes, fears and how can your firm play to those, for the client's benefit as well as the firm's? For the red zone strategist, there are two alternatives. The first, if feasible, is to identify the true final hiring decision maker and spend more time with him/her. Alternatively, the firm may want to do the opposite and focus more on the in-house counsel either directly, or move subtly communicating an “I'm on your side” message.And there is a third possibility as well: do both. the firm could seek another sales target within the organization while helping the general counsel to, well, find another job. Your firm could wind up with two clients.Next time, we will discuss “selection.
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.