Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
The RED ZONE - Selecting Outside Firms
June 01, 2007
SELECTION in the Red Zone is the fourth and final criterion a law firm team needs to identify when pursuing a client. Just what concerns and experiences will be influencing final selection? The previous three are: HIDDEN DECISION MAKING RELATIONSHIPS AND RETENTION PERSONAL CONSIDERATIONS.Just because an in-house counsel recently moved from a competing law firm, do not assume he/she would retain them. Firms should compete in situations in which they might otherwise assume that the competition has an insurmountable advantage. Or if a potential competitor will be sitting in on your meeting, you should elevate the level of candor in your relationship with the buyer by simply asking the buyer how he or she would like you to handle confidential information – invite more substantive discussion. This shows you want to get down to business, talk strategy and not merely promote yourself and your firm. And by doing so you have raised the buyer's expectation that even this meeting will produce value irrespective of which firm is eventually hired. This value is also conducive to closing. It is the decisive moment. Firms attempting to sell their services are well advised to make the most of it.allan colman.
SELECTION in the Red Zone is the fourth and final criterion a law firm team needs to identify when pursuing a client. Just what concerns and experiences will be influencing final selection? The previous three are: HIDDEN DECISION MAKING RELATIONSHIPS AND RETENTION PERSONAL CONSIDERATIONS.Just because an in-house counsel recently moved from a competing law firm, do not assume he/she would retain them. Firms should compete in situations in which they might otherwise assume that the competition has an insurmountable advantage. Or if a potential competitor will be sitting in on your meeting, you should elevate the level of candor in your relationship with the buyer by simply asking the buyer how he or she would like you to handle confidential information – invite more substantive discussion. This shows you want to get down to business, talk strategy and not merely promote yourself and your firm. And by doing so you have raised the buyer's expectation that even this meeting will produce value irrespective of which firm is eventually hired. This value is also conducive to closing. It is the decisive moment. Firms attempting to sell their services are well advised to make the most of it.allan colman.
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.