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Educating Marketing Professionals on Key Financial Metrics and Measurements
Today, marketing and business development professionals need to understand law firm finance and economics. Likewise, law firm chief financial officers need a better understanding and appreciation of marketing strategies. The success of your firm will depend on how well these two disciplines work together. Marketing decisions affect whether the firm will obtain new business or increase business from existing clients. Profit needs to be returned to the firm as a result of these activities. Accordingly, the test of marketing decisions ultimately comes from its financial results. This article discusses two strategic but basic tenets of law firm finance and economics 'matter profitability and return on investment (ROI) ' and how marketing and finance professionals can work together to link marketing and financial strategies.
With concerns about the current economy and dire predictions of a recession that has staying power, it is probably a good time for law firms to rethink how their marketing dollars are being invested. Yes, invested. As a believer that marketing delivers profits over time, I am also a believer that marketing can be a major misspent category in most firms. Similar businesses face the same challenge. For example, consider this statement attributed to Macy's founder, John Wanamaker, when weighing the contribution of marketing expenditures: 'Half the money I spend on advertising is wasted; the trouble is I don't know which half.'
Client/Matter Profitability
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Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.