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Developing Client Loyalty Brings Both Firm Growth and Client Value
Today and in the future, a successful law firm's culture must include investment in the business-development sales engine. While classical marketing investments (e.g., client social activities, PR, Web, RFPs) continue to be needed, they are no longer enough. Pressure from clients for competitive rates, costs and efficiency are making firms adopt a more businesslike approach to their assets, revenue, processes and return on investment. This increased focus on a firm's ROI brings greater BD clarity. Together, these forces create an opportunity for a firm to develop its client “value vision” ' enabling marketing and BD professionals to evolve into a new role in the firm's quest to develop client loyalty.
Tailoring BD Efforts
King and Spalding CMO Katherine D'Urso observes that the old saying was: “Fast, good, cheap: pick any two.” Now, clients (internal and external) are saying: “I will take all three, thank you.” Business development efforts must deliver tailored, thoughtful client strategy and content quickly. BD professionals should have discussions with partners about post-win profitability when a matter or client relationship doesn't live up to the pro formas on which the fee arrangement was based. To improve their performances, firms are forced to focus on better people-and-process management.
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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.