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DO IN-HOUSE COUNSEL USE LEGAL DIRECTORIES?
June 23, 2011
DO IN-HOUSE COUNSEL USE LEGAL DIRECTORIES?80% of Chief Marketing Officers said, in a recent poll, that directories play no role in their marketing efforts. Boy are they wrong. Reviewing the 2011 BTI survey on “How Clients Hire” sheds an entirely different light.1. 80.8% identify outside counsel in an unfamiliar jurisdiction when a personal referral is unavailable.2. 77.1% validate the credentials of a referral.3. 73.4% evaluate outside counsel qualifications.4. 70.1% identify outside counsel experts in an unfamiliar legal subject matter when a referral is unavailable.5. 56.1% compare outside counsel qualifications to competitors.6. 45.3% conduct periodic reviews of current outside counsel.Marketing professionals — wake up and place your finger in the wind. The BTI survey provides additional clues as to where you can place the marketing dollars:1. 71.2% use Martindale-Hubbell2. 8.0% use Chambers3. 4.0% use ACC Value Index4. 2.6% use Linkedin5. 5.0% use the others6. 9.2% use none.We urge clients and prospects to actually ask their in-house and agency clients what directories they use. When making a conference presentation, our recommendation is to ask the audience which they use and how the value is translated to their attorneys. Or on a firm e-alert or periodic contact “touch”, ask for feedback. The information is there for the taking/asking — just do it!
DO IN-HOUSE COUNSEL USE LEGAL DIRECTORIES?80% of Chief Marketing Officers said, in a recent poll, that directories play no role in their marketing efforts. Boy are they wrong. Reviewing the 2011 BTI survey on “How Clients Hire” sheds an entirely different light.1. 80.8% identify outside counsel in an unfamiliar jurisdiction when a personal referral is unavailable.2. 77.1% validate the credentials of a referral.3. 73.4% evaluate outside counsel qualifications.4. 70.1% identify outside counsel experts in an unfamiliar legal subject matter when a referral is unavailable.5. 56.1% compare outside counsel qualifications to competitors.6. 45.3% conduct periodic reviews of current outside counsel.Marketing professionals — wake up and place your finger in the wind. The BTI survey provides additional clues as to where you can place the marketing dollars:1. 71.2% use Martindale-Hubbell2. 8.0% use Chambers3. 4.0% use ACC Value Index4. 2.6% use Linkedin5. 5.0% use the others6. 9.2% use none.We urge clients and prospects to actually ask their in-house and agency clients what directories they use. When making a conference presentation, our recommendation is to ask the audience which they use and how the value is translated to their attorneys. Or on a firm e-alert or periodic contact “touch”, ask for feedback. The information is there for the taking/asking — just do it!
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.