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It's taken more than 30 years for the legal profession to overcome the long-standing tradition under which any form of frank marketing and promotional activity has been considered unacceptable.
Blame the Bates decision (Bates v. State Bar of Arizona, 1977), which not only introduced the concept of competition to the legal profession, and began creating law firm marketing as we know it today, but also began the evolutionary process that has altered the traditional nature and structure of the law firm. And continues to do so.
Where once law firms used social contacts, family connections, and the golf course to develop a practice, today's firms use the standard promotional tools of marketing, from advertising to organized networking, public relations, speeches and seminars, direct mail, selling, and now, social media. Devices once considered anathema to the professional are now considered appropriate, in pursuit of practice development. These devices, drawn from product marketing and adapted to conform to the specific nature of the legal profession and landscape, have now become part of a dedicated body of acceptable legal marketing practices.
More than just a decision that struck down the ethical codes that strictly proscribed promotional activities, and that introduced the practice of active competition, Bates began an evolutionary process that has had far reaching consequences, which have been responsible for ultimately altering the nature of the practice itself. As a direct result of the need to compete efficiently and aggressively, the modern law firm is so substantially different from the traditional law firm that an older generation can barely recognize it. In the course of this evolution, six things have happened:
These events happened in three stages:
In an era of rapid and often unpredictable change, how then does a firm plan?
First and foremost, firm management must face the fact ' sometimes painful as it may be ' that change is inevitable. It's impossible for anyone to stay static for long in a dynamic world, in which every aspect that affects the profession is changing rapidly.
Firms must recognize that marketing is as integral to law firm management as any other management tool.
Firms must recognize, as well, that outright prognostication doesn't work. There are too many random and unpredictable events that may alter the course of your best-laid plans.
Competitive intelligence is important. Know what your competitors are doing ' not so that you may imitate, but that you can find ways to improve.
One answer lies in looking for trends that affect the practice of law. The astute lawyer of this century is one who is not only conversant in marketing, but finds trends that will have an impact on the practice by reading the trade journals of client industries, attending conferences in those industries, participating in their trade associations, and becoming completely immersed in their clients' businesses. Closer relationships with clients have now become not only more important, but imperative.
These events can be startling to any practitioner with more than two decades of experience. But events can overcome traditions, and this is what Bates has done. You are now entering the world of Professional Services Marketing 3.0.
It's taken more than 30 years for the legal profession to overcome the long-standing tradition under which any form of frank marketing and promotional activity has been considered unacceptable.
Blame the Bates decision (Bates v. State Bar of Arizona, 1977), which not only introduced the concept of competition to the legal profession, and began creating law firm marketing as we know it today, but also began the evolutionary process that has altered the traditional nature and structure of the law firm. And continues to do so.
Where once law firms used social contacts, family connections, and the golf course to develop a practice, today's firms use the standard promotional tools of marketing, from advertising to organized networking, public relations, speeches and seminars, direct mail, selling, and now, social media. Devices once considered anathema to the professional are now considered appropriate, in pursuit of practice development. These devices, drawn from product marketing and adapted to conform to the specific nature of the legal profession and landscape, have now become part of a dedicated body of acceptable legal marketing practices.
More than just a decision that struck down the ethical codes that strictly proscribed promotional activities, and that introduced the practice of active competition, Bates began an evolutionary process that has had far reaching consequences, which have been responsible for ultimately altering the nature of the practice itself. As a direct result of the need to compete efficiently and aggressively, the modern law firm is so substantially different from the traditional law firm that an older generation can barely recognize it. In the course of this evolution, six things have happened:
These events happened in three stages:
In an era of rapid and often unpredictable change, how then does a firm plan?
First and foremost, firm management must face the fact ' sometimes painful as it may be ' that change is inevitable. It's impossible for anyone to stay static for long in a dynamic world, in which every aspect that affects the profession is changing rapidly.
Firms must recognize that marketing is as integral to law firm management as any other management tool.
Firms must recognize, as well, that outright prognostication doesn't work. There are too many random and unpredictable events that may alter the course of your best-laid plans.
Competitive intelligence is important. Know what your competitors are doing ' not so that you may imitate, but that you can find ways to improve.
One answer lies in looking for trends that affect the practice of law. The astute lawyer of this century is one who is not only conversant in marketing, but finds trends that will have an impact on the practice by reading the trade journals of client industries, attending conferences in those industries, participating in their trade associations, and becoming completely immersed in their clients' businesses. Closer relationships with clients have now become not only more important, but imperative.
These events can be startling to any practitioner with more than two decades of experience. But events can overcome traditions, and this is what Bates has done. You are now entering the world of Professional Services Marketing 3.0.
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.
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.
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
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?
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.