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Need to Do More with Less? CRM Could Be the Key
Marketing teams have heard so many times: do more with less — and 2024 is no different. According to new research, in 2023 law firm marketing budgets shrank (see, Thomson Reuters: The Oracle's Temple: The State of the Global Legal Marketing & Business Development Profession) even though revenue grew by 4.6% (see, Thomson Reuters Q3 Report) — and yet the demands on the marketing department actually increased. (Shocking, I know.)
At the same time approximately 50% of buyers said that they are looking to replace their existing law firms (see, 2023 Thomson Reuters State of the Legal Industry), resulting in more pitches, more proposals, more RFPs — and more hours of work for marketing and business development teams.
Add to the mix more competitors that now include an array of midsize law firms, boutique and specialty firms, accounting firms, new law companies and well-funded alternative legal services providers. All this means more pressure on the marketing department to differentiate their firm's brand and enable strategic, effective business development programs — but with less budget and staff.
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How Secure Is the AI System Your Law Firm Is Using?
What Law Firms Need to Know Before Trusting AI Systems with Confidential Information In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
COVID-19 and Lease Negotiations: Early Termination Provisions
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
Pleading Importation: ITC Decisions Highlight Need for Adequate Evidentiary Support
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.
Authentic Communications Today Increase Success for Value-Driven Clients
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.