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Why do so many lawyers know so little about the economics of practicing their profession? Not surprisingly, it's because their law school education did not address any of the business aspects of practicing law. So most young lawyers join law firms with little understanding of how they operate and without a clue as to what it takes to make a law practice successful and profitable. Many lawyers, especially those who join large firms, manage never to master these concepts ' and in many cases work hard at avoiding them.
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Keep it Simple. It sounds basic and obvious, but it is easy to complicate even the most important things. And how many things are more important than growing your practice? You certainly can be a good lawyer and provide technical excellence, but how will that help you achieve your goals for financial success and job security? Will it enable you to achieve the professional status you desire? Will you command sufficient respect within your firm and among your peers?
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The first half of 2007 revealed some new trends in law-firm marketing, including structural shifts in departments that are yielding the addition of new job functions. This has made the quest for talent to fill these roles exceedingly difficult.
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Once again, it is time for law firm marketing and communications departments to start thinking about their submissions for consideration to earn a spot on the coveted MLF 50 ' The Top 50 Law Firms in Marketing and Communications.
Walking the walk means following through on what got you selected by inside counsel in the first place. Where 68% of law firms rate themselves an "A" for serving their clients, only 19% of in-house counsel would agree. This is according to the recent 18th Annual Survey of General Counsel by INSIDE COUNSEL. We will be spending the next several weeks reviewing how to avoid this disconnect and what in-house counsel expect their new firms…
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During the past year, we witnessed a marked increase in the number of law firms, both large and small, which are finding that their existing unfunded retirement plans are becoming significant, disruptive forces. The underlying problem created by these plans is that the plans result in current income being diverted to former partners, thereby reducing the compensation of the remaining active partners. Today, the combination of an expected spike in retirements related to the baby boom generation and, for many firms, greatly increased benefit exposure due to sharp increases in firm profitability that is factored into the value of retiree benefits, stand ready to test the financial viability of even the strongest firms.
Make rejection work for you. I've often heard inside counsel bemoan the fact that most lawyers do not follow up with them after losing a rfp competition. They have almost as much investment in the rfp and selection process as outside counsel and frequently indicate that they learned alot of helpful information from the competitors. Yet they may not hear from the "losers" for years. The key here is to address the fact that they…
Make rejection work for you. I've often heard inside counsel bemoan the fact that most lawyers do not follow up with them after losing a rfp competition. They have almost as much investment in the rfp and selection process as outside counsel and frequently indicate that they learned alot of helpful information from the competitors. Yet they may not hear from the "losers" for years. The key here is to address the fact that they…
Make rejection work for you. I've often heard inside counsel bemoan the fact that most lawyers do not follow up with them after losing a rfp competition. They have almost as much investment in the rfp and selection process as outside counsel and frequently indicate that they learned alot of helpful information from the competitors. Yet they may not hear from the "losers" for years. The key here is to address the fact that they…
Features
The latest study on CRM projects (known as the CHAOS Chronicles), conducted in 2006, shows that close to 50% of projects fail, much lower than the over 74% figure that has been circulating for years. This is good news: It means, in part, that many industries are learning to manage CRM as a living entity that changes and grows as an organization does. It also reveals that we are getting wiser about our approach to CRM projects, heeding the advice that the best way to 'eat an elephant' is one piece at a time.