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So you're thinking about diving into the election for Managing Partner? Before you throw your hat into the firm's MP selection process, now is the time to pause and reflect on your motivations and incentives for what is bound to be a significant shift in role, responsibility, stature, and quality of life for at least a few years.
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Given the reality that law schools, for the most part, do not adequately prepare lawyers to engage in the business of law (including sales), it is no wonder why the fear of directly asking for new business is an obstacle for many lawyers.
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Ask any law firm leader to list their key business strategies and delivering client value will undoubtedly top the list. Talking about innovation is fine and well, but is not worth much unless your firm is willing to make strategic changes, some of which might hurt in the short term, in order to open the door to new ideas and a client-centric approach.
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On Dec. 19, 2014, the President signed into law the long-awaited year-end tax package, the Tax Increase Prevention Act of 2014 (TIPA). This law extended to the end of 2014 many but not all of the individual, business, and energy provisions that expired at the end of 2013. In addition, the law provides for a new tax-advantaged savings program to aide in meeting the financial needs of disabled individuals, called the " Achieving a Better Life Experience" (ABLE) program.
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As pressure on pricing continues, Big Law firms are buying (or building) analytics technology and hiring pricing specialists ' people who use market data, internal firm data and economics/pricing experience to ensure that firms are smart about bidding on work. The mission: Educate clients about the value the firm brings, while making sure to charge enough to make a profit.
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As our world continues to "dance as fast as it can," legal marketers around the globe continue to struggle with educating their lawyers in the ways of the "new normal."
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These days, all firms must provide more value-added services. In the short run, the more you know the better chance you have at winning the business. In the long run, close client knowledge and an understanding of the marketplace will augment client retention.
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Womble Carlyle's technology training and online learning programs were in need of an upgrade. Unprecedented firm growth, heightened emphasis on developing lawyers' core technology competencies, and a need to streamline and automate existing e-learning processes led the firm to initiate a fundamental shift.
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It is a commonly held belief that marketing is a combination of art and science. But now, science is gobbling up most of the equation. This article outlines the engagement marketing process, including how technology is driving each step.
Features
Skilled social media navigators frequently brag about all the people they are "networked in" with ' scores, hundreds or even thousands of LinkedIn connections, Twitter followers or Facebook friends. But once you get it in reach, what happens then?