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Given that lawyers are not sales professionals and only spend a small amount of their time focused on business development, and given that they already have a full-time job, it's important to keep the business development approach as simple as possible. Some ideas related to keeping it simple follow:
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When a client seeks representation on an equity joint venture, there are eight primary structural considerations that provide the framework for documenting the venture: 1) initial capital contributions; 2) future capital needs; 3) cash distribution waterfall; 4) governance; 5) transfers; 6) exit rights; 7) restrictive covenants; and 8) affiliate transactions.
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Even though the costs and inefficiencies of paper records are an obvious strain on the law firm business model, law firms struggle with less-paper initiatives for one key reason: according to ILTA members informally surveyed in over 20 cities domestically, about half of today's attorneys would still prefer to work with paper, even if the entire file is digitally available from the DMS.
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Everything you need to know about deferred compensation plans.
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In recent years, as client fee pressure has increased and client loyalty has decreased, law firms are investing significant time and money in business development programs. Some partners receive training to dust off selling skills that were largely unnecessary during a time of plenty. Other partners receive training, then individualized coaching, then more training, then more coaching, in an often-futile attempt to turn everyone into a capable rainmaker.
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Attorneys are at a disadvantage when it comes to marketing themselves and their firms. So, how does a firm balance its need for client touch points without annoying a client who doesn't need these services at the moment?
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Information governance (IG) is how organizations tackle growing data volumes ' identifying what's important, what isn't, and what to do with it all.
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Drafting a technology budget that adds value to the firm is increasingly important, and following these five steps will go a long way in ensuring that is the case.
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There's a lot of allure when it comes to viral content. The thought of law firm marketing whizzing through the Web, without cost to the firms, is enough to make a person cry. But the attempt to make something go viral can actually backfire.
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