Do your attorneys know the difference between a customer and a client? I have always defined the difference as a customer is someone who buys something from you once, while a client is someone who keeps coming back to you over and over again; mainly, since the legal industry is becoming more transactional daily. And that subtle difference is what makes a lawyer just a lawyer and one who becomes a rainmaker.
As we move into a post-pandemic era of inflation and recession rumors, it is imminent that we make changes in how we operate and grow our businesses in order to move successfully — and profitably — forward. For law firms, we need to understand how marketing, business development and sales work together to produce new opportunities for revenue growth.
Firms are conducting their mid-year associate reviews around this time. What about partners? Typically, partner feedback is given by means of their new annual compensation. If your firm is not doing partner reviews now is the time to start. As firms are looking for ways to increase retention and survive the great resignation conducting partner reviews might hold the key. Doing reviews makes a statement about your firm's culture.
flexible sourcing models, with interchangeable or multiple service providers, is now becoming the mainstay for most client sourcing strategies. This outsourcing trend has been consistent over the past two years, with clients describing their strategies as "multi-vendor" and "multi-sourced."
While nobody seems to think that the current inflationary period constitutes the new normal for the Am Law 200, the sustained demand has helped firms smooth out some of the challenges that will become sharper when there isn't as much legal work to go around.
In this marketplace, one thing is abundantly clear: To remain competitive, you must adapt. So how can you adapt in a way that meets the increased expectations of today's client? Focus on client experience.
Lessons learned from years of listening, emulating, taking risks, and learning from failures and successes alike.
While it is still unknown how the metaverse will take shape, lawyers advising brands should familiarize themselves with the opportunities it presents, the risks involved, and strategies to consider for enhancing and protecting a client's brand.
a tendency to trust optimizes outcomes on average — but you have to think in individual transactions. Are lawyers too distrusting to make good decisions in those instances? This article explores the concept of trust, the impact of trust on cooperation, and whether lawyers have trust issues and what that means for them and for their clients.
This article explores the connection between process improvement, project management, and pricing. Clients want budget predictability, options in fee arrangements, and value. The firms that do this well, regardless of their size or location, will have the competitive advantage.
