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The idea of working together while apart has prompted many law firms to reevaluate and analyze their strategies for operating safely, securely and efficiently. In this roundtable discussion these experts share their experience and insight on driving productivity and engagement during these uncertain times.
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After spending the last six to eight weeks in COVID-crisis mode, most firms are now eyeing a move toward business recovery. This means that it is also now time for law firms to reevaluate their marketing strategies to ensure they are aligned to support business goals in this new climate. One overlooked area that law firms should consider adding to their marketing arsenal is digital paid media.
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While it is a little more challenging to build relationships that will turn into referrals and new clients today due to social distancing, it is not impossible by any means. It requires shifting to doing more thought leadership and relying on social media and webinars. Here are some ideas on how to incorporate these tools into your marketing and business development strategy and turn your connections into new business and referrals.
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PR is earned and sustainable, especially during a crisis. That's why PR is positioned to step up, take a leadership position and have the greatest impact on company reputation during tumultuous times. The focus and approach necessarily changes during a crisis, but the work should go on.
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The Ben Franklin Strategy Benjamin Franklin will never know this, but he gave us the only social media strategy we need: "Either write something worth reading or do something worth writing." In the middle of the COVID-19 health crisis, there's never been a better time for a legal marketing professional to look for the good she or he can highlight within their communities, within their firms or companies, or for individual people.
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Strategic business development is critical to support firm growth, and CRM software is the backbone of a data-driven approach. This article highlights a few ways to leverage data and software to improve your client experience and create future opportunities.
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Skip the Doritos and Try Meditation
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Challenges facing us in 2019, while seemingly very distant, deserve attention in addition to the new obstacles our firms face during what may be a temporary flattening of the COVID-19 curve. Here are four areas that law firms must continue to address to remain on the right side of 2020.
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The London Interbank Offered Rate has long been the global basis for agreements that include a variable interest rate component. However, LIBOR would be replaced by other benchmarks by the end of 2021. Key to assessing risk of exposure, quantifying the financial impact, developing remediation plans and communicating material information to stakeholders will be the identification, analysis and remediation of LIBOR-based contracts.
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The economic downturn that is projected to come out of the shutdowns mandated due to COVID-19 is likely to be more wide-ranging than the Great Recession of 2008 in light of the non-discriminative impact of the virus. Given this outlook, now is a critical time for companies to reassess their business and finances so that they can be prepared for the future.