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The boomer generation — 75 million Americans born between 1946 and 1964 — and a tiny cadre of over-70s Silent Generation lawyers currently make up just under half of partners at Am Law 200 firms. As partners with the greatest seniority, they constitute a majority in the equity and management ranks, and control an outsize share of client relationships. The impacts of retirement are amplified because a long surge in hiring and promotion that began when boomers entered law firms has halted since the financial crisis.
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Although a handful of law firms has hired non-lawyer sales teams, most still rely upon individual attorneys or practice groups to generate new client matters (i.e., to sell) even though the majority of them have never received business development skills training. This article describes some of the important characteristics and habits shared by attorneys who have built successful practices.
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Law firm leadership is at a proverbial fork in the road. The people running law firms can continue to do business as usual, or they can lead their firms toward a model of business that reflects the new and still evolving client expectations and market demands.
Features
<b><i>Optimal Insights Through Inter-Departmental Initiatives</b></i><p><p>As dizzying amounts of resources and the need for the timeliest insights grow, the conduit and collaboration between business development and an organization's information management department, especially, becomes more critical than ever.
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By guiding your colleagues and lawyers to focus on the business consequences of timely legal issues, you introduce them to reporters as sources whose opinions and predictions will be quoted in these look-back and look-ahead review stories that executives and prospective clients will be reading to gear up for the new year.
Features
A law firm executive's ability to lead lawyers' potential for greatness can be evaluated using a model that is similar to baseball. The term “five-tool player” is used to describe a player who has an array of skills across a broad spectrum.
Taking proactive and consistent steps to build and strengthen professional relationships is imperative to developing a solid practice.
End the 'shotgun approach' to marketing this year. Stop spending unwisely and on random acts of marketing. Find your way to success by planning for it by developing a marketing map.
As we head into a new year, consider committing yourself to making it different, better, more fulfilling. Sure, the life of a female lawyer is nothing if not an exercise in multi-tasking, constant balancing of multiple priorities, and going the extra mile to be acknowledged and rewarded compared to your male counterparts, but the savvy lawyer understands that her legal career is only as satisfying as she molds it to be.
Attorneys are very busy people, often logging their time in six-minute increments. Where do they 'find' the time to get and stay in touch with everyone AND have the much-needed downtime?
