Court Watch
January 31, 2007
Highlights of the latest franchising cases from around the country.
Getting Published: The Foundation For Business Development
January 31, 2007
Business development in the legal community is a science, but it requires the creativity of an artist. That artistry can be demonstrated most powerfully through the written word, a tool of great lawyers for centuries. Encapsulating an interesting case or complex transaction into 500 or 1000 words for the benefit of colleagues and the business community at large is the single best way to demonstrate expertise on a macro scale. It is at the very core of client generation.
Musical Chairs for Firms' Public Faces
January 31, 2007
It all started when communications director Peter Columbus left O'Melveny & Myers for a position at Kaye Scholer this fall. To fill the opening at O'Melveny, John Buchanan left his job at Heller Ehrman. To fill that slot at Heller, Patrick Bustamante left his post at DLA Piper. 'Clearly there's a domino effect,' Buchanan said.
An Excellent Year for Private Law Firms
January 31, 2007
Corporate counsel will outsource more legal work at higher rates in the coming year, and supervise the law firms less closely, issue fewer RFPs and request alternative fees less often, according to projections based on a survey by the Association of Corporate Counsel (ACC) and Serengeti Law. The survey shows that the balance of power has swung away from corporations and in favor of private law firms, which will continue to bill by hour and face less convergence,' or consolidation of legal work by a corporation to a small number of firms.
Technology in Marketing
January 31, 2007
First came business card exchanges, then networking events, then law firms became more organized and developed marketing databases to keep track of all clients, potential clients, referral sources and mailing lists. Then along came Client Relationship Management systems otherwise known as CRM. Now we have ERM (enterprise relationship management), RCM (relationship capital management) and more acronyms than you can shake a stick at. No matter what the new technology, the bottom line persists: Lawyers need to maintain and grow their world of relationships in order to be successful and generate revenue.
Professional Development Programs As Formidable Recruiting and Retention Tools
January 31, 2007
At top-rated firms, lawyer development and training has become the cornerstone of successful recruiting programs for both law school and lateral recruiting efforts. This trend assures that firms with active development programs will continue making significant investments in their attorney and potential attorney's futures via their professional development programming.
Sales and Service Strategies
January 31, 2007
Lawyers know that business development is a must. Too many of them, however, approach it as random acts of golf and lunch. There's nothing wrong with that in theory. Clients purchase legal services from people they like, and golf and lunch are fine marketing activities, very conducive to relationship building. The problem, though, is with the word 'random.' The top rainmakers do nothing randomly. They have identified those persons they want to know better and, from there, they develop a systematic plan to go about building and enhancing relationships with them. As I emphasize to my clients, the key word is <i>plan</i>.
Op-Ed
January 31, 2007
Over the last few weeks, we have seen a lot of ink relating to a certain merger that didn't happen. Everyone is speculating on why it didn't happen and what the fallout will be for both firms. Some have opined both in print and on blogs that the firm who has lost the most in terms of talent will be weakened and without a clear vision to move forward. From where I am sitting, I can attest to the fact that there is a light at the end of the tunnel for that firm. I know this because I experienced first hand how a firm can recover from 'the worst of times'
The Place to Network
January 31, 2007
Has the importance of billing time all but eclipsed the potential gain of going out to lunch with a prospective client? As profits per partner keep skyrocketing, the case needs to be made for the old-fashioned business lunch. Clever 'rainmakers' have a keen eye for business development. They have realized that this forum presents a brilliant opportunity for networking and smoking out new opportunities. New clients aren't lining up outside your office so get smart and get out of that chair!
Career Journal
January 31, 2007
Law firm marketing departments continue to grow at a rapid rate. In 2006, we placed 37 marketing business development and public relations professionals into law firms, compared with 24 just a year earlier. What are firms looking for today when they decide to hire a new director? What do directors seek when they decide to make a move? To gain further insight into these questions, we interviewed one CMO and two Executive Directors who recently hired, or are about to embark on hiring, a new director. In addition, we interviewed two seasoned directors to determine what convinced them to make a move and decide that this would be the 'right' position for them.
