China's World Trade Compliance
November 06, 2006
Board of Editors member, Prof. Usha Haley, spoke at the U.S.-China Economic and Security Review Commission Hearing on China's World Trade Compliance. In Part One, she addresses subsidies, their forms and complications. In Part Two, she covers how profitable and available those subsidies are and how profitable companies are that serve the China market.
CD: 11/29/2006 How to Increase Revenue $1 Million in 1 Year
November 02, 2006
How to Increase Revenue $1 Million in 1 YearA Case StudyNovember 29, 200612 p.m. - 2 p.m. EasternWeb Audio ConferenceChuhak & Tecson, a 55-lawyer Chicago law firm, began an intensive program of business development coaching 20 of its income partners in 2005. A year later, the group had brought in $1 million in new revenue, with one partner DOUBLING his fees billed. The firm spent only $24,000, met its goal and showed an ROI of over 4000%.
The Magic of Making Rain
November 02, 2006
In today's complex law firm business environment, one might ask, what is Mark or Mary's magic? How do they bring in so much business? How do they make those deals happen? To ensure the long-term 'harvest, life, health and abundance' for the firm, one must ask whether the magic of rainmaking can be developed in new associates, seasoned lawyers or law firm executives. <br>As a lifelong advocate of professional development, I must confess that some of the skills may not be teachable, but are rather a part of an individual's personality and intuitive style that, when combined with their legal expertise, create an ability to make connections, build trust and sustain relationships. However, we are able to develop a lawyer's and his or her team's skills over time ' and that is an essential element of a rainmaking team that has depth.
Is Sales Training Worth the Investment?
November 02, 2006
A veteran sales trainer was trying to convince a room full of sales professionals to simply keep an open mind. Glancing at the class and back to the flip chart, he tapped his finger on the hand-written third circle and explained: 'This is where ' you don't know what you don't know!' After explaining the first two circles that represented information that 'you know you know,' and 'you know you don't know,' I had to reflect on this profound concept for a moment. And of course ' he was right! The danger zone is clearly the outer circle where one doesn't even recognize the need for knowledge or information.
Developing a Thriving Client Team Program
November 02, 2006
Law firm management is still battling to build and maintain a thriving law firm client team program. Thrive is used purposely to emphasize a point. Programs and initiatives come and go, often without meaningful impact, but to thrive is to make steady progress; to prosper, flourish, and grow vigorously (courtesy of dictionary.com for this purpose). Client teams need to thrive to succeed because anything less will not produce the revenue and relationship goals the program promises to deliver. Success will depend on continuous support from many sources, motivated teaming, rigorous processes and probably fundamental cultural change. That would be tough enough if it was the absolute top priority of any business. Would you be surprised to learn that client teams have not yet reached this exalted status in most law firms?
How to Attract and Acquire a Practice Group
November 02, 2006
If you could bring in a new group of clients generating $10 million in annual legal fees, would your partners make it a priority? How about $15 million? Or $20 million? Those were the estimated historical revenues of three different groups of rainmakers (and supporting casts) assisted by Major, Lindsey & Africa in the first half of 2006 as they transitioned to new law firms. Such acquisitions of groups led by major rainmakers reflect a sea change in how the legal profession does business, particularly with respect to growth. No longer satisfied with a model of organic growth 'up through the ranks' or the more recent sporadic additions of individual partners, more firms are turning their focus to the acquisition of entire practice groups; bringing with them seven- and eight-figure practices. (Mergers of entire firms, while far more common than a generation ago, are a topic for another article. While they provide many of the benefits of a group acquisition ' and sometimes far more ' there are fewer and fewer attractive and willing merger partners to consider.) For most law firms, growth no longer focuses simply on the number of attorneys, but rather on increasing revenue per lawyer, profits per partner, geographic footprint and diversity of practice areas.
Pillsbury Packs for Shanghai
November 01, 2006
Pillsbury Winthrop Shaw Pittman will finally be opening shop in Shanghai. The firm announced Nov. 1 that after more than a year of waiting, its license to practice law in China was approved by the notoriously fastidious Chinese Ministry of Justice.
Cantey Hanger Selects nQueue Embedded Cost Recovery
October 31, 2006
As Cantey Hanger's Executive Director, it is my responsibility to enable the firm to compete on all levels. In the ever-changing world of technology, it is particularly important the firm remain competitive to ensure our clients are receiving the highest level of service. With this in mind, last year we implemented a replacement strategy of our copier fleet, including cost recovery products.
<b>Practice Tip: </b> Navigating Through Styles in Word Documents
October 31, 2006
There are some basic styles and techniques built into Microsoft Word that will speed up document creation and formatting. <br>A style is a name applied to a set of formatting instructions that allow users to abbreviate formatting steps. While the importance of Word style formatting is known to many firms, their actual use and application still eludes most documents. 'If styles are so important to my documents, why are they so hard to use?'
How a Firm Can Be Killed By Its Culture
October 31, 2006
When firms first recognize they need to change in order to be more competitive, it appears that they have a seemingly infinite array of options. Cost-cutting, increasing billable hours, starting a marketing program and hiring a rainmaker are usually at the top of the list, but it often seems as though everyone in the firm has their own solution to the problem. In reality, there are only a few key steps that are appropriate and necessary for most firms. The real problem is that execution of these tactics is a long-term effort, not a 1-year program. Mounting a sustained effort requires a change in the behavior of the members of the firm and therefore a change in the culture of the entire firm. However, there are forces at play in every firm that act to prevent these changes. This article discusses how the culture of a firm locks it into place and prevents it from changing. Solutions for moving past these issues are also identified.
