Competitive Intelligence: A Must Have
November 14, 2005
In today's evolving technological legal market, it is not enough for a law firm to perform tactically, using best practices. Competitive marketing for same client market share necessitates strategic planning. And strategic planning, in turn, mandates Competitive Intelligence (CI) initiatives tag teamed with information analysis.
LexisNexis Market Intelligence
November 14, 2005
Understanding the business challenges law firms face in obtaining and leveraging Competitive Intelligence is critical for legal IT professionals to help provide the support and expertise marketers need for client development. In addition, keeping up-to-date on new technology tools for law firm marketers will help IT professionals as they drive the technology selection and implementation process.
Should Your Law Firm Jump on the BI Bandwagon?
November 14, 2005
In the past, Business Intelligence occurred on an ad hoc and informal basis in the legal industry. Before the proliferation of a legal trade press, the Internet (and competitor's Web sites), and market intelligence services, information about clients, prospects, and competitors was likely gained on the golf course, at bar association functions, or through the occasional press release issued by a law firm that was an early adopter of marketing. <br>Now a cottage industry has sprung up to support the burgeoning efforts of law firms to understand how to remain competitive, profitable and viable. As evidence of this, within the past year there have been numerous conferences and seminars aimed at teaching law firm management how to appropriately develop and use Business Intelligence, and a number of products and services are being offered to aid firms in their quest for actionable intelligence.
The Class Action Fairness Act: What Is It All About?
November 03, 2005
On Feb. 18, 2005, after the first bill signing ceremony of the year, President Bush approved the Class Action Fairness Act ("CAFA") by signing it into law. CAFA is part of a goal to restore common sense and balance to America's legal system and end frivolous litigation which, President Bush stated, will include legislation to further reform tort law in the areas of asbestos and medical malpractice. "President Signs Class-Action Fairness Act of 2005," <i>www.white house.gov/news/releases/2005/02/20050218-11.html.</i>
How To Fail At Internet Marketing
November 02, 2005
For large and small firms, regardless of practice area, use of the Internet to attract new business can be one of the most productive and efficient forms of business development. Internet marketing ' Web sites, search engine ranking, e-mail campaigns, and the like ' is targeted, operates on a wide geographic scale, and can produce valuable leads while the lawyers are generating billable hours, vacationing, or doing other activities. <br>However, because it is a relatively new medium for law firm marketing, effective use of the Internet is not widespread. There are many myths and misunderstandings about how it works and what will succeed, and what the future holds. Here is a list of some of the best ways to fail at Internet marketing.
Technology Challenges In Law Firm Mergers
November 02, 2005
When law firms merge with one another, one of the more significant front-line issues is "Which firm's technology will survive?" When there is a merger (buy-out) by a large firm of a much smaller law firm, the answer seems obvious. But, when there is a merger of equals, or of larger firms (even if not equal in size), the answer is not so clear. And where there is a merger of small firms, things get murkier still. <br>What may be worse is that frequently, the question is not even considered before it is too late to make a smooth transition.
Coaching For Coaches: One-On-One Attention Combats Training Program Decay Rate
November 02, 2005
Most practicing attorneys are realizing that the "if-you-build-it, they-will-come" approach to business development is not enough in today's competitive marketplace. For those who must learn by experience, this reality is often punctuated by a delay in making partner due to the lack of a "book of business" or mid-career partnership pressure on rainmaking. <br>Despite this reality, attorneys continue to struggle with bridging the gap between the skills and behaviors learned in law school and applied in practice, and those skills and behaviors needed to develop new business. This is where the law firm marketers come in.
<b>Media & Communications Corner:</b> Becoming the TV Star You Always Wanted to Be
November 02, 2005
The glamour and cache of being interviewed on CNN or CNBC as a national legal source is quite appealing to many attorneys. Broadcast journalism reaches a broad audience and for many, is seen as more exciting than print. And when other attorneys (deemed not as accomplished as themselves) appear on TV, they often wonder: How can I get there too? The answer is: preparation and some honest reflection.
Asking For Referrals: The Easiest Way To Generate More Business
November 02, 2005
In an interesting contradiction, the number one technique to generate more new business is also the concept that makes attorneys the most uncomfortable. Throughout the years, numerous studies have shown that the most effective way for attorneys to develop more business is through referrals, specifically referrals from other attorneys. Typically, referrals come from three sources: 1) other attorneys; 2) strategic partners; and 3) current clients.
