Best Practices of Cross Marketing and Selling New Services To Clients
June 28, 2005
Cross selling is an elusive goal for law firms. The idea is simple: To interest clients that are using one practice area in using a second or third area. But the devil is in the details, and most cross-selling plans fail as soon as they meet one of several common objections. <br>As a result, to paraphrase Mark Twain, everyone talks about cross selling, but nobody is doing anything about it.
Media & Communications Corner: <b>Who Are They Going to Call? Someone They Know</b>
June 28, 2005
When "sales" was still just a five-letter word in law firms, lawyers found some comfort in the basics of marketing. They could get the name of the firm "out there" without actually having to do much themselves. <br>In the last 5 years, though, firms have increasingly looked at activities such as media relations, seminars, brochures and Web development as low return activities. Business development, in contrast, seemingly offers a much higher return on investment by focusing the money on the prospects most likely to buy. As a logical extension, a number of firms have shifted their marketing budget largely to business development activities. And, even from the point of view of a strict marketer, this is not all bad.
Note from the Editor
June 28, 2005
Before I talk about this month's issue I wanted to take this opportunity to remind everyone that there will be a special July/August issue of Marketing…
Book Review: Free Publicity
June 28, 2005
<i>Free Publicity</i> is a concise but substantial look into the mechanisms and motivations of the modern media. The book is full of short and succinct examples of how ordinary people and businesses have been successful using the press to promote their own agendas. As the title suggests, if you know how to work the system, you too can spread your message around the world without spending a cent.
Opportunity In Crisis
June 28, 2005
We often perceive a negative outcome in a legal case or a discredited witness in a trial to be a crisis, and we react principally to the danger attached to that concept. Our response at these times can make the crucial difference between success and failure. With every crisis, we must make a concerted effort to discover the opportunities inherent.
How Not To Get 'Whacked' By Journalists
June 28, 2005
There are those in PR who are just plain annoying. I used to think ' during my live TV days at CNN ' What is their objective? Getting to speak to me, or pitching a story? I think for many, it was the former. If they didn't have their pitch down in 20 seconds, they lost me and got "whacked!" For many, I never returned calls. Nothing personal, I just didn't have time to return all of them; if I had, I would have missed my deadlines and been out of a job! <br>Here are some basic rules for how not to become a public relations flack that's whacked!
News Not All Good For Google ' Or Its Advertisers
June 28, 2005
Just because you can do something, doesn't mean you always should." Never has that saying had more meaning than when it comes to Internet advertising. True, this new avenue for advertising has helped some companies exponentially increase their business, but the methods for "re-directing" prospective customers have come under great scrutiny by the courts in the last 6 months. Recent decisions warn that keyword advertising through paid placements such as "Sponsored" or "Featured" ads could lead you directly to the defendant's table in federal court.
Negotiating Parking Privileges in Commercial Leases: What Every Tenant Should Know
June 28, 2005
Parking privileges are often essential to the businesses of commercial tenants. Given this proposition, it is surprising that many commercial tenants and their legal counsel often overlook important parking issues in favor of what may appear to be more pressing legal and economic issues in the lease negotiation process. This is unfortunate, as inadequate or ambiguous parking provisions can: 1) lead to costly legal battles, 2) harm a tenant's business, and 3) cause the deterioration of the landlord-tenant relationship.
Perils Of Unfunded Obligations: 4 Key Questions
June 28, 2005
As summarized by <i>A&FP</i> Board member Bill Brennan of Altman Weil, Inc. an "unfunded retirement program" is essentially a promise to pay partners a retirement benefit in the future from the firm's future profits. About 24% of law firms have an unfunded retirement plan (down from 57% in 1990), according to the <i>2005 Retirement and Withdrawal Survey for Private Law Firms</i>, prepared by Altman Weil, Inc. In about 15 years over 30,000 lawyers will be retiring each year. To the extent these partners must be paid retirement benefits from the then-current profits of their respective law firms, those firms unprepared for this potentially huge financial liability will be at risk, and some may not survive.
Unfunded Plans: A More Upbeat View
June 28, 2005
Readers of the accompanying roundtable discussion may find themselves wondering if there's currently anything good to say about unfunded retirement plan obligations. About the only glimmer of hope was the allusion by one discussant (Bill Brennan) to "rare situations" where such plans might be required. <br>Here to speak up for such exceptional situations is Jeff Stevenson, Managing Director of Chicago Consulting Actuaries
