Just JDs — Business Development Strategies for Lawyers – June 8th Chicago, IL

Looking for new ideas on how to grow your client base?  Trying to determine if social media is a time waister or a great way to reach new audiences or stay in touch with current business contacts? Looking for CLE Credits before the June 30th Illinois Deadline?  The National Law Review  would like to bring your attention to a unique opportunity designed for attorneys by the legal marketing authorities (LMA).  

Just JDs — Business Development Strategies for Lawyers is a one-day program is designed exclusively for lawyers at firms of all sizes who want to build their personal books of business or have responsibility for practice or firm business development efforts including marketing partners, marketing committee members and administrators.

LMA members: Refer attorneys from your firm and they can register at the member rate, a savings of $100.

Click Here For More Details & to Register Online Today
$395 for LMA members
$495 for nonmembers

New Ways of Navigating Today’s Legal Market

Recent Business of Law guest blogger at the National Law Review Marcie L. Borgal Shunk of BTI Consulting Group posted some great tips for staying ahead of the legal business development curve.

Savvy law firm leaders can define new ways of navigating today’s legal market by drawing on a combination of proven tactics and innovative best practices including:

  1. Systematic client feedback every 18–24 months
  2. Quarterly in-person meetings with each attorney’s top 5 clients
  3. Client-specific profiles on the firm intranet, replete with preferences from communication-style to level of detail included in invoices
  4. Brief, relevant highlights of anticipated changes and how they impact your clients distributed online, by email or social media
  5. Draft invoices to share with clients before submitting them for payment
  6. Targeting precise areas of growth within your practice (e.g., Securities Litigation with Energy companies or opportunistic mergers in the Telecom industry — read BTI’s Litigation Outlook 2011 and BTI’s Premium Practices Forecast 2011 for more ideas)
  7. Monthly and event-driven client team meetings to discuss changes in client’s goals, objectives and business needs and identify at least one specific growth opportunity

©2011 The BTI Consulting Group Wellesley, MA

New Ways of Navigating Today’s Legal Market

Some more legal marketing best practices quick tips recently posted at the National Law Review by Marcie L. Borgal Shunk of

BTI Consulting Group:

Savvy law firm leaders can define new ways of navigating today’s legal market by drawing on a combination of proven tactics and innovative best practices including:

  1. Systematic client feedback every 18–24 months
  2. Quarterly in-person meetings with each attorney’s top 5 clients
  3. Client-specific profiles on the firm intranet, replete with preferences from communication-style to level of detail included in invoices
  4. Brief, relevant highlights of anticipated changes and how they impact your clients distributed online, by email or social media
  5. Draft invoices to share with clients before submitting them for payment
  6. Targeting precise areas of growth within your practice (e.g., Securities Litigation with Energy companies or opportunistic mergers in the Telecom industry — read BTI’s Litigation Outlook 2011 and BTI’s Premium Practices Forecast 2011 for more ideas)
  7. Monthly and event-driven client team meetings to discuss changes in client’s goals, objectives and business needs and identify at least one specific growth opportunity

©2011 The BTI Consulting Group Wellesley, MA

 

Gateway Practices Promise Premium Law Firm Rates for 2011 – and More

This week’s Business of Law Guest Blogger at the National Law Review is Marcie L. Borgal Shunk of  BTI Consulting Group. I recently had the pleasure of hearing Marcie speak at Dechert’s offices in Philadelphia at a Delaware Valley Law Firm Marketing Group event – and she ‘put a lot of meat on the bones’ concerning what differentiates law firms in the eyes of inside counsel and what forces drive business to one law firm or one lawyer over another.  The following is a  very brief  post by Marcie on what will be the premium rate legal work in 2011 and why legal consumers are willing to pay top dollar for some legal services and not others:

Gateway Practices are a law firm’s exclusive invitation into an elite club. They not only provide intimate insights into a client’s most sensitive, high-value needs, but also offer priority access to new business opportunities in other areas (such as high-rate, high-growth opportunities). Gateway Practices are, in essence, the equivalent of a hidden shortcut to the king’s treasures.

BTI Premium Practices Forecast 2011, based on input from more than 250 corporate counsel, predicts there are 4 Gateway Practices for 2011. These are:

  • Bet-the-Company Litigation
  • Investigations
  • Bankruptcy
  • IP Litigation

Opportunities in Gateway Practices, however, are not abundantly available. In terms of market size, they are smaller than most other practice areas. Fewer companies have existing matters—for example, just 24.2% of companies have an active bet-the-company litigation at any given time—and the growth prospects for Gateway Practices, most of which are negative, mean competition is intense.

The only way to win new business in a shrinking practice area is to (1) take work from a competitor, or (2) be first in line for new opportunities.

Three best practices to position your firm to capture—and keep—this high-powered, top-rate work are:

  1. Be the driving force behind new thinking in how to use legal strategy for business advantage
  2. Take a bullet for your client. Commitment to help is the single most powerful differentiator when hiring for Gateway Practices.
  3. Host regular online or live events which anticipate major risk factors in Gateway Practices

©2011 The BTI Consulting Group Wellesley, MA

 

 

 

 

The Economy has Changed – InHouse Law Departments are Changing – Law Firms You Need to Change Too. Exhibit A: Howrey LLP

Lead, Follow or Get Out of the Way.  attributed to Thomas Paine 

Lead Me, Follow Me, or Get Out of My Way.  General George S. Patton 

Much has been written lately about the demise of Howrey, LLP.  Reasons cited for the downfall include: alternative fee arrangements, discovery outsourcing and the decline in overall litigation.  As a former in-house counsel, I had a few cases with them and always found them to be very effective litigators. Howrey’s emphasis on litigation, according to some is the main reason of their demise.  From the Wall Street Journal’s Law Blog March 9th:

Howrey, which once employed as many as 750 attorneys and uses the slogan “In Court Every Day,” had built what many corporations described as “go-to” litigation and intellectual property practices in the U.S. and Europe.

A former general counsel highlighted the ‘over effectiveness’ of Howrey’s – In Court Every Day  motto, but  he may be missing a bigger business trend:

But here’s the problem: clients may want to hire lawyers with deep litigation experience. I am very confident, however of the following:

Clients do not want to be in court every day.

Sometime in the last five years or so, most general counsel came to a realization: all litigation is bad. Some is worse than others, and some necessary for a while, to be sure. A bottom line for litigation is emerging: you don’t want to be in court and if you are you want to get out fast.  .  Howrey 3: When is a Law Firm Brand Too Good?  – from John Wallbillich of Wired CG

Many general counsel have believed for some time that litigation is often a resource drain.  The change is that many C-Level Managers now understand the time, cost, and often slim chance of collecting on a judgment even if you win often involved with  litigation.  Blame the economy for this increased scrutiny by businesses on legal expenses vs. financial outcomes from litigation.   

Competitive businesses have to look closely at all major expenditures, including…Alert the Media legal costs.  Inside counsel have to explain their costs, perform cost benefit analyses, and provide detailed budgets to executives. Guess what happened along the way,  business demanded that the law firms they retain be run like …. businesses!

  • Businesses that had project mangers on staff for years began to wonder why their law firms didn’t.  
     
  • Businesses that had to devise thier own internal litigation budgets questioned why their litigators seemed reluctant to do so.  
     
  • Businesses that had to estimate costs and develop estimates for their clients began to wonder why law firms weren’t willing to shoulder some of the estimation risk too.

There will always be situations where companies need good litigators, maybe just not as many as they did before.  Which brings me back to the other reasons frequently mentioned for Howrey’s demise:  alternative fees and  the advent of third-party discovery vendors.  

Alternative Fees & the Advent of Third Party Discovery Vendors

Alternative fees and discovery vendors are just low hanging fruit.  In the aptly titled blog post:  A BS Detector’s Review of the Latest Howrey News, Patrick McKenna interprets:

Ooooooooo, here it comes……wait for it…….alternative fees and low cost service providers unexpectedly arose and killed a healthy, well run law firm!

So, although there may be less of a demand for litigators, a well run firm could adjust.  And although clients may want alternative fee arrangements (AFA) the tipping point for Howrey was the response to client pressure for a small percentage of cases to be converted to AFA?  Astutely noted by Patrick Lamb in his follow-up blog post: The BS of the “Howrey Story” :  

AHA. SO, the firm survived on overcharging clients for mundane administrative discovery service. And did not have the acumen to adjust its fundamental practice accordingly. That was certainly not anything that was foreseeable or addressable by management.

In the end, Howrey CEO Robert Ruyak, summed it up the best: 

What we found is that partners at major law firms have very little tolerance for change and very little tolerance for fluctuation in profits…. Wall Street Journal’s Law Blog March 9th


Change, Grow, Innovate – From Legal Advisor to Strategic Partner – also save  a $100 

InsideCounsel’s 11th Annual SuperConference – May 23-24 in Chicago is designed to provide senior legal professionals insights, ideas and solutions to help them meet their growing responsibilities and evolving needs.   Specific Topics addressed include: 

  • The Great Reset – From Legal to Strategic Business Partner
  • In-House vs. Outside Counsel – 5 Challenges & Solutions from Both Perspectives
  • Value Based Billing
  • Taking Control of Document Review – Strategies and Methods to Finishing Projects Faster while Keeping Costs Under Control and many, many more….

Earn up to 12 CLE Credits.  For More Information and to Register – CLICK HERE.   

Register Prior to April 1st and Enter Promo Code WBNLR2 & save $100 !

Copyright ©2011 National Law Forum, LLC

5 Ways to Focus a Law Firm Marketing Strategy

Recent  National Law Review Business of Law Guest Blogger Margaret Grisdela of Legal Expert Connections provides some quick tips on how to focus a law firm’s marketing strategy: 

Clearly targeting law firm clients is one of the key concepts of the Courting Your Clients legal marketing methodology. You will lower marketing costs, increase response rates, and build greater brand visibility with a narrowly defined market niche. Here are 5 ways to focus your law firm marketing strategy:

1. Geographically.

The majority of small to mid-sized law firms simply focus on developing new business located within a 50 to 100 mile radius of an office location. Proximity gives you the benefit of convenient face-to-face meeting opportunities, personal networking, and strong local referral sources.

2. Demographically.

Attorneys who serve a consumer audience in particular (like family law, trusts and estates, or immigration) can focus on known characteristics such as marital status, income, the presence of children, and/or zip codes.

3. By Industry.

Lawyers who serve a business clientele are likely to target specific industries that are well suited to their practice. Examples include intellectual property attorneys who work in the entertainment field, municipal lawyers who serve county officials, or corporate law firms who favor technology companies.

4. By Job Title.

A purchasing agent or key decision maker focus – like the HR Director for labor & employment lawyers or the General Counsel for corporate attorneys  – ensures that you target your business development efforts on the person who can sign your engagement letter and check.

5. By Trigger Events.

Transactional attorneys need to find clients with a highly defined need. This could be a personal injury attorney looking for car accident victims, or a corporate lawyer who helps business owners with mergers and acquisitions.

Marketing campaigns will be determined by the focus you bring to your law firm. Of course, there may be multiple parameters that are relevant to your marketing definition, like HR Directors within retail companies located in a specific metropolitan area.

Focus not only helps you to invest your marketing budget wisely, but it also enables attorneys and staff to refine their personal business development efforts in a way that aligns with the firm’s strategy.

© Legal Expert Connections, Inc.

Social Media Posts by a Third Party: Florida Bar Rules

From Business of Law Guest Blogger at the National Law Review Margaret Grisdela of  Legal Expert Connections – a great quick  overview of those tricky Florida State Bar rules concerning social media:  

Ethics in Blogging was the topic of a presentation I made this morning at the Broward County Bar Association, with co-presenter Alan Anthony Pascal, Esq. of The Florida Bar.

Posts to a lawyer’s social media page by a third party was one of the topics we covered. Below please find some highlights from the Florida Bar Guidelines for Networking Sites, which applies to Florida attorneys as well as lawyers from other states who are soliciting business in Florida.

Third Party Posts

“Although lawyers are responsible for all content that the lawyers post on their own pages, a lawyer is not responsible for information posted on the lawyer’s page by a third party, unless the lawyer prompts the third party to post the information or the lawyer uses the third party to circumvent the lawyer advertising rules.”

Removal of Non-Compliant Information from a Lawyer’s Page

“If a third party posts information on the lawyer’s page about the lawyer’s services that does not comply with the lawyer advertising rules, the lawyer must remove the information from the lawyer’s page.”

Request for Removal of Info on a Page Not Controlled by the Attorney

“If the lawyer becomes aware that a third party has posted information about the lawyer’s services on a page not controlled by the lawyer that does not comply with the lawyer advertising rules, the lawyer should ask the third party to remove the non-complying information. In such a situation, however, the lawyer is not responsible if the third party does not comply with the lawyer’s request.”

Lawyer Social Media Pages are Exempt from Filing

“Finally, the Standing Committee on Advertising is of the opinion that a page on a networking site is sufficiently similar to a website of a lawyer or law firm that pages on networking sites are not required to be filed with The Florida Bar for review.”

Page references in these guidelines can include a LinkedIn profile, a blog comment, Twitter profile, Facebook page, etc.

Read the Florida Bar Guidelines for Networking Sites here.

© Legal Expert Connections, Inc.

 

 

Got Klout? Measuring Your Law Firm Social Media Efforts

Many thanks to our Business of Law guest blogger Kevin Aschenbrenner of Jaffe PR who provided some truly useful information on how law firms can gauge the effectiveness of their social media programs.  Read on….

One of the most frustrating aspects of actively working on law firm social mediaefforts is the feeling that you’re in a vacuum. You often can’t tell if anyone is listening. And, posting, “Do you think I’m awesome?” just won’t cut it.

This is why influence is such a hot topic in social media. Essentially, the more influence you have online the more likely it is that people will not only pay attention to you but also act on what you post. I talk more about influence in this blog post. Go ahead and read it. I’ll wait.

Welcome back. So, influence. It’s a good concept, but it’s a bit of a vicious circle – you need influence to have an impact online but you need to know what your influence is to use it to assess your law firm social media efforts. It makes my head hurt, too.

Or, it used to. Now there’s an online tool that will measure your influence. It’s called Klout (www.klout.com) and it ranks your online influence with a number out of 100. For an example, here’s a link to my Klout Score:http://klout.com/kevinaschenbren. As Klout Scores go, I’m not up there with Brian Solis (85) or Chris Brogan (84), but it’s respectable and, I’m within kissing distance of 50, which is the Klout Score required by a few hotels in Las Vegas in order to qualify for free upgrades (http://adage.com/digitalnext/post?article_id=146189).

But I digress. I’ve found Klout very helpful as a sort of diagnostic tool for my social media efforts. It’s not perfect and I quibble with some of the other information you get in your report, but it’s not a bad guidepost.

To find out your Klout Score:

  • Go to www.klout.com and type in your Twitter handle.
     
  • To see your entire report, I suggest creating an account. It’s free and gives you access to additional data and it will also ensure your score is refreshed regularly.
     
  • You can increase the accuracy of your Klout Score by linking your Facebook and LinkedIn accounts.
     
  • Check back periodically to see how your Klout Score is doing.

And, if you really want to have fun with your online influence, check out Empire Avenue (www.empireavenue.com). I’ll leave you to explore that one on your own.

© Copyright 2008-2011, Jaffe PR

One of the most frustrating aspects of actively working on law firm social mediaefforts is the feeling that you’re in a vacuum. You often can’t tell if anyone is listening. And, posting, “Do you think I’m awesome?” just won’t cut it.

This is why influence is such a hot topic in social media. Essentially, the more influence you have online the more likely it is that people will not only pay attention to you but also act on what you post. I talk more about influence in this blog post. Go ahead and read it. I’ll wait.

Welcome back. So, influence. It’s a good concept, but it’s a bit of a vicious circle – you need influence to have an impact online but you need to know what your influence is to use it to assess your law firm social media efforts. It makes my head hurt, too.

Or, it used to. Now there’s an online tool that will measure your influence. It’s called Klout (www.klout.com) and it ranks your online influence with a number out of 100. For an example, here’s a link to my Klout Score:http://klout.com/kevinaschenbren. As Klout Scores go, I’m not up there with Brian Solis (85) or Chris Brogan (84), but it’s respectable and, I’m within kissing distance of 50, which is the Klout Score required by a few hotels in Las Vegas in order to qualify for free upgrades (http://adage.com/digitalnext/post?article_id=146189).

But I digress. I’ve found Klout very helpful as a sort of diagnostic tool for my social media efforts. It’s not perfect and I quibble with some of the other information you get in your report, but it’s not a bad guidepost.

To find out your Klout Score:

  • Go to www.klout.com and type in your Twitter handle.
     
  • To see your entire report, I suggest creating an account. It’s free and gives you access to additional data and it will also ensure your score is refreshed regularly.
     
  • You can increase the accuracy of your Klout Score by linking your Facebook and LinkedIn accounts.
     
  • Check back periodically to see how your Klout Score is doing.

And, if you really want to have fun with your online influence, check out Empire Avenue (www.empireavenue.com). I’ll leave you to explore that one on your own.

© Copyright 2008-2011, Jaffe PR

Is Your Law Firm Capitalizing on Legal Market Opportunities in China? US Firms & China: Managing Your Overseas Presence Mar 21-22 Chicago, IL

China’s rapid economic growth has created numerous opportunities for U.S. law firms to better serve existing and prospective clients. Is your firm well-informed on the challenges and risks associated with establishing an overseas presence?  

Attend This Conference and You Will:

  • Hear from leading U.S. and international experts who have practical experience working in China
  • Learn about the underlying economic, cultural and legal foundations that lead U.S. law firms to conduct business in China
  • Gain knowledge about issues related to revenue, collections, operations, strategic planning and more
  • Understand the business culture in China
  • Discover how to establish strategic alliances with Chinese firms
  • Network with managing partners and firm administrators, and meet with organizations that represent companies and individuals doing business in China
  • Click Here for a detailed agenda

Who Should Attend:

Managing Partners, Lawyers Specializing in International or Intellectual Property Law, and Firm Managers representing law firms of any size who:

  • Represent clients whose legal needs stretch between the U.S. and China, and vice versa
  • Need information and facts regarding doing business in China
  • Thinking about establishing a branch office in China

When & Where:

 

When Is Research Misleading?

Sue Stock Allison, the Managing Director of The Brand Research Company, as Sister Company to Greenfield / Belser Ltd.  was recently the National Law Review’s recent Business of Law Guest Blogger.  Sue shared five key things for Law Firms to keep in mind when performing opinion research.  

Sometimes, when it comes to opinion research, what you see is not necessarily what you get. For instance, focus group moderators can inadvertently (or purposely) create bias among recipients. Or when questioned about buying habits or intentions, people may tell questioners what they want to hear, rather than what they actually feel.

I can’t count the number of times I’ve cautioned against considering all research valuable or even accurate. But there are ways to ensure that your findings are sound when undertaking research among your clients, your organization members or your markets.

Here are five tips for making sure the research your firm is using is useful:

1. Know your Goals

I know you’re thinking, “Of course, we need goals!” but, alas, research can be initiated for nutty reasons. My personal favorite: “Everyone else is doing it.” That everyone else is doing it may make initiating a new study an excellent recommendation, but you still must match your research goals to your business goals. Do you define success by a measurable return on the research investment, or do you just want to touch your most loyal clients? Are you trying to guide or justify a specific marketing expenditure or, more loosely, gauge awareness in a particular market? Knowing what you want to achieve is crucial to obtaining the data you need. Detailing the specific information you want to know, even using hypothetical statements of finding, can help you to make your objectives clear. In this case, the cart (what you wish to carry away from the research) truly comes before the horse.

2. Fully Define Your Target Audience

Do you put stock in those general market studies that “rank” your business better or worse than others? Syndicated studies are great gossip and provide fodder for your website’s homepage

(“We’re #1 in reputation for excellence for the third straight year!”), but there is limited value in being considered number one for anything if those who provide the ratings do not purchase or even influence the purchase of your services.

When conducting research, or using research conducted by someone else, you need to ensure that respondents include individuals whose opinions you really need to know. Do you want to know what your top 25 clients think, your clients with the highest potential or your clients who seem to be fading away? Are you looking for guidance from prospects for a specific service, in a specific geographic area, or from a certain type of business? If existing research was conducted among exactly the right group of individuals–excellent! If not, you’ll need to conduct your own research to get what matters to you.

3. Select the Best Methodology

As popular as they are, focus groups are one of the most misused research methodologies. They are a qualitative research method, statistically invalid, which necessarily makes them ill-suited for drawing conclusions about habits or actions. Whether you conduct one session with 10 individuals or 10 sessions with a total of 100 individuals, they are never conclusive. Focus groups are, however, an excellent way to come up with ideas about proclivities or intent that can later be tested with quantitative surveys. Focus groups can help you discover undetected problems with an ad campaign, potential challenges of a new service offering, or the usability of a website design. But when you want to understand what is most important among a number of choices, what really drives client loyalty, or how to best position your business in a market—these objectives require a quantitative method that can provide the metrics you need.

4. Ask the Right Questions the Right Way

Another common problem with focus groups and other forms of research is how easily respondents can be led to particular responses, and how hard it is for them to accurately assess and report their own motivations. When you develop your discussion guide, in-depth questionnaire or survey instrument, you need to make sure the questions are not leading, that your respondents are not primed to answer in a particular way. (In fact, when conducting focus groups, I often ask participants to write down their initial impressions before discussion even begins.) For telephone or in-person interviews, make sure your interviewers are skilled in the techniques that will bring even subconscious motivations to the surface.

5. Interpret with Caution

How do you know if your findings are truly reliable? Even if you’ve clearly laid out your goals, comprehensively defined your target, picked the best methodology, designed an effective research instrument, and used excellent interviewers, the results can still be misleading if your interpretation of the findings is flawed. Reliable interpretation begins with proper analysis of the data, which requires understanding how the target population was selected and ensuring that your resultant data includes the information needed to feed your conclusions. Perhaps the most common problems are conducting quantitative analyses with too few responses, or having a response rate that is too low–both of which beg the question: How do the non-respondents differ from those who are included in the research?

So, is research misleading? It certainly can be, but by using these guidelines, you can take the necessary steps to ensure that your research will more accurately provide the information you need.

©2011 Greenfield/Belser Ltd.