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LAW FIRM MERGERS - Part 1.: A Strategic Checklist
January 11, 2012
LAW FIRM MERGERS – Part 1 : A Strategic ChecklistWe are bringing back an earlier series on law firm mergers since the number of mergers jumped 65% in 2011, according to the American Lawyer. The focus will be on why most underachieving law firm mergers share one fundamental deficiency. Over the next several columns, I'll identify a checklist to be used by the negotiating partners and marketing leadership to deal with it.The failure to work a practicable marketing strategy into the very soul of the merger – before it happens, while it hapens and after it happens. Keep in mind that marketing is not just self-promotional activity but the process by which the institution actually defines itself. It is also used by others, such as in recruitment and business development to define the firm externally. Marketing likewise has an immediate impact on internal perceptions.The first of the strategic questions from both firms' marketing leadership should include:1. Who is going to care about the merger? The answer, of course, is anyone directly affected by it, mainly clients and internal stakeholders. So marketing leadership must provide for direct and well-timed outreach to both constituencies, by phone whenever appropriate.Stay tuned for more.
LAW FIRM MERGERS – Part 1 : A Strategic ChecklistWe are bringing back an earlier series on law firm mergers since the number of mergers jumped 65% in 2011, according to the American Lawyer. The focus will be on why most underachieving law firm mergers share one fundamental deficiency. Over the next several columns, I'll identify a checklist to be used by the negotiating partners and marketing leadership to deal with it.The failure to work a practicable marketing strategy into the very soul of the merger – before it happens, while it hapens and after it happens. Keep in mind that marketing is not just self-promotional activity but the process by which the institution actually defines itself. It is also used by others, such as in recruitment and business development to define the firm externally. Marketing likewise has an immediate impact on internal perceptions.The first of the strategic questions from both firms' marketing leadership should include:1. Who is going to care about the merger? The answer, of course, is anyone directly affected by it, mainly clients and internal stakeholders. So marketing leadership must provide for direct and well-timed outreach to both constituencies, by phone whenever appropriate.Stay tuned for more.
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