The law firm business model of the past is under attack. Slowly, private legal is responding with things like developing knowledge management systems, establishing jobs for data analysts who can establish pricing of services and beginning to look at ways to outline workflows and processes. Unfortunately, corporate clients are impatient and are beginning to push harder for improved efficiency and increased speed of service delivery.
Given the level of focus placed on client teams, industry teams, and client feedback by our law firm clients over the past 18 months, it would appear that firms are not only seeking out the voice of the client, but they are listening and taking action.
The role of chief strategy officer (CSO) — increasingly common in corporate America — has been adopted by relatively few law firms. Consultants say perceptions of what the position entails and whether it's necessary vary widely throughout the legal industry.
No longer are law firms the only option for clients with legal work; they now have a wider menu of providers from which to choose. But what are the contours of that Alternative Legal Services (ALS) market? How are these new providers being used by corporate clients and law firms? What's driving that usage? And what does it mean for traditional law firms?
Absent the willingness or inability of first tier partners to create an environment in which blossoming attorneys can achieve their personal, professional and economic objectives, the likelihood is that these very attractive partners may leave to join other law firms.
Which approach to business development — the old-fashioned personal touch or the electronically connected — is more effective at capturing the attention and legal business of potential clients? The answer is both.
According to the author: "Having conducted hundreds of in-person client feedback interviews, I can say without reservation that clients would welcome — and prefer — a call or meeting focused on what the firm is doing well, what it could be doing better, and how the firm can provide more value."
A common perception of today's legal services industry is that buyers of legal services have many more choices because legal services are disaggregating and unbundling. No longer are law firms the only option for clients with legal work; they now have a wider menu of providers from which to choose.
The adage, “emails do not end in handshakes” has never been more true. Here's why.
The ins and outs of content marketing.
