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CLIENT CO-MARKETING CONT'D. - Following up on our last blog, what else will in house counsel appreciate your asking? There are many more subtle tools at your disposal which will contribute to relationship building.
CLIENT CO-MARKETING - This new topic covers how to "co-market" with your client. To be sure, marketing the law firm is not an us-them proposition. How you can recruit inside counsel and even CEO's as parties to your own marketing and business development efforts is explored.
SELECTION - This is the fourth and final criterion a law firm team needs to identify when pursuing a client. Just what concerns and experiences will be influencing final selection? If you have mastered the other 3 Red Zone components, HIDDEN DECISION MAKING, RELATIONSHIPS AND RETENTION, and PERSONAL CONSIDERATIONS, let's explore SELECTION.
SELECTION - This is the fourth and final criterion a law firm team needs to identify when pursuing a client. Just what concerns and experiences will be influencing final selection? If you have mastered the other 3 Red Zone components, HIDDEN DECISION MAKING, RELATIONSHIPS AND RETENTION, and PERSONAL CONSIDERATIONS, let's explore SELECTION.
Features
Many lawyers today seek unconventional career paths. Instead of career ladders that envision uninterrupted, full-time, upward movement toward partnership, lawyers now think in terms of career lattices that include lateral moves, flexible work schedules, and occasional periods away from practice altogether. This highly mobile 'free agent' lawyer population creates a dilemma for law firms. Firms need a stable group of lawyers to serve their clients and become the firm's future partners and leaders. Rather than risk losing lawyers, many firms are trying inventive approaches to create more flexible career paths. Here are five current trends.
Features
Recently, several prominent partners have left their law firms to set up shop with a competing establishment. As was the case in each of these instances, a partner seldom leaves the firm alone — often staff, associates, and even other partners join the new endeavor. May a departing partner solicit others to join him or her without violating fiduciary duty to the original firm? At what point must the departing partner notify the partnership of his or her efforts to recruit firm employees? This article suggests that partners may solicit attorneys and staff of their original partnership without violating their fiduciary duty, as long as the manner of their solicitation conforms to their fiduciary duty.
Features
Kathryn Cole, a 25-year-old who earned her J.D. last year from the University of Michigan Law School, accepted a position at Quinn Emanuel Urquhart Oliver & Hedges, LLP in Silicon Valley. Her starting pay was $135,000, but before she even began working she got a $10,000 raise. Then in January, just a few months into the job, her salary went up another $15,000.
Features
Cleary Gottlieb Steen & Hamilton LLP managing partner Mark Walker is old school when it comes to partner compensation. He sees no reason to change Cleary's seniority-based lockstep scheme, in which the spread between the highest- and lowest-paid partner is less than 3:1. It's a no-hassle system — no long meetings explaining bonus decisions and no disputes among partners over credit for bringing in business. And it is the foundation of Cleary's culture, Walker says, which emphasizes the collective over the individual. If the firm is not a magnet for hot lateral candidates who want to be paid like A-Rod, that's okay with Walker. 'My view is that if someone says I'm not going to Cleary Gottlieb because [another firm] is guaranteeing me a salary of X, then they don't belong at our firm anyway.'
Red Zone strategies require knowledge of inside counsel's personal considerations in making decisions to retain outside counsel. More than objective data on organizational retention patterns are needed - you need to understand the personal and subjective sensitivity to the man or woman across the table.
RELATIONSHIPS AND RETENTION - In the pursuit of maintaining relationships with inside counsel, or developing new ones, law firms need to seek as much information about corporate retention patterns as due dilligence can provide.