Many firms have instituted elaborate machinery for their recruiting (entry-level and lateral) and orientation, but there is a long way to go toward stellar results regarding orienting, integrating, and retaining those hard-won recruits. Some of the difficulties are generational; others can be traced to the traditions of partnership culture, which often lacks openness about management and how the firm handles the business of law.
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.
In-house counsel often complain to each other about what they are not getting from their law firms as promised during the proposal and romancing phase. And although outside counsel may be providing services "as usual", and don't challenge themselves to review their promises to new clients, the insiders should hold their feet to the fire. What commitments did the law firm make to you and what do you need to do to remind them that'
Why do so many lawyers know so little about the economics of practicing their profession? Not surprisingly, it's because their law school education did not address any of the business aspects of practicing law. So most young lawyers join law firms with little understanding of how they operate and without a clue as to what it takes to make a law practice successful and profitable. Many lawyers, especially those who join large firms, manage never to master these concepts ' and in many cases work hard at avoiding them.
Keep it Simple. It sounds basic and obvious, but it is easy to complicate even the most important things. And how many things are more important than growing your practice? You certainly can be a good lawyer and provide technical excellence, but how will that help you achieve your goals for financial success and job security? Will it enable you to achieve the professional status you desire? Will you command sufficient respect within your firm and among your peers?
The first half of 2007 revealed some new trends in law-firm marketing, including structural shifts in departments that are yielding the addition of new job functions. This has made the quest for talent to fill these roles exceedingly difficult.
Once again, it is time for law firm marketing and communications departments to start thinking about their submissions for consideration to earn a spot on the coveted MLF 50 ' The Top 50 Law Firms in Marketing and Communications.
Walking the walk means following through on what got you selected by inside counsel in the first place. Where 68% of law firms rate themselves an "A" for serving their clients, only 19% of in-house counsel would agree. This is according to the recent 18th Annual Survey of General Counsel by INSIDE COUNSEL. We will be spending the next several weeks reviewing how to avoid this disconnect and what in-house counsel expect their new firms…
During the past year, we witnessed a marked increase in the number of law firms, both large and small, which are finding that their existing unfunded retirement plans are becoming significant, disruptive forces. The underlying problem created by these plans is that the plans result in current income being diverted to former partners, thereby reducing the compensation of the remaining active partners. Today, the combination of an expected spike in retirements related to the baby boom generation and, for many firms, greatly increased benefit exposure due to sharp increases in firm profitability that is factored into the value of retiree benefits, stand ready to test the financial viability of even the strongest firms.
Make rejection work for you. I've often heard inside counsel bemoan the fact that most lawyers do not follow up with them after losing a rfp competition. They have almost as much investment in the rfp and selection process as outside counsel and frequently indicate that they learned alot of helpful information from the competitors. Yet they may not hear from the "losers" for years. The key here is to address the fact that they…
