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Cash flow management can be particularly challenging. You need to account for the time lag between cash going out and cash coming in. This requires financial and management discipline, strong internal policies and procedures for billing and collection policies, planning and attention to detail.
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If you listen to the marketplace, you will know what to do in connection with client growth and client retention. Are firms listening to this advice?
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AI solves real challenges and answers real questions that lawyers face every day. It can accomplish or facilitate these tasks more quickly, accurately and efficiently than even the most capable human experts — with the goal of augmenting their skills rather than replacing them.
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A lawyer can utilize the platform of media outlets to share insights that will develop business by attracting the attention of potential clients and referral sources.
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Growing the top line requires a systematic approach that maximizes your available time and focuses you on the best opportunities. With greater clarity, you can be assertive in the pursuit of your financial objectives. With sustained focus on financial metrics, you stay in control of your book of business.
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Despite all the strategic planning CMOs may devote to individual attorney coaching and training, it is often not enough to support the lawyer client in connecting the dots of relationship building, reputation enhancing and contact management over the course of a career to make a remarkable difference.
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<i><b>The Innovations and Industry Disruption Should Have Law Firms Snapping to Attention</b></i><p>The world of financial services is being upended by new technologies — from virtual currencies and blockchain to peer-to-peer lending and enhanced mobile banking — that are capturing customers, as well as the attention of Wall Street investors and industry regulators.
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A good PR strategy might involve working on content creation, managing social media accounts, interacting with customers online and offline, and talking to the press.
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Whereas in the past clients took the lead from law firms in defining high-end practices worthy of premium rates, today's clients have the tools and information to make smarter, wiser purchase decisions.
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Voice search is the hot new trend in technology and CMOs can harness it to generate more calls online and leads from their websites.
