What if you invented a better mousetrap, but the world didn't beat a path to your door? What if you developed a promising new medicine for a troubling condition, but when the doctor prescribed it, the patient refused to take it, simply sticking it in the desk drawer while continuing to complain about the malady?
Newsjacking is a method of leveraging hot news items to generate brand recognition and client visibility. Successful newsjackers track breaking news and emerging trends, and use clever thinking to either make connections that put their clients front and center, or to simply insert their clients into a high-profile conversation that otherwise would never have included them.
Depending on who you ask, your prospective clients are between 50%-90% through their buying process before even contacting you. Consider that for a minute, especially focusing on how powerful recommendations are in the legal profession.
The difference between pricing legal work the way law firms have always done it and strategic pricing is simple: The former looks at the price tag from the law firm's point of view, focusing on revenue and profitability. The latter focuses not on how much clients can be convinced to pay, but on perceived bang for the buck... .
As the year draws to an end, many of the more enlightened law firm managing partners and members of the executive committee assess the results of the current year and begin to develop plans for the coming year.
Just because you want a new "look and feel" doesn't mean you should enter into a lengthy, complex and potentially expensive rebranding project. There are a number of "signs," though, that might indicate you should consider rebranding or at least refreshing your firm's brand.
Prolific document generation is often the mark of a successful law firm. However, as a result, the volume of the firm's electronic storage dramatically increases every year. Proper recordkeeping is critical to support clients and compliance regulations, but the document store can become unwieldy and very expensive for a firm to maintain.
If there was ever a time in history that a law firm should "go Hollywood," this is it. Jumping on the promotional tech bandwagon may mean the difference in your law firm rising to the top of your industry to beat out the competition, or fading into non-existence.
The end of the year is the deadline for most individuals with qualified retirement plans and IRAs to take their required minimum distributions (RMDs) if they have attained age 70' or inherited their benefits. Here are some key issues that can impact RMDs.
One thing that continues to remain constant in law firms is the difficulty that firms and lawyers have with identifying and communicating how they differ from their competition. The most common refrains that I hear being used when asked the question, "Why should clients retain you?" include the standard "quality, responsiveness, communication, practical advice," etc.
