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Many global firms that provide transaction support services for law firms are exceedingly worried about the 2008 deal season. But is the anecdotal evidence of a drying pipeline true? A quick look at the data suggests that law and accounting firms are right to be worried about a decreased deal flow, with only a few highlights in sight.
Gerry Riskin, who is undoubtedly one of the anointed few among clear thinkers, recently sent out a small video (http://www.gerryriskin.com/law-firm-leadership-law-firm-leaders-heres-3-minutes-53-seconds-from-tom-peters.html) of Tom Peters on the subject of leadership. It was an important piece, and certainly worth the few moments it takes to view it. The subject of leadership is intriguing, obviously. There are a vast number of books on the subject, and people in all walks of life seem to spend more time and concern on…
INVISIBLE MARKETING II. Last column we startged discussing "permission marketing" by recognizing opportunities given to you by clients and prospects for future client generation. This time we will add two more business development openings. "WHAT'S NEW?", when asked by a past contact or by a good client, opens the way to talk about: * A recent firm success * An highly regarded article written by a colleague * Or asking if they have heard about a…
INVISIBLE MARKETING I. is a comcept requiring a sharp eye and ear. It is a component of "permission marketing" where a client or prospect provide you with an opportunity to sell to them. For example, we all know that great work and referrals are the 2 best sources of future business development. But complaints, yes complaints, are another great source of business by building a strong relationship. If a client calls with a problem in…
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Cash cannot be realized until clients understand the benefits they have received from the lawyer's services — and agree to pay the bill. The key is to understand and convey value to the client, expressed in clear and understandable terms.
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The billable hours lost each month to attrition stand to impact a firm's bottom line unless firm managers counteract this trickle with affirmative measures.
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This is the first of two articles about current dress codes in U.S. law firms. This first article sets forth the author's opinion on the 'hot-button' topic. The second article will present reaction and commentary from managing partners and firm leaders across the country.
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In conducting research for an RFP, turnaround time, budget, and resource considerations will have to be balanced with the value of the opportunity. Before the research begins, the researcher should read the RFP and consult with key decision-makers in her firm to determine the research questions, the scope of the research process as well the format of the final product.
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As the author says: Don't treat a business card like a scrap of paper. Be intentional about your business development and be meticulous in your record-keeping. By the time you have 4,000 or 5,000 records in your contact list, you'll be sitting on a hilltop of gold." Here's how to do it.
DON'T DO THAT! It is amazing how out of touch some attorneys are when attending a pitch, lunch or presentation session with potential clients. Some of the comments I've heard about meetings: * "They spent most of the time talking to themselves, not us." * "What a complete lack of respect, let alone interest - one was using a Blackberry, one answered two phone calls during our meeting, and one was a potted plant." * "There were 2…