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Features
In last month's issue, we covered the best of MLF from February to and including June 2006. In this issue, we will take a look back at July through November.
Features
The proliferation of flash drives, iPods, camera cell phones, Black-berries, and similar electronic devices has put all companies at added risk for insider theft. With the use of these devices, downloading significant amounts of data is easy, virtually instantaneous, and often very difficult to detect. These risks apply to essentially all companies that allow employees access to electronically stored, confidential, and proprietary information.<br>So what is today's company supposed to do to protect its valuable, sensitive information in the face of the risks posed by new portable devices?
Features
Benchmarking has long been a difficult undertaking for private service providers and for law firms in particular. While firm partners historically have tracked firm-wide metrics such as billings, profits per partner and individual productivity, firms have until recently not had the means or opportunity to benchmark performance at the practice group, office location and timekeeper level with any accuracy or currentness.<br>This article, as the title implies, discusses how refined performance measures are made possible by a new benchmarking tool, West Peer Monitor' from Thomson West
Features
Improving client service is especially important, as general counsels of large companies have revealed to BTI Consulting that more than two-thirds would not recommend their primary law firm, 50% plan to try a new law firm for a substantive matter this year and they plan to cut nearly 40% of their outside firms by 2008. With decreasing client loyalty, firms need to spend more time improving client service as well as building barriers to entries to other outside law firms.
Features
Two firms from the MLF 50 are standouts in the area of client-centric marketing activities and for different reasons. <br>The first, Winston & Strawn, led by Director of Business Development and Marketing Partner Barbara C. Sessions, embarked on an overall visibility campaign with an overarching theme on client-focused service and they did this via their Web site.<br>No less outstanding in harnessing client-centric based marketing is the firm of Holland & Hart. In 2006, the marketing department, led by Director of Marketing Mark Beese (or as he refers to himself the 'Marketing Guy') engaged in several new initiatives; each of them intimately involving the firm's clients, with the goal of deepening Holland & Hart's relationship with current clients and attracting new ones. The firm's advertising campaign has evolved to highlight innovative and successful clients as part of the Holland & Hart trademark western wilderness.
Features
Partners are saddled with one of the most important yet difficult tasks related to managing a team of lawyers: providing constructive feedback. Feedback is a partner's tool to improve performance, efficiency and service quality.<br>The objective in giving feedback is to enhance performance by supplying information to guide the individual toward the level and quality of work that is expected.
Features
As we turn the calendar to 2007, law firm leaders will once again be able to tell their partners that their firm hit ' or exceeded ' budget and that their income will increase. That's the good news. <br>The bad news is that, as firms have grown more profitable and pushed harder on the drivers of their firms' economics, it is becoming difficult to identify ways to ensure that the double-digit increases in profitability will continue. After all, the economic model of law firms has only a handful of levers (rates, realization, leverage, utilization, expenses). Once firms pull as hard as possible on each lever, there is not much more they can do. For law firm leaders, managing the expectations of their partners will become a more difficult challenge, particularly since a good portion of those partners have come to expect double-digit increases in profitability each year.
Features
It used to be that an employee desiring to steal $2 million from your company would have a hard time doing so unnoticed. Today, that employee can do so undetected while having a casual conversation with you in the office. Unfortunately, in the current environment, the legal system is not forgiving toward companies that take a more relaxed approach with respect to protecting their own sensitive information.
Features
Practice group structures, marketing departments, Chief Information Officers, even off-site operations centers ' each of these now commonplace elements of big law firm life is a manifestation of the business focus these firms have adopted. We all see it, with varying degrees of approval. Global law firms now develop and follow business strategies. Slowly, these firms are bringing a similar business focus to their lateral partner recruiting. For partners who think they might switch firms at some point, and for firms doing battle for talent in the lateral market, bringing a business perspective to your analysis can save a lot of time and energy. A properly prepared business plan will prevent the loss of countless (otherwise billable) hours and, more important, help avoid making the wrong move.
Features
According to studies cited by TechnoLawyer, approximately 80,000 new Web logs (blogs) launch every day, including dozens of law-related blogs (blawgs). A dedicated blogger myself (www.lawbizblog.com), I have found the experience to be a powerful form of marketing communication that continually connects me to actual and potential clients in ways I never anticipated.<br>Before members of your firm enter this technological brave new world, however, they should give due weight to the economic benefits and consequences of blogging. Here are some points worth considering.