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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.
The fight over cash balance plans is proving to be one for the ages. A hybrid of defined contribution (DC) and defined benefit (DB) pension plans, cash balance plans have engendered both confusion and dispute over the appropriate framework for analyzing their compliance with applicable law. Two recent conflicting decisions issued by the same U.S. District Court in New York reveal a continuing absence of clarity about the plans' legality, despite support given in August by the U.S. Court of Appeals for the Seventh Circuit in the <i>Cooper v. IBM</i> decision and by Congress in the Pension Protection Act of 2006 (PPA). <br>This article reviews recent developments, focusing on features of cash balance plans that have proven problematic, and on the prospect for a solution under the PPA.
Features
Some of the law firms mentioned in this issue have provided Marketing the Law Firm with marketing materials for consideration for inclusion in the MLF 50. There is no connection to any editorial contributions from the firms and the commentary is solely that of the author, who does not receive any compensation from the firms mentioned.
The progress that law firm marketing has made is in large part due to the staying power of the key marketing executive, and that staying power requires a level of maturity, sophistication and a clear understanding of how to play in the same sandbox as the owners. Marketing programs are not easy to sell, but like other 'purchases' the purchaser/owner can be persuaded to approve the marketing budget if the case can be made that 'this is about progress' that will make the firm more viable and, yes, profitable. Chief Marketing Officers and Directors need to step up and stand behind their programs. Of course that means developing a plan that doesn't have an unrealistic end game. Too often, over-zealous CMOs and Directors reach for the moon and wind up 'cratering.' This does not have to happen if one recognizes that, in order to succeed, one needs to develop a plan, implement the plan using a step-by-step program, and deliver on the plan in a manner that demonstrates progress. Let's be honest; no one expects the infamous 'ROI,' but owners do expect progress and this is key to winning the hearts and minds of law firm owners.
Features
At the outset, let me congratulate the 50 firms that made this year's MLF 50. The fact that out of the hundreds of law firms with marketing programs, these 50 firms have attained the status of being considered the best programs in the country is a testament to the fabulous strides that law firm marketing, business development and media programs have achieved over the last year. There is good news here: Marketing is alive, well and prospering at many of the AmLaw 200 firms. This year, the MLF 50 showcases a wide range of firms and their marketing activities that can best be described by using a sports metaphor ' a full contact sport. The profession has come a long way in terms of sophistication, depth and creativity. In the following pages, you will see the power of marketing, business development and media and how can transform and strengthen a law firm ' and yes, make it more profitable. What is important to note is that many of these marketing activities were created as vehicles for pro bono and diversity initiatives. It should come as no surprise that doing good deeds for others and creating a diverse environment leads to prosperity.
In today's complex law firm business environment, one might ask, what is Mark or Mary's magic? How do they bring in so much business? How do they make those deals happen? To ensure the long-term 'harvest, life, health and abundance' for the firm, one must ask whether the magic of rainmaking can be developed in new associates, seasoned lawyers or law firm executives. <br>As a lifelong advocate of professional development, I must confess that some of the skills may not be teachable, but are rather a part of an individual's personality and intuitive style that, when combined with their legal expertise, create an ability to make connections, build trust and sustain relationships. However, we are able to develop a lawyer's and his or her team's skills over time ' and that is an essential element of a rainmaking team that has depth.
Features
A veteran sales trainer was trying to convince a room full of sales professionals to simply keep an open mind. Glancing at the class and back to the flip chart, he tapped his finger on the hand-written third circle and explained: 'This is where ' you don't know what you don't know!' After explaining the first two circles that represented information that 'you know you know,' and 'you know you don't know,' I had to reflect on this profound concept for a moment. And of course ' he was right! The danger zone is clearly the outer circle where one doesn't even recognize the need for knowledge or information.
Features
Law firm management is still battling to build and maintain a thriving law firm client team program. Thrive is used purposely to emphasize a point. Programs and initiatives come and go, often without meaningful impact, but to thrive is to make steady progress; to prosper, flourish, and grow vigorously (courtesy of dictionary.com for this purpose). Client teams need to thrive to succeed because anything less will not produce the revenue and relationship goals the program promises to deliver. Success will depend on continuous support from many sources, motivated teaming, rigorous processes and probably fundamental cultural change. That would be tough enough if it was the absolute top priority of any business. Would you be surprised to learn that client teams have not yet reached this exalted status in most law firms?
Features
If you could bring in a new group of clients generating $10 million in annual legal fees, would your partners make it a priority? How about $15 million? Or $20 million? Those were the estimated historical revenues of three different groups of rainmakers (and supporting casts) assisted by Major, Lindsey & Africa in the first half of 2006 as they transitioned to new law firms. Such acquisitions of groups led by major rainmakers reflect a sea change in how the legal profession does business, particularly with respect to growth. No longer satisfied with a model of organic growth 'up through the ranks' or the more recent sporadic additions of individual partners, more firms are turning their focus to the acquisition of entire practice groups; bringing with them seven- and eight-figure practices. (Mergers of entire firms, while far more common than a generation ago, are a topic for another article. While they provide many of the benefits of a group acquisition ' and sometimes far more ' there are fewer and fewer attractive and willing merger partners to consider.) For most law firms, growth no longer focuses simply on the number of attorneys, but rather on increasing revenue per lawyer, profits per partner, geographic footprint and diversity of practice areas.