Do You Give Samples?
January 07, 2010
Every so often, in a particular area of a professional practice, somebody gets the bright idea to give samples ' to give a half hour of free advice as a way to entice a prospective client to ask for more. Two questions arise. Is it ethical? Is it good marketing? The unqualified answer to both is ' it depends.
Managing Partner Performance
December 17, 2009
Now that 2009 has come to an end, law firms are breathing a sigh of relief and looking forward with hopes of a better year to come. As with any year-end, it is also time to dole out partner compensation, and many firms are hoping they were able to stem the lack of demand for legal services with cost-cutting measures to keep their profits per partner above an acceptable threshold. One interesting observation is that although many firms evaluated their employees and their performance relative to saving the bottom line, an in-depth view of partner performance was by and large ignored.
Planning for a Successful 2010
December 17, 2009
As a participant in a law firm, you should be thinking about what you can do to contribute to the success of the firm on a frequent basis. Whether you are the managing partner, a practice group leader or an associate, your daily, weekly and monthly activities should contribute not only to your personal goals, but to the firm's goals as well. In addition, your goals should include those related to current clients, potential clients, marketing and firm administration. The following are some important goal-setting techniques and some examples you should keep in mind throughout the year, not only to make sure you are growing personally, but also to make sure you have contributed to the overall growth of the firm in a meaningful way.
Pricing
November 30, 2009
Despite mounting client discontent, most law firms so far have been either unwilling or unable to change the way in which they price their services. This article argues that this is because most law firms continue to sell their partners and associates rather than selling legal services. It also provides some perspectives on the issue and summarizes small improvements that firms can make to better manage their pricing.
Profitability Analysis: The First Steps
November 30, 2009
If your firm has a number of legal departments, how does one determine the profitability (or economic contribution) of each? Delving further into a specific department, how do you measure the profitability of a practice area?
The Coming Honest-Services Storm
November 24, 2009
Not since 1987, when the Supreme Court issued its bombshell decision in <i>McNally v. United States</i>, has the honest-services mail fraud doctrine received as much attention as in recent months. When the dust settles, it is possible that one of prosecutors' favorite weapons will have been sharply restricted or taken away.
