Economic Considerations in Law Firm Blogging
November 28, 2006
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.
Managing Editor's Note
November 27, 2006
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.
<b>Op-Ed:</b> 'Progress Is Our Most Important Product'
November 27, 2006
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.
The Second Annual MLF 50: The Top 50 Law Firms in Marketing and Communications
November 27, 2006
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.
Bingham To Open Hong Kong Office
November 14, 2006
Coming late in the game to the China market, Bingham McCutchen announced on Nov. 13 that it will open a Hong Kong office on Jan. 1.
China's World Trade Compliance
November 06, 2006
Board of Editors member, Prof. Usha Haley, spoke at the U.S.-China Economic and Security Review Commission Hearing on China's World Trade Compliance. In Part One, she addresses subsidies, their forms and complications. In Part Two, she covers how profitable and available those subsidies are and how profitable companies are that serve the China market.
CD: 11/29/2006 How to Increase Revenue $1 Million in 1 Year
November 02, 2006
How to Increase Revenue $1 Million in 1 YearA Case StudyNovember 29, 200612 p.m. - 2 p.m. EasternWeb Audio ConferenceChuhak & Tecson, a 55-lawyer Chicago law firm, began an intensive program of business development coaching 20 of its income partners in 2005. A year later, the group had brought in $1 million in new revenue, with one partner DOUBLING his fees billed. The firm spent only $24,000, met its goal and showed an ROI of over 4000%.
The Magic of Making Rain
November 02, 2006
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.
Is Sales Training Worth the Investment?
November 02, 2006
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.
