~ Archive for October, 2007 ~

Lawyers, Wake Up and Smell the Coffee!

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coffee.jpgAs I was rereading my post (below) on law firm marketing trends, it struck me that bullet number 2 (De-equitization is happening to lawyers who don’t have books of business), makes law firm marketing and business development relevant to all lawyers — all on its own.

More on the de-equitization trend from the quoted article by Stacy West Clark:

“De-equitization is a fact of life for lawyers who are not bringing in business. Lawyers who relied on just being good lawyers and not being rainmakers are losing their equity positions in their firms. The moral of the story is you have to have a book of business.”

Wake up and smell the coffee! Read the post, read the article, and if you’re awake now I recommend a couple other related articles over at my site Legal Marketing Reader, by John O. Cunningham, namely:

The 10 Habits of Highly Successful Law Firms

Market or Die: A Message to Managing Partners

I’m going back to my first cup of coffee now. Have a good day!

Summary of Law Firm Marketing Trends, 30 Years After Bates v. Arizona

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The above title would be a better headline for the article in Law.com‘s Legal Technology section, which carries the headline Good Law Firms Turning Virtual instead. The article, by Stacy West Clark, The Legal Intelligencer, is a nice summary of recent trends faced by law firms in a dynamic marketplace 30 years after the first lawyer advertising was allowed. If you are new to legal marketing, or if you ‘re realizing you should be paying more attention to it as it affects your firm, this article is a great start. Among the trends:

• Large firm’s are spending $3 million to $9 million on marketing

• De-equitization is happening to lawyers who don’t have books of business

• Lawyers are competing with non-lawyers in some areas

• And, oh yes, alternative law firms — or virtual law firms — are cropping up such as Axiom Legal, which according to the article is “the country’s first virtual law firm…. The firm’s list of clients is extremely impressive, boasting some of the country’s best-known companies.”

Link to the article for more…

Law Firm Marketers Puttin’ on the Ritz in Boston for LMA New England Conference

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The Legal Marketing Association – New England Chapter Annual Conference takes place this year at the Ritz Carlton, Boston Common, on Thursday, November 15 and 16, 2007. This conference is always a good mix of learning, people, food, fun and prizes. I hope to see you there. Here’s a preview of what’s on tap.

Thursday afternoon pre-conference event

How to Grow Your Client Base: Marketing and Sales Excellence for Law Firms
Mike Schultz of Wellesley Hills Group and RainToday.com will share benchmark data from the research report, What’s Working in Lead Generation, best practices in marketing and selling professional services (which I have reported on previously in this blog).

Friday full-day conference

Breakfast keynote:
Make Rain by Being You: Developing Business by Leveraging Each Lawyer’s Unique Qualities
Craig Brown, Esq., Business Development Consultant, David Freeman Consulting Group

Concurrent sessions (morning)

  • How to Help Lawyers Develop Better Business Plans & Assure Follow-up
  • Website Best Practices: The 2007 AmLaw 100 Web Site Research Study
  • Behind Closed Doors: Why 9 out of 10 Service Professionals Fail the Prospect Meeting

Concurrent sessions (afternoon)

  • Strategic Review and Outlook for the Legal Services Industry: Closing the Client Focus Gap
  • An Insider’s Guide to Proving Value to Firm Management
  • Communicating with Lawyers about Marketing: How to Run with the Bulls, Charm Snakes, Dance with Wolves… and Live to Tell About It.

For more information and to register, download conference brochure at lmanewengland.org.

Ten Tips for Law Firm Success

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John O. Cunningham has just served up a steamy plate of advice for law firms hungry to emulate the behavior of the most successful law firms. It is the latest feature article on Legal Marketing Reader, and it’s titled: The 10 Habits of Highly Successful Law Firms. It’s a must read for attorneys as it answers that constant burning question: “What are the other firms doing?” In my experience, attorneys will often want to compare their firm to other firms, however, once they learn what other firms are doing, they often make excuses for why they don’t do something similar. There is some very good advice in this article, read it, and take it to heart.

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