In the first quarter of 2016 we published 69 blog posts. The chart nearby provides a breakout of the coverage we’ve developed here by category.
The volume of coverage around litigation technology stems from our interest in the sector as LexisNexis consolidated litigation software into the legal software solutions division based in Raleigh. This consolidation happened a little more than a year ago and the team has already brought to market a truly innovative product in the Lexis® DiscoveryIQ platform.
However, it also sometimes includes some of the community work we do like helping veterans prepare to transition to business careers or content intended solely for entertainment purposes: Friday Share: Lawyers Draft Articles for Star Wars Constitution.
The Top Ten Q1 Business of Law Posts
In pouring over the analytics, here are the top ten posts for Q1 as “voted” by readers clicking to read these posts:
In this ultra-competitive legal marketplace, firms are realizing a more effective approach to business development is focusing on a smaller pool of prospects and working on building those relationships from the ground up.
Bill what you deserve. There’s plenty of debate about the billable hours model, but clients indeed are willing to pay for good counsel that leads to value and desirable outcomes. There’s a simple formula (see infographic) and research on billable hours to serve as a benchmark for determining rates.
An AmLaw 200 law firm fields 200 RFPs a year and has a win rate of one in three. This sounds pretty good until Mr. Paterson points out, law firms are “chasing business on the back-end of an RFP.” It’s reactive rather than proactive and it’s nearly impossible for law firms to align its business development resources in one cohesive sales motion.
The ACC Chief Legal Officers (CLO) 2016 Survey suggests internal corporate legal spend now surpasses outside legal spend. According to the study, CLOs reported 53 percent of their budget is now dedicated to internal spending, while just 47 percent is allocated to outside counsel.
Fewer, but Larger Clients. The presentation says that profitable firms have fewer clients, but those clients tend to be large. “A small number of mega clients creates deep understanding of each client, forces teamwork and cross-selling generates economies of scale, and offers an opportunity to mentor junior staff on the team,” according to the BTI Consulting Group: 8 Habits of Highly Profitable Law Firms.
Also see these “best of” posts from 2015
Top 10 out of 260 Business of Law Posts in 2015
Top 10 Businesses of Law Infographics in 2015
11 Exceptional Legal Tech White Papers from 2015
Research shows, people, especially attorneys, tend to do what is most familiar to them. However, they say, doing what is comfortable isn’t always the best strategy when trying to turn new business leads into long-term clients for the firm.
This is our traditional post-conference roundup of articles or blog posts summarizing this year’s 2016 Legal Tech Show, otherwise known to many conference goers as, #LTNY16.
Legal project management can improve client satisfaction, teamwork and the economics of legal services, writes contributor Aileen Leventon of QLex Consulting Inc. It was the first of two-part series for the LexisNexis Business of Law Blog.
These documents provide a great opportunity for legal departments to hone in on what processes need to be communicated to external law firms as well as helping to drive adoption of the processes, both internally and externally.
There’s a classic mantra saying that old soldiers never die, they just fade away. But what happens to a rebellion after it’s won the war? Articles of Confederation notwithstanding, a constitution might be in order.
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We’re very grateful to the sizable community that has blossomed around this blog. Thank you for spending a few minutes of your day with us. We look forward to many more blog post throughout 2016.
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