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Infographic: Law Firm Obstacles along the Quest for Growth

Law Firms Face Obstacles along the Quest for Growth-header

  Competition.  It’s the number one barrier to growth, according to the recently released LexisNexis survey, Law Firms in Business Development Transition: Marketing, Business Development and the Quest for Growth. Besides having to joust with other firms to impress the same collective of prospective clients, survey respondents reported that added hurdles are attorney participation; pricing; lack of long-term strategy; and ... Read More »

Law Firm Competition: Buyers Becomes a New Entrant

Law Firm Competition Buyers Becomes a New Entrant

One of the five factors in Porter’s Five Forces model, a framework for evaluating a competitive environment, is the “threat of new entrants.” The 2015 Law Firms in Transition study by Altman Weil finds this “threat” is a broadening category. “Eighty-three percent of law firm leaders say they believe competition from non-traditional service providers is a permanent change in the ... Read More »

Tech Feast:  November Lineup of LexisNexis Legal Tech Webinars

November Lineup of LexisNexis Legal Tech Webinars

As the US celebrates a day of thanks this month with the traditional feast, we’ve put together a healthy list of webinars across small law, large law and corporate counsel segments. It’s a different type of feast, an information feast, and one that one won’t leave you feeling lethargic.  Second helpings, in the form of recordings, are usually sent out ... Read More »

23 Things to Change in Law Firm BD and Marketing

23 Things to Change in Law Firm BD and Marketing

If you could change one thing about your law firm, practice, department or function – what would it be? We often pose this as a final question across surveys we conduct and leave the answers open-ended.  The responses are usually candid, unfiltered and pretty insightful.  For example, there are plenty of things lawyers would change about law firm billing. In ... Read More »

How Law Firms Plan to Fuel Growth in the Next 12 Months

How Law Firms Plan to Fuel Growth in the Next 12 Months

Competition is the top barrier to growth according to a recent survey of law firms, alongside a deluge of anecdotal evidence.   In response, law firm business development is heating up with the mechanisms ranging from compensation and incentives — to the warming notion of hiring a professional law firm sales force. If the trend towards business development is a strategic shift, ... Read More »

6 Enhancements to LexisNexis Software and Litigation Tools

6 Enhancements to LexisNexis Software and Litigation Tools

Note: The following is a guest post from Daryn Teague, who provides support to the litigation software product line within the LexisNexis software division. In recent weeks, the LexisNexis software and technology has rolled out software enhancements for a number of products of interest to the legal tech community. 1. Faster Snapshots of eDiscovery Data A new version of the LexisNexis® Early Data ... Read More »

Friday Share: 6 Considerations for Origination Credit in BD

Fostering Law Firm BD 6 Considerations for Origination Credit-header

There’s an old saying in management guru circles:  Pay for performance, promote for potential. Compensation models and incentive structures are among the most central issues in any business, let alone law firms.  A key challenge in the professional services model, absent a professional sales force, is how to incent business development (BD)? The matter is of critical current interest in ... Read More »

197 Ways Law Firm Marketing and BizDev are Different

197 Ways Law Firm Marketing and BD are Different

Upwards of 90% of legal marketing and business development (BD) professionals believe there is a distinction between “law firm marketing” and “law firm business development. That’s according to a recent survey of 400 legal professionals in the industry. More importantly, these two functions require different skillsets.  The data is interesting, but it doesn’t justly serve the passion that goes along ... Read More »

5 Cybersecurity Best Practices for Law Firms

5 Cybersecurity Best Practices for Law Firms

Law firms have a wide range of IT challenges to manage, but the challenge now viewed as the number-one priority is data security. The recently released 2015 ILTA InsideLegal Technology Purchasing Survey reported that, for the first time in eight years, email management was not named the biggest challenge facing legal IT departments – it was replaced this year by ... Read More »

3 Studies Suggest Law Firm BD Heating Up With Competition

Trending Law Firm BD Heats Up With Competition

Business development is heating up in law firm circles. Market research firm BTI Consulting, known for its benchmark survey research, has called the climate a “Predator’s Paradise.”    More recently, the research firm spied opportunity by noting corporate counsel is shifting some work back to law firms – but only for “bet- the-company” litigation business.   Some of our own ... Read More »