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Tag Archives: law firm business development

Embrace Your Law Firm Clients: 3 Ways to Make More Rain

Embrace Your Law Firm Clients 3 Ways to Make More Rain

Altman Weil’s recent 2014 Law Firms in Transition survey reminds us that many firms see the pace of change accelerating with clients as the catalyst. 34% of law firm leaders identified corporate law departments as the force most likely to lead change; 32% chose technology innovation; and, 15% selected non-law-firm providers of legal services. Only 10% of respondents believe that ... Read More »

12 Essential Metrics for Law Firm Rainmakers

law firm rainmaker metrics

There are two overarching components to running a profitable law firm according to Stephen Fairley of The Rainmaking Institute. Those components are the right people and the right systems. People run the systems he said, but the systems run the law firm.  Removing either of these components and it becomes even more challenging to maintain a financially successful law firm. ... Read More »

Slowly Being Fired: 3 Tips for Law Firm Business Development

BTI consulting, law firm business development, law firm CRM

“Corporate counsel drop 7 firms from their law firm rosters,” emphasizes BTI Consulting Group in its just released report on Corporate Counsel Management Strategies.  And the news gets more challenging:  “Overall legal budgets remain relatively flat and any increases seen are going straight to internal resources.” Add to client pressure on billing rates, which may have been frozen or even ... Read More »

Law2023: Seven Technology Opportunities for the Future of Law

Law2023 Seven Technology Opportunities for the Future of Law

Beneath the threads of the current legal industry storyline, there’s a sense of fatigue.  There are only so many “disruption” or “xyz is dying” stories, conferences and webinars an industry can take before becoming numb. This is what makes the Law2023 project so interesting: The underlying message is similar, but the positioning is dramatically different. The projects participants, “appreciated the ... Read More »

Porter’s Five Forces for the Legal Industry

Porter’s Five Forces for the Legal Pro

Michael E. Porter, the renowned economist and academic published a framework for analyzing markets in the Harvard Business Review in 1979.  Students of business get a good dose of the framework as a means to analyze competition in a given market — in order to drive the development of a business strategy. The framework now known as Porter’s Five Forces, ... Read More »

Reaching In-House Counsel with Corporate Journalism and LinkedIn

Reaching In-House Counsel with Corporate Journalism and LinkedIn

Note:  The following is a guest post by Larry Bodine. Corporate clients are feeling an information overload from all the marketing newsletters, blogs and social media updates sent out by law firms. But new research proves that lawyers can cut through the clutter by publishing “corporate journalism” and by interacting with in-house counsel on LinkedIn. LinkedIn is another good way ... Read More »

Law Firm Business Development:  Relationships Trump Everything

Future of LexisNexis InterAction

Business development is synonymous with building, sustaining and managing productive business relationship – one person at a time.  I like Bruce Alltop’s view from his January 2014 blog post Law Firm Marketing:  Business Development is Relationship Development. In it Bruce reminds us “relationships trump everything”: “Since business development is more of an art than a science, few rules exist that ... Read More »

Law Firm Client Satisfaction: Words don’t always Match Action

Law Firm Client Satisfaction Words don’t Equal Action

“Client satisfaction is the enemy of superior service,” according to a BTI Consulting webinar titled World-Class Client Feedback 2014 Webinar. The word “satisfaction” stems from Latin roots which literally means “to do enough,” according to Michael Rynowecer, the consulting firms’ founder and president who co-presented with Jennifer Petrone Dezs, a principal. The point is that “doing enough” for clients may ... Read More »

BTI Consulting: US legal market exceeds $100 billion

US legal market exceeds $100 billion

More than 600 people attended BTI Consulting’s webinar titled “BTI Market Outlook and Client Service Review” according to Michael B. Rynowecer, the consulting firm’s president and CEO.  Both the slides and a recording of the webinar are provided below.  It’s easy to understand why: the webinar, which ran about 90 minutes, was filled with metrics and data about the legal ... Read More »

5 Lessons from an Expert Webinar on Law Firm Marketing

What is the opportunity cost of law firm marketing and resource allocation? (Screenshot from webinar)

  Tim Corcoran and Chris Fritsch presented an excellent webinar in December titled ROI:  Reality or Illusion.  It’s a perfect segue into the New Year because the webinar is essentially a best practices guide for law firm marketing and business development – and the two presenters combined for the perfect blend of business and legal savvy. Both Tim and Chris have written extensively on ... Read More »