Home » Tag Archives: law firm business development

Tag Archives: law firm business development

Four Ways to Win More Client Work

winmoreclientwork

A BTI study suggests law firms are leaving money on the table and unnecessarily. Although GCs say they want to give their existing firms more work, law firms are only getting a meager 23 percent of the pie, David Jacobs, senior client advisor for LexisNexis, reported these findings during a webinar focused on business development (BD). “There’s a disconnect between ... Read More »

3 Law Firm Business Development Imperatives for 2016

3 Law Firm Business Development Imperatives for 2016

It takes 30,000 or 40,000 hours of practice to become an expert litigator, according to one large law firm partner.  To date, including the very seminar that partner was attending, he had spent a grand total of just a few hours honing his business development skills. If attorneys can accept that the practice of law is a skill that’s learned ... Read More »

The 3 Red Flags of More Law Firm RFPs

The 3 Red Flags of More Law Firm RFPs

The volume of law firm RFPs are at a 15-year high according to market research firm BTI Consulting. “56% of corporate counsel issued RFPs for law firms in 2015, up from 45% in 2014,” wrote Michael B. Rynowecer noting the majority of clients have turned to RFPs for law firm hiring. At face value, this could sound like an indication ... Read More »

Six Sigma: Driving Better Law Firm Business Decisions

Driving Better Law Firm Business Decisions with Six Sigma

When the recession of 2007 sent the legal sector reeling there was a tremendous drop in billable hours and a significant loss of legal sector jobs. Following a quarter century of enormous boom in business, law firms were suddenly faced with a retracting market. Competition between law firms grew tremendously, with big law fighting over the same pool of potential clients. More ... Read More »

The Science behind Law Firm Lead Generation

The Science behind Law Firm Lead Generation

“Comfort can breed complacency,” according to Nick Araco, senior director of growth strategies and business development for Drinker, Biddle & Reath. Mr. Araco shared these views during the LexisNexis® Interaction® webinar titled: “Generating Leads and Introductions the Right Way ,” alongside co-presenter, Mo Bunnell, president of Bunnell Idea Group. According to these gentlemen, research shows, people, especially attorneys, tend to ... Read More »

The New Face of Law Firm Marketing and BD

The New Face of Law Firm Marketing and BD

Law firm business development is getting a facelift in 2016 according to Matt Thompson. In an article for LawFuel titled, 6 Ways to Shake Up Law Firm Business Development in 2016, he cites a two key factors:  A fiercely competitive legal market along with a fundamental shift in how law firms buy legal services. The outcome is motivating law firms ... Read More »

BD: The Causes and Solutions to Slow Law Firm Growth

The Causes and Solutions to Slow Law Firm Growth

Three key aspects are the underlying reasons for slow law firm growth, according to Laura Meherg, a founding Partner with the Wicker Park Group.  She’ll be presenting at the first-ever LexisNexis® InterAction® business development conference – LexisNexis Accelerate – in March 2016.  We caught up with her to ask her a few questions about the state of BD in the ... Read More »

YouTube Friday:  Quantifying the Value of Client Retention

Quantifying the Value of Law Firm Client Retention-2

A new promotional video from the LexisNexis® InterAction® team underscores the significance relationships have on client retention.   More importantly, it expresses the significance client retention has on law firm financial health: “If you don’t know who your clients are then relationships are at risk and strategy is meaningless.” For most observers, the concept isn’t a stretch and we’d venture the ... 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 »