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Tag Archives: law firm strategy

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 »

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 »

6 Ways to Promote Innovative Thinking in Legal

6 Ways to Promote Innovative Thinking in Legal

Note:  This post was contributed by David J. Galbenski. As law firms are challenged to do more with less, innovative thinking wins the day and beats the competition. When statistics show momentum slowing in revenue and profit growth for law firms, it’s time to strategize and take risks – something familiar to most business owners, but unusual for firms. If ... Read More »

Fixing the Gender Gap in Law – And Beyond

Fixing the Gender Gap in Law – And Beyond

Note:  The following is a guest post by Monica Bay. It’s no secret that our legal profession faces an embarrassing dilemma: There is a 17 percent pay gap between men and women across the profession and an 18 percent gap in Big Law. But take some solace – we’re not alone. In Silicon Valley technology shops, women constitute only 20 ... 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 »

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 »

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 »

New Study:  Emerging Story of Law Firm Business Development

New Study Law Firms Emphasize BD Ways and Means Vary

Competition among law firms is fierce. It’s so fierce that in a newly published survey of 400 law firm marketing and business development (BD) professionals, 52% said competition is the #1 barrier to law firm growth.  Law firms large and small were well represented in the survey: 1-50 attorneys:  18% 51-200 attorneys: 30% 201-500 attorneys: 24% 501+ attorneys: 28% As ... Read More »