A salute to more and more firms on the lookout for metrics. Steve Bell, chief client development officer at Womble Carlyle Sandridge & Rice, monitors the amount of hours an attorney spent on client development. James Stapleton, chief marketing officer at San Francisco’s Littler Mendleson, measures “follow-up frequency” (a percentage of follow-up activities that attorneys plan and execute). I like a client-centered approach: Know what your clients value and measure you up against. Do/deliver that.
And yes, I have always embraced the “net promoter score” (asking clients to report on a 0-10 scale whether s/he is extremely likely to hire you again or not at all likely). So — would YOUR clients recommend you? Read Adrian Dayton’s article in the National Law Journal
Complacency is not an option for law firms, since clients -today more than ever- vote with their wallets (or budgets). Firms need to be on the tip of their toes, I argue in an article in the Law Journal newsletter Marketing The Law Firm. Read article
“The threats are real for traditional law firms in the consumer law space. As the Slater & Gordon success story (judged here in terms of consumer benefits) rolls on, others will follow. We can expect consolidation to gather pace, small firms to sell or be squeezed, much of the time driven by investment markets. Opportunities? Australian law firms are world leaders in innovation; smart entrepreneurial firms will derive lessons from all this.” Read George Beaton’s post
“I find it interesting that we create this facade in the legal industry that everything is unique and different, because then it can’t follow a learning curve,” observed Karen Dunning, senior director of legal operations at Motorola Solutions in the panel “Creating an Information Advantage Through Data Mining and Industry Benchmarks.” Motorola began saving several million dollars per year at the start of this decade by graphing and plotting data from the collected hourly bills of its external law firms. Evan Koblentz of Law Technology News reported from the Legal Tech 2012 in NY. Read article
Copywriting, CRM, website redesign, and reverse APBs – read about what’s going on in the New York Legal Marketing Association (NYLMA)’s Winter Newsletter
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If approved by the Solicitors Regulation Authority (SRA), software and outsourcing firm Quindell Portfolio will buy Liverpool firm Silverbeck Rymer in one of the first takeovers of a law firm under the Legal Services Act. Quindell is intending to create a combined insurance claims outsourcing operation, according to Legal Week’s‘s Chris Wheal.
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Same vision of future for law firms – no third-party investment companies, no insurers to own firm, but a corporatized model. “The task for independent law firms is to make sure we dominate the market and that means capital,” said RJW’s chief executive Neil Kinsella to The Lawyer Read article
Yingke, China’s second-largest firm by lawyer headcount, is continuing its aggressive growth plans with the launch of offices in Poland and Turkey, according to The Lawyer‘s Vanessa Wozniak. Read article
“Einkaufsabteilungen waren vor Kurzem den meisten Unternehmensjuristen noch ein Gräuel. Von der Rechtsberatung verstünden sie nichts, deshalb sollten sie sich heraushalten. Doch viele Syndizi haben nicht länger die Wahl – und erkennen, wie fruchtbar die Zusammenarbeit ist. Kanzleien müssen umdenken, wenn sie im Geschäft bleiben wollen,” sagt Volker Votsmeier. JUVE Artikel “Gemeinsam stark” lesen mit meinem Interview “Wir stehen am Anfang eines Umbruchs”.
“Hill Dickinson and Kennedys have become the latest top 50 law firms to confirm plans to convert to an alternative business structure (ABS), as growing numbers of firms gear up for the ‘Tesco Law’ revolution,” according to Legal Week’s Sofia Lind.
ABSs – a timeline
Nov 2006: Government unveils Legal Services Bill
2010: The Legal Services Board outlines timetable for ABSs to be running by Oct 2011
Feb-Mar 2011: Irwin Mitchell and Co-operative announce ABS conversion plans
Oct 6, 2011: Legal Services Act 2007 is implemented
Dec 23, 2011: Solicitors Regulation Authority (SRA) gains licensing authority status
Jan 3, 2012: SRA begins to accept ABS licence applications
Jan 19, 2012: SRA confirms it has received 65 applications
Late Feb 2012: SRA aims to hand out first ABS licenses
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