Issue 347 of my Weekly Digest of all things going on in #legal #strategy #pricing #vbp #CRM #clients #customers #innovation #BizDev was sent to subscribers earlier today. Check it out here.
ICYMI – Weekly Digest 347
Margin or Volume?
To succeed in the future, law firms need to move away from margin #pricing to volume #pricing.
#FutureOfLawThought #ReadFirstLegal #pricing #price #BizDev #value #vbp #AFA #afas
Q: How many law firms generate more than US$3b in revenue each year?
A: 5.
More or less than you thought?
Probably less for me given this doesn’t seem to include a single Magic Circle firm…
…so I suspect this is another US-based law firm survey.
Interesting as this is: Is it yet more evidence of how far law firms are behind the Big4?
ICYMI – Weekly Digest 346
In case you missed it, Issue 346 of my Weekly Digest on all things going on in #legal #strategy #pricing #vbp #CRM #clients #customers #innovation was sent to subscribers earlier today. Check it out here.
Quote of the Week – 17.3.23 “Stress test”
This week’s Quote of the Week is via Seth Godin in his post ‘Simple techniques for complex projects‘:
Stress test the go/no go parts of the project as early as possible.
Anyone who has done as many tenders as I have would whole heartily agree with that one!
3 stats that should scare the Hell out of law firm BD teams
Citing various industry reports, including both the American Bar Association’s 2022 Tech Report and Clio’s Legal Trends Report, Annette Choti has come up with a list of ‘Five unbelievable law firm marketing statistics that may completely change the way you see legal marketing and how you reach prospective clients‘ over at Attorney at Work.
Annette’s article is a really good read, but 3 of the 5 stats she calls out in her article should have all law firm BD professionals saying: “What the…” and these are:
- 43% of Law Firms Do Not Have an Annual Marketing Budget
- 68% of Clients First Contact a Lawyer or Law Firm via Phone
- Only 53% of Lawyers Say They Are Confident in Running the Business Side of Their Firm
While 1 and 3 above have me scratching my head, 2 made me laugh – invest as much as you want in law firm technology and sales/BD methodology; but make damn sure your reception desk knows who does what!!
If this all sounds too close to home to be true, feel free to drop me a line to talk through how we can fix this up.
ICYMI – Weekly Digest 345
In case you missed it, Issue 345 of my Weekly Digest of all things going on in #legal #strategy #pricing #vbp #CRM #clients #customers #innovation was sent to subscribers earlier today. Check it out here.
ICYMI – Weekly Digest 344
In case you missed it, Issue 344 of my Weekly Digest of all things going on in #legal #strategy #pricing #vbp #CRM #clients #customers #innovation was sent to subscribers earlier today. Check it out here.
ICYMI – Weekly Digest 343
In case you missed it, Issue 343 of my Weekly Digest of all things going on in #legal #strategy #pricing #vbp #CRM #clients #customers #innovation was sent to subscribers earlier today. Check it out here.
Let me know if you want to subscribe.
As usual comments are my own.
ICYMI – Weekly Digest 342
In case you missed it, Issue 342 of my Weekly Digest of all things going on in #legal #strategy #pricing #vbp #CRM #clients #customers #innovation was sent to subscribers earlier today. Check it out here.
Let me know if you want to subscribe.
As usual comments are my own.
Random Thoughts On The Business Of Law 