Quote of the Week – 11.11.2022

This week’s Quote of Week comes via Tom Curry, Managing Partner, Lenczner Slaght on Slaw – A Managing Partner’s Perspective on Legal Marketing:

I also think it’s important for lawyers to remember that marketing and business development is a long-term game and consistency is key. You never know when your efforts will pay off, but they absolutely will if you keep at it.

Tom Curry, Managing Partner, Lenczner Slaght

4 Ways to lose an in-house customer in 30 days or less!

Really enjoyed reading a post by Meyling “Mey” Ly Ortiz – in-house at Toyota Motor North America – on abovethelaw.com on the ‘4 In-House Pet Peeves Of Outside Counsel‘.

At first glance all 4 ‘peeves’ seem so obvious.

But that got me thinking: How many law firms have been dropped from legal panels for these offences?

The Business Developer in me thinks: Enough to make it worthwhile remembering what the four are:

  1. Lack Of Responsiveness
  2. Not Meeting Deadlines
  3. Last-Minute Requests
  4. Talking Down To Us

and take the time to read Mey’s post – you won’t regret it!

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photo credit Natalie Pedigo on Unsplash

What’s money go to do with it? [Graph] – Or: Why most law firms struggle to attract and retain lawyers

What is the primary reason a newly admitted attorney should join your
firm?

Note the complete lack of responses for “Money now”. Even “Future economic rewards’ scores low.

Then take a look at:

From the list below, what is the primary KPI your firm uses to
measure and monitor associate performance?

Thought provoking – no?

As usual, comments are my own.

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Source: MPF 2022 Fall Symposium:

How sticky are your firm’s key clients?

Interesting take-out from the MPF 2022 Fall Symposium:

Fifty percent (50%) report that they are “very concerned” about the concentration of client relationships among senior lawyers. Another 36% are somewhat concerned. Yet, only thirty-five percent (35%) have plans in place to help transition senior lawyers toward retirement.

Which begs the questions: ‘How good is your law firm’s Key Client Account Program?‘; or, probably more importantly: ‘What processes do you have in place to ensure the clients of your firm are firm clients, not partners of the firm clients?

And, if you are not sure how to go about securing your firm’s key clients, check out some tips on this from Kim Tasso or Kevin Wheeler.

As usual, comments are my own.

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Q: What’s the average cost of Marketing and BD to a law firm?

A: Many will say between 8 and 10%. Some of the more optimistic may say 15 to 20%. And the pessimistic in the crowd may go as low as 3%.

Very few though would say 0.8%.

Yet that was the finding from the latest PWC law firms survey [2022]:

If data from a P&L statements doesn’t lie, then marketing and business development investment by most law firms is truely woeful and probably goes a long way to explaining why we are where we are…

As usual, comments are my own.

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