Do you know what your firm’s Average Selling Price is?

At Kmart they know that the average selling price of a product is around $7 – as random as that may sound, knowing data like that is gold.

Why?

Well in law firm world, if you want to:

  1. win an ego contest, tell everyone what your hourly rack-rate is;
  2. stay in business, know what your, and your team’s, Average Realised Rate.

Because your costs calculated against a rack-rate is monopoly money – but costs calculated against your ARR might just help you pay out some bonuses this year!

As usual, comments are my own.

rws_01

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!

rws_01

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.

rws_01

Source: MPF 2022 Fall Symposium: