Tag: Value

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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
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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

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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:

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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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