One employee retention strategy for law firms to consider: Kill the billable hour!

Any law firm looking for innovative, ‘out-of-the-box’ ways to retain their lawyers during this period now known as The Great Resignation could do a lot worse than take onboard a Faegre Drinker Biddle & Reath midlevel associate’s comments on the billable hour in the recently published American Lawyer’s 2022 Midlevel Associate Survey:

The billable hour is a cancer that will slowly eat away at you if you don’t get away from it quickly enough.

Just a thought…

#ICYMI – Weekly Digest 317

Issue 317 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.

Alistair Marshall’s ‘5-5-5 rule’

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Enjoyed reading Marie Russo’s post with my old mate Alistair Marshall on the NEXL blog this week: ‘Winning Clients – 5 Actionable Insights From NEXL Business Of Law Expert, Alistair Marshall‘.

Key take-away for me from this article was learning about Alistair’s ‘5-5-5 rule‘ which, to quote Marie, means:

  • focusing on your relationships with your top 5 paying clients,
  • your top 5 prospects, and
  • your top 5 referrers.

Looks to be sound advice to me – so go take a look at the post!

Photo credit to  Siora Photography on Unsplash

Quote of the Week – ‘Sell premium’

Thailand’s hotels, businesses and private hospitals should refrain from offering big discounts to lure tourists and focus instead on raising the country’s value as a premium travel destination

Deputy Prime Minister Anutin Charnvirakul

A lot law firms can take-away from this – especially if we are heading into a recession.


Napping Can Make Lawyers More Productive…

Loved, loved, loved the article on today that ‘Napping Can Make Lawyers More Productive‘.

Read the article, it’s a gem and Jordan Rothman is my new bestie. I particularly liked:

Management might consider being more open to napping in an office. So long as attorneys meet their billable hour requirements, why should management care what attorneys do while they are in an office? 

I’m sure many of us would agree!

Photo credit to  Michelle Middleton  on Unsplash

“Why is profit a bad word?”

If you are struggling to find an answer to that question, then can I suggest you read Mark Ritson’s column in Marketing Week from 16 Sep 2021, paying particular attention to:

The discount death spiral

And then there is the long, often fatal death spiral that follows the over-reliance on discounting that comes with time. You do it. Your competitors do it. You do it some more. Your customer starts expecting it. And then, only then, do you start to glimpse the reason why price setting is so important to marketing and business.

Enjoy the day!

#ICYMI – Weekly Digest 315

Issue 315 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