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.
abovethelaw.com
Just a thought…
Issue 318 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: https://bit.ly/3zHxRpw
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.
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:
Looks to be sound advice to me – so go take a look at the post!
Photo credit to Siora Photography on Unsplash
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.
Loved, loved, loved the article on abovethelaw.com 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
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!
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
Loved this article by by Chase Thiel, Julena M. Bonner, John Bush, David Welsh, and Niharika Garud in Harvard Business Review.
Take away – monitored employees are substantially more likely to break rules:
So how does that work with knowledge workers having to account for their time every 6 minutes?
If you are looking for some examples of how you can build trust with your clients/customers, then there are some great tips in the latest Holden Advisors blog post – ‘What Leaders Can Do to Build Trust‘.
Definitely worth a read.
Photo credit Joshua Hoehne on Unsplash
Random Thoughts On The Business Of Law 