Law Firm Marketing Consultant : Larry Bodine Law Marketing Blog : Law firm marketing, legal marketing, attorney marketing, business development, sales training, practice development, training, marketing consultant, legal consultant, individual lawyer coaching, business development, client team, practice development, business development, law firm coach

This year the prestigious Marketing The Law Firm 50 will focus on business development.  You have until September 24 to get your submission in.

"I would have to say that in looking at the landscape of what law firms are thinking about, it seems that everything circles around the bottom line — and that would be defined as business development and the retention and expansion of existing client work. For business development to succeed, a sound marketing strategy is essential. With that backdrop, this year’s MLF 50 will be all about the intersection of marketing and business development with most of the emphasis placed on the strategies firms are using to keep their clients and expand their businesses," said Elizabeth Anne “Betiayn” Tursi, Editor-in-Chief, Marketing The Law  Firm.

Last year, the MLF 50 consisted of submissions and research into most of the AmLaw 100, Second Hundred firms and several firms that did not appear on either of those rankings. In keeping with past practice, firms of 100 attorneys or more are eligible to submit essays.

Law firms of 100 attorneys or more are eligible to enter. Each firm will be required to submit an essay of 2,000 words. The following categories will be used to evaluate each firm:

• Marketing/Business Development Strategy
• Business Development Staffing
• Results
• Commitment
• Advertising and Visual Communications
• Technology
• Client Service Programs
• Outreach

To see the entire list of criteria, click here.

Again, the deadline for submissions is Friday, September 24, 2010. Essays must be sent as a Word document via e-mail to Elizabeth Anne “Betiayn” Tursi, Editor-in-Chief, at elizabethtursi@aol.com. Any firm wishing to send accompanying collateral materials must make a request directly to me via e-mail. The Top 50 Law Firms in the Areas of Marketing and Business Development will be announced in the November issue of Marketing The Law Firm.

• Email This
• Print
• Comments
• Trackbacks
• Share Link

From the Orange County Register:

William Lobel is a bankruptcy attorney whose well-heeled clients are facing one of life's more difficult realities. They owe more than they can possibly repay and their creditors have run out of patience.

Lobel has learned over 40 years of representing debtors in bankruptcy court. Despite the experience, the connections, the seven-year stretch on the list of Southern California Super Lawyers by Los Angeles Magazine, Lobel, 67, was hit by mandatory retirement from Irell & Manella LLP in Newport Beach in 2008.

So he corralled the ocean-side corner of the top floor of that law firm's offices for his new venture, The Lobel Firm and continued doing what he had done since the 1970s. Lobel clients have assets and debts in the eight and nine figures. He claims his $950 hourly rate is the highest in Orange County. Competitors tend to agree.

For similar stories about lawyers leaving big law firms to start their own firms, read:

http://abovethelaw.com/2010/08/a-hot-new-trend-leaving-biglaw-to-start-your-own-firm/

http://www.slate.com/id/2264501
 

http://www.crainsnewyork.com/article/20100815/SMALLBIZ/308159975

Lobel says the high fee helps command the attention of his clients who are used to getting their own way, but those who know him say that it also supports his love of limo rides and cruises and fishing in Cabo San Lucas.

His clients are all over the country and have included some Orange County high-profile real estate developers and entrepreneurs: luxury auto dealer Jim Slemons, Bramalea Builders, surf wear brand Maui and Sons, motor sports promoter and convicted murderer Michael Goodwin. He kept Carl's Jr. founder Carl Karcher and homebuilder John Lusk out of bankruptcy.

"Bankruptcy has become so mainstream in the past two (economic) downturns and so commonplace that the stigma is different now."

"He's been doing it for so dang long. I tell people, if you can get a concentrated hour of Bill's time, it's worth three of his associates'. He's not going to figure out what to do on your dime," said Ron Rus, of the Irvine law firm, Rus Miliband & Smith.

"I interviewed clients before I left Irell and asked them what they like least about doing business with us," Lobel says. "There were two consistent themes: They hated quarter-hour billing and all the extra costs, 50 cents a page for faxing a document, parking."

So Lobel instituted tenth-of-an-hour billing. If a client just has a quick question that takes a minute, he doesn't get charged for 15 minutes, so over the course of a typical bankruptcy the fees are lower. And The Lobel Firm doesn't bill for various costs.

• Email This
• Print
• Comments
• Trackbacks
• Share Link

The labor and employment practice at many law firms has risen as a result of the recent recession, according to a national overview from the Legal 500. “Employee benefits litigation has continued to grow apace, as increasing recognition of the opportunities for lucrative settlements has combined with the economic turbulence of the past two years,” the overview reports.

"Labor lawyers are in demand," the Legal 500 overview states. "Recently there has been a sharp rise in the number of reductions in force and restructurings, with companies requiring advice on how to target potential layoffs in order to avoid claims of adverse impact on any single group of employees. The need for counseling on wage and hour, whistleblower and equal employment opportunity issues shows no sign of slowing down."

“Many employees who have been separated from employment, either from a layoff or an outright termination, find themselves in a situation where they cannot become reemployed,” said Steve Moore, a partner in the labor and employment practice of Ogletree Deakins. “As a result, some have challenged their employers’ reasons for terminating them and alleged a variety of different claims including discrimination, retaliation, and wrongful discharge. This has led to more litigation work for our office in Denver.”

Specific areas seeking more legal activity include:

• Employee benefits litigation
• Employment discrimination based on age, race or retaliation
• Enforceability of non-compete agreements
• Misclassifying employees as independent contractors

Please go here to read more about the story on the LawMarketing Portal.

• Email This
• Print
• Comments
• Trackbacks
• Share Link

There are at least 25 CMO positions that remain vacant at major law firms around the country, according to an informal count by Stephen Nelson, Managing Principal of the McCormick Group executive search consultants in Arlington, VA.

Some of them are at firms covered by the LawMarketing Newsletter, which has reported on the new jobs taken elsewhere by CMOs formerly at Thompson Hine, Morrison & Foerster, Gibson, Dunn & Crutcher and Pillsbury Winthrop.  The word is that many law firms are not refilling the top level positions.

Why? "Business development has been very hard to implement at many firms," Nelson said.  It's a known fact that 25% of lawyers can't be rehabilitated to do business development - see Personality: Why 25% of Lawyers Can't Sell. 

"The sentiment at some firms is that they can handle business development themselves," Nelson said. "And they can save on a big salary temporarily."  In a major city like Boston, DC or Los Angeles, a CMO Salary can run from $300,000 to $450,000.  In New York, the salary can be $500,000 or higher.

Nelson noted that in 2009, other departments like Human Resource also got hit very hard at law firms that downsized.  See 2009 was the Worst Year Ever for Law Firm Layoffs, when 12,196 people laid off by major firms.

Nelson believes that CMO hiring will revive this year.  "Firms have gone such a long time with a lean business development staff.  If a partner's pet project is not getting done, or the firm can't get an RFP out in time, then everything changes."  Nelson is one of the few recruiters to helps law firms find partners as well as CMOs.

• Email This
• Print
• Comments
• Trackbacks
• Share Link

Make plans to attend the West Legal Ed program "The New Norm: Understanding How to Thrive in the New Economy," on September 21 in Chicago where I'll be moderating a panel on business development. Click to Register Today.

Now in its third year, this unique one-day conference, in partnership with the College of Law Firm Management, the Association of Legal Administrators and the Chicago Bar Association, is designed to be a frank and candid discussion of the practice issues facing Midwestern law firms.

The program runs from 9:00 AM - 4:00 PM at the The Chicago Bar Association, 321 South Plymouth Court, Chicago, IL.

Why you should attend this conference:

• Learn the best practices of successful law firms and how to increase revenues in a tough economy
• Take steps to position your firm for future growth and success
• Integrate the top talent leaving major law firms into your practice
• Create a viable succession plan
• Protect your equity interest in the firm
• Make sure your firm succeeds after a rainmaker departs
• Learn how to protect client interests
• Meet and network with colleagues and potential clients
• Ensure that you comply with state bar

Stay till the end when I'll moderate a panel on "Business Development in the New Normal – Effective Ways to Build Your Law Practice" with rainmakers Fredric D. Tannenbaum, Managing Partner, Gould & Ratner, Chicago, IL; Enrico Schaefer, founder of Traverse Legal, PC, Traverse City MI, and Kevin Thompson, Partner, Davis McGrath, Chicago, IL

Click here for more information.

• Email This
• Print
• Comments
• Trackbacks
• Share Link

In the harshest job market I've seen in my lifetime, career consultant Kate Neville says there are jobs to be found in employment law, healthcare, technology transactions and corporate compliance.

In an article on the LawMarketing Portal she also offers key tips for attorneys to getting a job in the private sector, federal government, and outside of law practice.

Emphasizing the importance of business development skills in getting a job, she notes:

• Attorneys at all levels were laid off from law firms across the country, from first year associates to equity partners whose firm management decided that they were not bringing in their share of business.
• The business model of large law firms has changed, so that — in contrast to prior downturns in the legal market — many predict that the legal jobs eliminated in the last two years are not coming back.
• Clients have begun to object to legal fees increasing faster than other expenses. Law firm management has been motivated to maintain or increase their profits per partner , so hiring of attorneys who do not have business to bring with them remains down across firms.

Recently, other areas within the law have begun to pick up, and private employers—both firms and in-house — are in fact hiring lawyers to fill these needs. She identifies the several areas that recruiters say are in in demand and offers tips to help attorneys looking for a job maximize their chances of landing one.  See http://bit.ly/93QWkY for the full article.

• Email This
• Print
• Comments (1)
• Trackbacks
• Share Link

According to a new survey by Inside Counsel magazine, the following practice areas increased in volume the most—or experienced little or no change -- during 2009:

Growing

1. Corporate Governance

2. Labor and Employment

“A lot of things from the new administration are just hitting now. We’re going to see that continue.” – Ron Peppe, vice president, legal and human resources, Canam USA

3. Litigation

4. Regulatory

5. Intellectual Property

 “IP has become more important to everybody, whether it’s GM and whether [its employees] are authorized to use the word Chevy … or my company protecting creative rights for fashion.” – Lorraine Koc, vice president and general counsel, Deb Shops

Slowing

1. Antitrust

2. Environmental

3. Securities & Finance

“While the economy appears to be on its way back, it’s not as if we’re back to the bullish days of years ago. Financing is difficult.” – Karl Racine, managing partner, Venable

4. Mergers & Acquisitions

“Everyone is waiting for the dust to settle and see where the businesses will end up at the end [of the recession].” – Elizabeth Large, vice president and interim general counsel, Knowledge Learning Corp.

5. International

Inside Counsel surveyed more than 550 senior legal executives on the current state of their legal departments, as well as the evolution of their relationship with outside counsel.

For a full report on the survey, visit the LawMarketing Portal.

• Email This
• Print
• Comments
• Trackbacks
• Share Link

US News & World Report has announced that the publication will drop their controversial effort to rank law firms and will instead adopt an alphabetical listing in a "tiered" rating system instead. The "best law firms rankings will be published alphabetically within tiers rather than as a numerical ranking.

"They finally reached the conclusion that the validity in such a ranking system is flawed: "firms were often separated by small or insignificant differences in the overall score."  This was just one of the major concerns with the proposed ranking system," said Hilary Guthrie, Director of Planning and Business Development at Harris Beach PLLC in Pittsford, NY.

Nearly 2,000 law firm marketing directors and administrators fell prey to the latest in a serious of meaningless rankings, by feeding information to the magazine. It's too bad. They should have read Only 3% of Legal Work is Influenced by Directories. See also Do Chambers Ratings Matter? NO. "Only private practitioners refer to these directories. Business leaders/owners and in-house counsel are not influenced by them," Guthrie said.

Here's the catch: to be considered in the US News ratings, a law firm must be included in yet another directory: to be eligible for a metropolitan area rating, a firm has to have at least one lawyer listed in Best Lawyers.

So how do you get into Best Lawyers? Pathway No. 1 is to be in it already. Every lawyer in the previous edition is nominated for inclusion in the next edition. It's not different from a self-perpetuating club. The public can "nominate" lawyers, but they don't count very much, according to the Best Lawyers FAQ.

Pathway No. 2 is to have a lawyer nominate you. However, the voters for existing lawyer categories consists of all lawyers who are currently listed. As a result, many "best lawyers" are members of the older generation.

The US News effort is basically a clumsy ploy to sell ads, magazines and directories. Described most generously, it is a cross-marketing effort between two directories trying to survive in a market where directories don't matter.

The U.S. News-Best Lawyers Best Law Firms rankings, are scheduled to be released on its website in mid-September. Everyone who loves a popularity contest will be sure to read it.

• Email This
• Print
• Comments (2)
• Trackbacks
• Share Link

• Email This
• Print
• Comments
• Trackbacks
• Share Link

I just came from an in-person meeting of a local LinkedIn group I belong to. The speaker was author Gordon Miller of Dovetail Solutions in Denver.  He said if you send in a resume to get a job, your chances of getting hired are in the single digits.  Instead he said you should send a one-page business proposition document addressed to the department head or decision-maker. Skip HR.

In the pre-recession days, there were job descriptions, and people would recite their experience and education to fit into the box.  This rarely exists any more. With revenue down by 40% to 50% for many businesses, the CEOs want "fresh thinking." They can't articulate what it is, but they know it when they see it.

Your resume showing your experience and degrees points to the past. However a value proposition letter points to the future. It has 3 paragraphs:

#1: Demonstrate that you know the company's business.  Start by writing, "My opinion is that your company can leapfrog over the competition in the following ways." Describe how the company makes money, its products or services and its competition. "The goal is to distinguish yourself," Miller said, adding, "do not attach your resume to this document."

#2: In three bullet points, write one-sentence specific ideas of how you can bring value to the company. This can be how to change a process, increase collections, open a new market or bring a best practice. Don't say that you are a team player, organized and work well with others. This is not value. Offer ideas on how the company can make more money.

#3: End with a call to action. Suggest a time and date for an in-person meeting. "It will make the company say, 'It's worth talking to this person. We'd like to hear what he has to say."

The idea is to create a disruption by offering creative ideas. Miller has trained 700 people on how to get a job and written business books like Quit Your Job Often and The Career Coach.  You can see a video of the talk I saw him give by visiting http://www.ustream.tv/recorded/7727159

• Email This
• Print
• Comments (1)
• Trackbacks
• Share Link