LexisNexis® Legal Newsroom
Potential of Integrating Lateral Non-equity Partners

It is no secret that the integration of lateral talent into a law firm often results in a bumpy ride for the firm and the lateral lawyer coming aboard. A study by The Redwood Think Tank emphasizes the profitability gains that can be realized from taking a more strategic approach to lateral integration...

Strategic Planning and Marketing

Marketing should be part of any firm's strategic plan. But this can be effective only if the marketing plan includes the situational analysis and goal-setting process described in the previous section, and if the firm has a clear understanding of the application and benefits of law firm marketing...

International Marketing Management

The impact of economic globalization can be seen everywhere in the United States. Virtually all states have subsidiaries of foreign companies and manufacturing plants. More and more American companies, including small to medium sized ones, engage in overseas business in the form of either manufacturing...

Firms Can Control Whether Clients Stay or Go

While the managers of professional services firms often view market pressures as the driving force that determines whether clients remain loyal or choose to shop elsewhere for added services, a study by the Redwood Think Tank indicates that firms have tremendous sway over which clients become long-term...

Don't Go Blindly into that Law Blog

Blogs are particularly attractive to small firms with limited marketing budgets because they are less expensive than traditional forms of marketing. Niche practices can benefit as well, because they allow an attorney to promote his or her expertise in a particular area. Their growing presence and influence...

Cracking the Acorn Theory: Do Small Clients Grow To Be Big Clients?

Many law firms have a theory. Winning a small amount of work from a desirable client can be a good way to bring that client into the firm’s fold and begin a new relationship. Over time, the theory goes, if this client is nurtured properly, it can be coaxed to provide increasing amounts of work...

CRM Solution Creates Business Development Opportunity

Porter & Hedges is one of the last re­maining mid-sized firms in Houston with 100 attorneys that regularly vies for busi­ness with much larger multi-office firms. To level the playing field as smoothly as possible, the firm embarked on a plan to improve its business development in­frastructure...

Client “Deciles” Help Focus Strategy

Research conducted by the Redwood Think Tank confirms what many business consultants tell law firm managers — that they should be judicious in devoting resources to small clients. Data indicates that small clients rarely grow into large clients and perform worse than large clients across multiple...

Client Attrition: Tools to Stem the Trickle of Lost Work

One of the best ways to hone a firm’s business strategy is to dig deeper into the assumptions relied upon to devise that firm’s business strategy. At the Redwood Think Tank, we reported not too long ago that law firms, on average, lose work from existing clients at the rate of 1% per month...

Client Size and Profitability: Do They Go Hand in Hand?

Concentrate on your key clients – a familiar mantra to many a law firm manager looking to boost the bottom line. But which clients should a firm designate as key? Where do you draw the line? Firms derive the vast majority of their work from their largest clients. But an ironic–and sometimes...

Client Service As a Business Development Strategy

Doing Good & Building Your Practice Big Time Creating and fostering excellent relationships is the key to becoming a rainmaker. Providing existing clients with extraordinary service is every attorney's and law firms' ticket for prosperity. Client Service by the Numbers Providing...

Optimize Your Small, Specialized Law Firm

A few simple rules that you probably didn't learn in law school can take the hassles out of your day-to-day practice management tasks for a better business outcome Most law schools will teach you how to be an attorney-but not how to build a viable practice. The day-to-day realities of managing...

Leverage: The Secret to Increased Profitability

As most legal professionals have discovered, many of the cultural distinctions that have long separated law firms from the business world, when examined more closely, have turned out to be based upon myth rather than the realities of practicing law. One of these myths is that leverage does not significantly...

A Radical Future For The Legal Industry?

Rory Webber, Martindale-Hubbell Connected's Marketing & Community Development Manager interviews legal journalist and MH Connected member, Richard Parnham. In today's difficult economy, many law firms are focusing on how to survive over the next few months. But good times will - hopefully...

Will the Future Associate be a Contract Employee?

The future of the legal profession is full of uncertainty. Will the old habits return as they did after previous recessions, or will these changes be permanent? No one knows for sure, but there are some possibilities and trends to take notice of. Cost Cutting: First of all, corporations have become...

The biggest mistake lawyers make when trying to develop new business

The biggest mistake most lawyers make in developing new business is that they don't listen. In a shocking turn of events, they talk too much. Experts agree that when you are building business relationships, you should spend 50% to 80% of your time listening. But when lawyers meet potential clients...

7 Mistakes PI (and Other) Lawyers Make When Marketing

A lot of mistakes made by lawyers when it comes to marketing and business development are pretty simple, and simple to overcome. They just must be recognized and dealt with. A reader sent along an email, which led me to an article by Kenneth Hardison of the Personal Injury Lawyers Marketing and Managing...

The top ten ways for lawyers to increase client satisfaction

In the current economy, other lawyers will be coming after your clients. Every lawyer would therefore be well advised to increase client satisfaction and protect the relationships that ultimately pay your salary, bonus, and rent. You can't make clients too happy. Review these best practices from...

Case study of a law firm failure… and its aftermath

The final demise of the British firm Halliwells, reported last week in the on-line edition of The Lawyer , is a good case study in the financial failure of a law firm. The Lawyer summarized the factors that led to Halliwells' failure earlier this month . The failure and breakup of Halliwells is...

How to Add Value to Your Firm: The Art of Rainmaking

Too many small firm and solo lawyers believe they are not natural marketers. The reality is that there is no one personality type that makes a successful rainmaker. But marketing does require far more planning than the typical "random acts of golf and lunch" that ultimately have unimpressive...

Client Feedback Pointers

Seeking client feedback is not only important for every law firm, but it needs to be done right. Following a recent post of mine on the topic, my friend Stacy West Clark raised some issues that got me to thinking about the Who, What, When, Why's and How's of getting client feedback...

Do More Than Expected, Nothing Less

Make sure to do more than expected for your clients (and referral sources). But, really make sure to never do less than they expect. While traveling to Buffalo on business, I rode in from the airport with a cab driver who asked when I would be flying out, and offered to pick me up at my hotel...