Legal Business

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Strategic Planning and Marketing
Posted on 27 Jan 2010 by LexisNexis Legal Business Community Staff

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... Read More

International Marketing Management
Posted on 27 Jan 2010 by LexisNexis Legal Business Community Staff

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... Read More

Client Size and Profitability: Do They Go Hand in Hand?
Posted on 23 Mar 2010 by Kris Satkunas

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... Read More

Client “Deciles” Help Focus Strategy
Posted on 23 Mar 2010 by Ron Paquette

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... Read More

Client Attrition: Tools to Stem the Trickle of Lost Work
Posted on 23 Mar 2010 by Kris Satkunas

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... Read More

Firms Can Control Whether Clients Stay or Go
Posted on 2 Feb 2010 by Kris Satkunas

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... Read More

Cracking the Acorn Theory: Do Small Clients Grow To Be Big Clients?
Posted on 13 Feb 2010 by Ron Paquette

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... Read More

Clients Still Hire Lawyers Not Law Firms, So Get Off Your Duff!
Posted on 8 Jul 2011 by Tom Kane

Over the years I have met many a lawyer who wasn't into marketing or sales. The reason: the firm will do it. Well, the firm can't do it. Individual lawyers must, because clients continue to hire lawyers, not law firms. In a recent article... Read More

Client Feedback Pointers
Posted on 11 May 2011 by Tom Kane

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... Read More

  • Blog Post: 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...
  • Blog Post: 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...
  • Blog Post: 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...
  • Blog Post: 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...
  • Blog Post: 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...
  • Blog Post: 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...
  • Blog Post: 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...
  • Blog Post: 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...
  • Blog Post: Clients Still Hire Lawyers Not Law Firms, So Get Off Your Duff!

    Over the years I have met many a lawyer who wasn't into marketing or sales. The reason: the firm will do it. Well, the firm can't do it. Individual lawyers must, because clients continue to hire lawyers, not law firms. In a recent article entitled "How to Make It Rain By Marketing...