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...

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...

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...

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...

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...

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...

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...