LexisNexis® Legal Newsroom
Marketing Your Firm’s Legal Services During an Economic Decline

Times are tough for the U.S. economy. Even if your law firm hasn't experienced a decline in business, you've undoubtedly heard about other businesses that are taking a hit. Some law firms have laid off attorneys. Partners are taking pay cuts. Other firms want to merge in an attempt to save...

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...

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...

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...