LawVision

By Yvonne Nath and guest author Cole Silver, Chief Client Officer at Blank Rome LLP You can detect a firm’s culture through its cultural artifacts and practices. Cultural artifacts are physical evidence, such as posters on the walls, the website, and what people wear; practices are the routine behaviors, such as how people interact within meetings, how they handle conflict, and what they celebrate and reward. A law firm’s artifacts and practices appear at numerous…
Financial Performance Diagnostic Metrics and accountability are essential parts of your law firm’s performance. But not all are created equal, nor do all have the same impact on your firm’s bottom line and your specific profit destination. Some are out of date with today’s pandemic-led legal environment, while others remain dormant, underutilized in firm operations. To help firms think about these ideas, I recently developed a law firm financial hygiene diagnostic, with the assistance of…
By now, your firm and its lawyers have decided whether or not it is appropriate to reach out to clients and prospective clients for business development purposes.  For those who have decided that outreach is in order, decisions also have been made about whether the best channel for doing so is phone, e-mail, virtual conferences, USPS mail or some combination of these. For those who have determined to, and how to, reach out, the next…
We have the opportunity to work with many great partners from many firms to help them with their relationship-building and sales pursuits. One thing has become crystal clear—no matter how skilled at rainmaking many are, from time to time they run into roadblocks. Our job as coaches is to help them steer around these roadblocks to new avenues of opportunity. The more sophisticated the partner is at selling, the more sophisticated the roadblock may be.…
As I referenced in my March blog, there has been a shift in law firms over the past few years from individual-focused business development initiatives to team-oriented programs and we expect this trend to continue. One area that has been of particular interest to firms of all sizes is the development of an industry team go-to-market strategy. Also, in my March blog, I promised that I’d begin sharing some examples of industry team best…
Our LawVision Covid-19 Recovery Playbook is packed with actionable advice. One of the top ten recommendations is that “Firmwide practice group leaders need to know how to lead and manage in a virtual world — a goal that requires a whole new set of skills.” Yet, on a recent video call, one of the attendees from a major firm commented: “Our practice group leaders were not leading well when they were live with their members. …
Profitability Survey Background To help law firms think about profitability strategies and best practices, we recently finalized our second annual profitability survey with Iridium Technologies. We received 101 responses from managing partners, COOs, CFOs, pricing chiefs, and other law firm stakeholders. Below I describe the summary of those results (to participate in the survey and receive detailed results, see this link). Industry Context Last year, when we issued our first profit survey report in…
Okay, you planned to go to an industry conference to do some much-needed networking. You had high hopes of meeting new people, securing some leads for exciting work, and establishing yourself as a thought leader in the industry. Unfortunately, The Coronavirus got in your way. The conference was cancelled, and you missed out on valuable networking opportunities you had hoped to have while there. Now, what can you do to moderate the loss, salvage the…
It’s been a crazy three months and we’re not out the woods yet on the COVID-19 crisis, but by this time all well-run law firms have 1) figured out how to keep functioning and serving their clients virtually and 2) at least begun thinking through the myriad issues associated with reopening their offices.   We are in the early days of the “Cautious Recovery” stage outlined in our Recovery Playbook some weeks back.  Businesses are beginning…
By Yvonne Nath and guest author David Kearney, Legal Project Management & Pricing Administrator of Dentons Cohen & Grigsby PC Meetings reflect your firm’s culture. How internal meetings are managed, and their flow reflect a law firm’s culture. By observing meetings, we can discern a good deal about a firm, such as: whether a firm’s stated values match actual behaviors, the quality of communications, formal and informal bases of power, and the ability of…