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This article was originally published through PinHawk’s Legal Administrator Daily on June 10, 2020. Nearly every practice group has a marketing plan. Many leading practice groups take it a step further and develop an entire business plan. This may include goals for client base, market position, talent acquisition, financial performance and more. In the past, it was sufficient to go through this process annually with maybe even some two-, three- and five-year goals thrown in…
This article was originally published through PinHawk’s Legal Administrator Daily on September 1, 2020. The best use of any sales coaching investment is with the individuals at the firm who are both interested in continuing to build their business development skills and who are already successful at business development. This includes rainmakers. In fact, rainmakers, with some framework and direction, may increase their book of business to even more significant levels. This is not to…
This article was first published on September 23, 2020 by law.com’s Legaltech News: https://www.law.com/legaltechnews/2020/09/23/captive-lpos-the-right-type-of-subsidiary-for-your-law-firm/  A wholly owned Captive LPO will be more closely tied to the strategy and culture of the parent law firm, but it’s not the only model that can address the goals and provide the benefits of having a law firm subsidiary. —– Law firms, in response to the more-for-less value challenge posed by buyers of legal services, are exploring different organization…
This article was originally published through PinHawk’s Legal Administrator Daily on May 18, 2020. Whether it’s COVID-19 or another current pressing issue that provides a firm’s lawyers with an opportunity to reach out to clients, be mindful to differentiate your firm from others who are delivering similar messaging. We see the need for firms to focus on this particularly in light of the fact that e-alerts, blogs, and other notifications are delivered to clients’ inboxes…
This article was originally published through PinHawk’s Legal Administrator Daily on July 20, 2020. Many law firm professionals aspire to be leaders at either the practice, department, office, or firm level. As we know, there are more not-so-great leaders than there are great leaders. In today’s quickly-changing world facilitated, where the pace of change has been further accelerated by COVID-19 and social unrest, clients are calling on law firm leaders to live up to their espoused values.…
This article was originally published through PinHawk’s Legal Administrator Daily on August 11, 2020. Below are suggestions for consideration when choosing clients to include in your firm’s client feedback program. When considering these criteria, it is also useful to examine clients/referral sources over a five-year look-back period to uncover any additional trends. Selection criteria to consider: Succession planning.  Building strong client relationships takes time.  For partners who are retiring within the next five years, we…
By Silvia Coulter and Steve Bell This article was originally published through PinHawk’s Legal Administrator Daily on August 17, 2020. Studies in the legal market consistently show that most client team “programs” are not doing well and that many firms do not even have a focus on key clients. Here are some quick bullet points to consider for enhancing the firm’s client team strategy. To Do or Not To Do Regardless of firm size, the…
I recently wrote about the outcomes of our most recent 30 law firm merger & acquisition projects <link> within the context of a clear uptick in activity and our prediction of increased activity over the next few years.  Within that article, I observed that: Statistically, based on our sample, 1 in 10 working concepts make it to a viable transaction. Then, one in two of our serious conversations (roughly) end up in a deal. This…
Your Performance Orientation In my last blog entitled Your Financial Performance Scorecard (link), I discussed four profit areas for law firms: (1) successful pricing and production, (2) effective financial hygiene, (3) balanced overhead and expense management, and (4) smarter reporting and signaling. In that blog, I also introduced the idea of a financial hygiene diagnostic scorecard to help tie these ideas together (to review this diagnostic, navigate here). In today’s blog, I…
This article was originally published through PinHawk’s Law Firm Marketing Brief on July 27, 2020. The national conversation about racism and the need for social justice reached a boiling point after the death of George Floyd in May. Since then, law firms have been ramping efforts around what they can do to demonstrate their commitment to eradicating racism, and, within their organizations, how to support attorneys and staff of color. There are myriad ways to…