3
7. Half of legal marketing budgets are wasted (and the other 50% useless).
Because much of the legal press is focused on six-figure starting associate salariesand seven-figure profits-per-partner, legal marketing mavens will face an uphillclimb. Buying full-page vanity ads in glossy legal publications is easy for theagency and the firm, but essentially ignored by every GC I’ve talked with whenmaking a purchasing decision. And when you take a close look at most law firmweb sites or marketing brochures, you see little that’s of true interest to clients.
8. A few firms start firing Legal Marketers and promoting client service.
Clients don’t care about the firm, when it was founded, or where the partners wentto law school. They want to hear from other managing counsel about firms whodid actual work well for a matter exactly like they have right now. Some call it“referral marketing” although it’s not really marketing at all. It’s doing a good job, communicating well, and knowing what the client is really paying for. Alllarge law firms have smart people in sharp clothes that do good work. So what’sthe difference? (If you’re in a firm, I know, but that will cost you…).
9. The Client Partner is the true economic unit.
The real value in law firms is a rare breed: the partner who gets and keeps clients,attracts the best lawyers to the team, and develops them in the process. For thefirms that think it’s the “brand” or the longstanding “reputation” or the “globalplatform,” I have a simple test. See how many major matters come into your firmthrough your main reception desk. Here’s the mythical conversation: “Hello,BigLaw Firm, yes, this is Janet GC of MegaCorp and I need a securities lawyer.Who? Doesn’t matter, anyone will do. Just connect me, please.”Right…Which leads to #10, which could be sub-titled: “Why bother with a firm when youcan cherry-pick a partner or two?”
10. More law firm mergers (and less that make long-term sense).
There have been a few mergers announced in late 2007 that will (potentially) closein 2008. One, involving the Husch and Blackwell firms, has a distinct Midwestfeel; the other, involving Mayer, Brown and Hong Kong, more global. I wishthese firms well, but as we saw in number 9, law firms are no longer the major
Leave a Comment