One disclaimer: This post addresses a project I’ve been working with; if you’re looking for impartiality, keep on going.
The meltdown in the markets have touched every segment of business. It used to be said that law firms can profit in any environment… there is after all, restructuring, litigation and a host of other issues that arise during difficult financial times. Conversations I’ve had with unnamed colleagues at biglaw firms indicate the ride is over.
As I worked on the ACC Value Challenge, it became clear that law firms must change their 25 hour day billing practices and focus on providing clients with value. During my time at Skadden, I had heard about client grumblings from senior partners. Perhaps it was the stories on Above the Law about foolish summer associates.
Now that the economy is tanking, several firms actually have to provide returns from their marketing and business development efforts. A host of legal marketers, several of whom garner my respect and admiration, focus on SEO, blogging and improved site development. Not to diminish these important tasks, there is a fantastic tool to help market your firm and differentiate yourself from competitors: provide value!
I had a conversation with Michael Roster (formerly of MoFo, Golden West Financial and Stanford University) concerning alignment of outside counsel with corporate needs. What a concept! As a managing partner or business manager, wouldn’t you look to cut overhead and recruiting costs and return better results for your clients? I spent a lot of time at various agencies; one of my key mentors, a former litigator, hammered into my head the importance of service. Perhaps profit-per-partner clouded their business judgement?
Future posts will cover how (imo) law firm’s can change their model, be profitable and market themselves based on value-driven reputation.
0 Responses to “Change Management: Law firms must drive value”