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5 Key Questions to Identify Your Target Audience
Follow these five easy steps for identifying your target audience and their key characteristics to build your brand and grow your business.
brand  audience  clients 
17 days ago by Adventure_Web
Largest, Most Pedigreed Firms Underperform on Service Quality Compared to Other Firms | The American Lawyer
As to how it’s possible that the largest and most esteemed firms have been doing so well if they are not consistently delivering the best client service, we have a few thoughts.

First, the growing size and profitability of the largest and most pedigreed firms, and their corresponding growth in associate to partner ratios, may have reached a tipping point in the past few years—and until that point this wasn’t materially impacting service quality. On the flip side, some of the firms in the Am Law 21 to 200 only recently reached a size that gave them enough depth of expertise in key practice areas to handle high-stakes work; so there were fewer options for clients looking to deviate from big, branded firms.

Second, switching costs in the legal industry are high—incumbents know the client and have institutional knowledge—so change happens at a much slower pace. Related, some legal matters have long tails and switching firms mid-course is especially difficult. And remember, it is not that the large, pedigreed firms are performing poorly (just, on the whole, not as well as other firms).

This brings us to the third and most important reason for the disparity between firm performance and firm success. It’s that the legal market has an information problem: we don’t know which firms are performing better, so we are forced to default to brand (and high cost) as proxies for quality. But that is changing, as discussed in this Above the Law article. Clients, in essence, are finding out that the blue chip firms of the past are not necessarily the blue chip firms of the present (and future). Likewise, the “insurance” rationale for choosing certain firms for high-stakes work based on historical reputation should dissipate over time (but won’t disappear).
clients  firms  rankings  quality 
17 days ago by JordanFurlong
Big Law partners aren’t dumb: they’re just not in the room (054) | Legal Evolution
Over the following year, Casey wrote his book because he understood something worth restating here today: most clients really do not ask. There are a handful of clients who give very good talks at conferences about the change imperative facing us all. Others give extensive interviews explaining the broad challenges of the industry. Most of this group is in the vocal minority.

From time to time, a scathing denunciation of firm behavior by a client might be quoted with attribution, but the veneer of civility ensures that no names are mentioned. In other instances, clients will register their displeasure through some strongly worded but anonymous comments to reporters about things like associate compensation. For the most part, clients continue to give tepid grades to firms in anonymous surveys and scorecards.

But by and large, the majority of clients aren’t holding direct conversations with their relationship partners at their primary firms about what they specifically want. This much has been apparent for years to close readers of the Altman Weil survey: below is another side-by-side view of how CLOs and law firm leaders have answered the question about corporate pressure on law firms to change.
clients  firms  innovation 
17 days ago by JordanFurlong
Law Firm Panels, Part I: Are They Designed to Fail? | The American Lawyer
While new relationships tend to start off well, that warm glow seems to fade after an initial honeymoon period. Performance tends to bounce back over time (though not always permanently), but even then, the data may reflect what’s known as survivorship bias. Matters on the right side of the chart reflect higher performance in part because of a thinning of the herd, as clients eventually stop working with some of the underperformers.

Now, the post-honeymoon dip (whether a firm is on a panel or not) may not seem like a large difference statistically, and it isn’t for any of the individual metrics. But the overall trend showing declining performance on all measures is meaningful and telling. It reinforces that without effective management, firm complacency or underperformance is not only a possibility, but a likelihood.
panels  consolidation  firms  clients 
18 days ago by JordanFurlong
A Race to the Bottom for the AmLaw 200 and Below? Doesn't Have to Be. | Rainmaking Oasis, LLC
Four significant industry surveys were released in the month of May:  Citi 2018 Q1 Law Firm Survey, the 2018 Altman Weil Law Firms in Transition Survey and the 2018 AmLaw 100 and AmLaw 200 reports. There was some discrepancy in how recent findings were conveyed or interpreted, but they shared several common themes related to demand, revenue and profitability:

Overall, demand growth surged in Q4 2017 and continued in Q1 2018, but collections slowed down, and expenses grew, for many firms negating revenue growth (Citi report)
The elite firms, the largest firms and the most profitable firms continued to pull away from the majority – this was true in both the AmLaw 100 and the AmLaw 200 groups and certainly between the groups:
The AmLaw top 50 reported the best results in Q1: AmLaw 100 saw a 6.3% growth in PPP
15 of the top 20 most profitable firms were based in NY; profit margins for the top 20 ranged from 47-65%
There was 5.5% revenue growth for AmLaw 100 firms in 2017 compared to a .2% decline for the AmLaw 200, although the top firms in the AmLaw 200 group saw an increase in 2.7% which is better but still only half of what the AmLaw 100 average increase was
8 of the second hundred firms had revenue growth of 10% and another 22 had revenue growth of 5%, but 32 firms saw revenue shrink (AmLaw 200 report)
Volatility in the market is still present: 47% of firms saw a decline in revenue in Q1 (Citi report) and 27% saw demand decline in 2017 and Q1; most firms have seen up and down trends in demand and revenue growth from quarter to quarter and year-to-year
The trend immediately following the 2009 fall-out of work flowing to the second 100 firms as a better cost alternative has ceased for the most part
data  firms  clients 
26 days ago by JordanFurlong
In-House Gives Mixed Reaction to UnitedLex, LeClairRyan Legal Services Venture | Legaltech News
“Large corporations look for the ability to holistically address their challenges,” explained UnitedLex CEO Daniel Reed, adding that ULX Partners will allow law firms to provide corporate clients with non-transactional solutions.

Denniston said, “It might help some companies with small legal departments. But outsourcing is not new. This is just a broader expansion of it.”

He said law firms and companies have already been outsourcing to UnitedLex, including his old company GE and his law firm, Goodwin. “UnitedLex is not a secret. It’s not hard to find them. And you don’t have to go to LeClairRyan to locate them.”

Denniston said the venture “may develop into something [of value to GCs]. But based on the announcement, you can’t conclude that.”

Deckelman disagreed. “The value proposition is: the firm lawyers are freed of [many] of the administrative headaches and can focus on higher-value work for clients,” he said. “At the same time, UnitedLex can significantly enhance the law firm’s client service capabilities through leverage of UnitedLex’s technology, process design and project management discipline. “

Deckelman said the UnitedLex technology also could help manage a client’s litigation portfolio, including cases being handled by other law firms.
innovation  sharedservices  it  ethics  clients 
26 days ago by JordanFurlong
CollabrPower of the Quarterly Business Review for Managed Services
Using Quarterly Business Reviews To Grow Your MSP Business
A Quarterly Business Review (QBR) gives Managed Service Provider’s the opportunity to remind your customers the value you are bringing to their organization, align their business goals with your technology roadmap and plan for their future together. As a Master MSP, Collabrance requires this with all of our partners to ensure accountability and continued success.
msp  clients 
4 weeks ago by lukerobinson
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Free SEO research tools
seo  aboundant  todo  clients 
5 weeks ago by rewriter
New Ogletree Deakins Director of Data Analytics Talks Challenges of Labor Data | Legaltech News
What are some of the biggest challenges to working with labor data?

The biggest data challenges are access and reliability. The client simply wants to run the business, and most human resources and IT professionals are already working 40-plus hour jobs. Because everyone is so time-starved, it is sometimes difficult to access data. Clarity in communication and flexibility are essential on our part in order to facilitate an efficient transfer of relevant information.

Reliability of the data can also add to the challenge of providing a cost-effective, reliable end-product. A large portion of our job is to go through the data, identify issues, and rectify them in a manner that results in a consistent, reliable analysis database, what we often refer to as “cleaning” the data.

What are some projects you’re hoping to tackle in working with Ogletree?

That is an excellent question! The projects can be separated into two specific areas: client-facing projects and internal, operations-based projects. The client-facing focus will be any litigation-related opportunities currently being outsourced to consulting firms that do not require a testifying role. This will grow to include capabilities around non-litigation statistical/economic consulting. Ogletree already possesses strong internal groups, particularly those focusing on pay equity and OFCCP/EEO audits. I will work with these groups to enhance their existing capabilities.

For the internal, operations-based projects, my goal is to assist management in identifying opportunities to create greater efficiencies wherever possible. One example would be identifying areas in which data analytics can lead to more productive results.
data  analytics  clients 
9 weeks ago by JordanFurlong
Confusing conversations about clients (048) | Legal Evolution
That said, Type 4-6 clients are heavily constrained by the adoption decision process.  Unlike Type 1-3 clients, where one person makes the buy decision, legal departments have to be much more deliberate. In theory, the general counsel presides over the budget and has the authority to spend it.  Yet, GCs have many items on their plate. Therefore, decisions regarding legal department systems are often delegated to a lieutenant. Because systems are not part of a lawyer’s formal training, the lieutenant has to climb a learning curve. Once an adoption decision is made, successful implementation will likely require major investments in change management. Cf. Post 008 (discussing prevalence of “massive passive resistant (MPR)” in corporate legal departments); Post 047 (emphasizing need for strong leadership to successfully implement law firm scorecards). This can strain the relationship between the deputy and GC.
clients  access  innovation  firms  robo  infographics 
9 weeks ago by JordanFurlong

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