Articles

Turnover is very expensive!

Do you know how much this costs you? When talking with managing partners of the largest law firms, there is a consensus that the number is between $200,000 and $400,000! Yet, there doesn’t seem to be a great consternation about this phenomenon. It’s accepted as a cost of doing business. One managing partner even had a name for it, the “culling process.” Separate the wheat from the chaff, he said. (more…)


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Ethics goes inside

More lawyers than ever, within law firms, are performing ethics and risk management reviews both for their own law firms as well as for corporate clients.  This has become a major practice area for lawyers. (more…)


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General Counsel Buying Habits

In a recent announcement reported by Elaine McArdle of the Rhode Island Lawyers Weekly, Harvard Law School’s Center on Lawyers and the Professional Services Industry, chaired by David Wilkins, said that Harvard was conducting a survey about the issue of how and why in-house counsel hire outside lawyers/law firms.
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Budgeting for Internet Marketing

Professional services firms are spending 15% of their marketing budget on the internet, plus another 26% on in-person events.

This is an interesting statistic, but falls short of the mark. There is no indication what this means in terms of money. Since we don’t know the size of the marketing budget, we can’t relate the percentage to the revenue (and therefore the size of this expenditure).

Also, I suspect that the internet focus is more intense since many of the internet functions can be handled internally, without additional cost to the firm.

Nevertheless, this is some evidence of the increasing importance of the internet to the promotion of the law firm’s brand and business development efforts.


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Use the internet for marketing

A new resource lets you use the internet for internet marketing purposes. Netaim Info promotes the internet as the wave of the future and the best way to keep in touch with clients as well as prospective clients, telling them about your services and offering the latest tips in your field … as well as the challenges and scams to watch out for.  Blogging, podcasts and newsletters are here to stay … for now … and you need to know how to use them effectively. This new resource will help.  Go to our Strategic Allies page and learn more about netaim info. (more…)


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Planners Make More Money

USA Today Snapshots (November 15, 2006) reports the results of a survey about companies that create a strategy for their future. 70% of those companies with a formal strategy in place report better performance than their competitors … compared with 27% of those companies without a formal strategy.

And an equally shocking result:  95% of the companies don’t tell their employees what that strategy is!  This latter statistic is confirmed by a Stephen Covey commentary. (more…)


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