Tag Archive: development

The Business Model

Do you know your business model? In today’s clip, Ed discusses the various ways that today’s law practices define their business model, and tells you what to consider when changing your own practices model.

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Five Cards & Three Feet

Today Ed talks about a basic sales mantra: "Meet People! Meet People! Meet People!" He shares how Five Cards and Three Feet can help do this.

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Customer priority

As quoted by Alan Weiss, citing an IBM survey, CEO’s focus on three elements:

1. Embody creative leadership (take prudent risk, invite disruptive innovation)
2. Reinvent customer relationships (set priority of customer intimacy)
3. Operating dexterity (flexible cost structures and opportunistic capabilities)

Shouldn’t this be what law firms do? Take prudent risk to grow the practice and enhance the well-being of its members and staff; focus their energies outward, to benefit their clients, which would include both pricing and costing flexibility.

Too often, law firms are all about their lawyers, and they forget the well-being (intimacy) of their customers/clients.

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Lateral hires are in a seller’s market!

I’ve just talked with two legal industry "executive search" recruiters. They have never been busier in the last 5 years! And quality laterals are being sought!

That tells me that the economy is in recovery mode; that lateral partners are still being pruned from large law firms; that partners are getting tired of the politics in larger law firms where they see no rational basis for decisions being made that may very well impact their economic future; and that most law firms have yet to act as enterprises rather than as hotels for sole practitioners. Laterals with good books of business can just as easily move to another firm that will provide them with a larger umbrella and greater opportunity … or even start their own boutique law firm.

This further suggests that while the economy has forced changes in law firms, the sea change some discuss hasn’t yet taken place … and may never. As I’ve said before, we’re in an evolutionary, not revolutionary, mode. Write me with your thoughts and experiences on this.

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