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Best Way to Maximize Your Law Firm’s Profits

Analysis of a new report on $19.6 billion of approved legal department invoices reveals that to maximize firm profits, partners should focus on developing and retaining senior associates and providing clients with services in multiple practice areas. The reasons: First, the average year-over-year hourly rate increase in 2015 for associates was 7.3 percent — more than double the 3.6 percent rate increase for partners. Second, firms that provide clients legal services in multiple practice areas charge higher than average rates for most, if not all, of their services.

March 30, 2017 0 0
millennials

Communicating with Millennials: What’s the Preference?

Question: "A growing number of millennials are joining older generations in law firms. What are generational communication differences, why do they matter, and can understanding them improve performance across our firm?" In this edition of "Ask the Experts from the Legal Marketing Association," Jonathan Fitzgarrald says it's time to assess your firm's generational "markers."

Originally published March 29, 2017
Last updated May 11, 2020
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Tips and Takeaways from ABA TECHSHOW 2017

Last week, we shared highlights of ABA TECHSHOW's exposition hall, with a big list of what's new in legal technology. Today, top practice management technology pros (including faculty and former ABA TECHSHOW chairs) share their personal favorite tips and takeaways from the programs and presentations. Here are picks from Jim Calloway, Darla Jackson, Natalie Kelly, Tom Lambotte, Sharon Nelson and John Simek, Nora Regis, Deborah Savadra and Reid Trautz.

Originally published March 28, 2017
Last updated March 10, 2023
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Marketing with a Purpose: Set Objectives

I recall a lawyer friend of mine telling me with excitement that he had been successful in setting up lunch with an assistant general counsel of a target company. Afterward, when I asked what he had accomplished, he said, “We had lunch.” My next question was, “What did you hope to accomplish?” Sometimes lawyers get so caught up in “touches” that they forget each touch needs a purpose. They get so excited about speaking or writing opportunities that they forget each activity needs a strategy.

March 27, 2017 0 0

Referral Madness! Stay on Top of Staying in Touch

This is something old-school lawyers say a lot: "Your best sources of referrals are your existing clients." And, for word-of-mouth, referral-based law firms, it’s probably true that referrals from other lawyers or from existing clients are 1-2. However, your existing clients will only remain good referral sources if you determine to stay in contact with them, making your desire for receiving their referrals known — and not in some indirect way, either.

Originally published March 23, 2017
Last updated October 18, 2018
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boost your productivity

Believing in Your ‘Why’ Can Lead to Joy

I'll begin by pulling the Band-Aid off quickly: After 15 years, I'm leaving the e-discovery space. For those who know me, this will come as a really big surprise — especially given my longtime social media moniker "eDiscovery Gold.” In truth, the decision was surprisingly easier than I expected. It was easier because of my strong personal mission statement, vision, values and beliefs.

Originally published March 22, 2017
Last updated October 18, 2018
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rainmaker lawyer

Do You Deserve Business Development Training?

Having your own clients and business has long been characterized as “critical” for lawyers in firms of any size. Now that’s elevated to the survival level. The days of paternalistic law firms maintaining client-less lawyers at their long-time compensation levels (or at all) is over. Now, those lawyers’ compensation is being cannibalized to satisfy the growing income demands of the rainmakers the firm is desperate to keep — and of those the firm aspires to recruit. That money is coming from you.

Originally published March 21, 2017
Last updated December 17, 2019
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multitasking

Business Development: Help Yourself by Helping Others

“Let me tell you how wonderful I am!” One of the most difficult things about business development is having to promote yourself. Given the centuries-long tradition that deems it unseemly for lawyers to talk about their accomplishments, abilities and conquests, you come by this struggle with self-promotion honestly. But keeping mum about your ability to help a client is not going to end well for you if your goal is to develop new business. A useful way to overcome the problem is to focus on helping others by, say, introducing them to potential clients and making them look good. ... the truth is that helping others makes them want to help you, too.

Originally published March 20, 2017
Last updated October 1, 2018
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Whisky vs. Whiskey: Boozy Grammar Matters

If you're a word nerd, the use of "whisky" and "whiskey" in my recent post, "How to Order Whisky for Your Boss — Like a Boss" may have given you an aneurysm. I feel ya. But it was all well and proper as those are separate spirits, not the same thing misspelled. Let's explore.

March 17, 2017 0 0

Crafting a Low-Stress Digital Marketing Strategy for Your Small Firm

If you write and interact online or on your phone — which is everyone — you’re engaging in digital marketing. Why not put some strategic thinking behind your efforts to get more leads and clients? "But it seems daunting," you say. "I don’t know where to start.” I empathize. There’s a lot of information out there, some of it even good. And, frankly, you’d rather spend the time serving your clients. The thing is, you can do both. Here’s a look at a low-stress digital marketing effort to get you started.

Originally published March 16, 2017
Last updated February 18, 2019
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