Articles Posted in Business Development

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advisor-lawyer-relationship-res0915-mi600-resize-600x338.jpgIn the September 2015 issue of Research Magazine, contributing editor Jane Wollman Rusoff writes about building advisor-attorney networks that will generate referrals and benefit clients. In being interviewed for her feature, it was interesting to discuss the relationship from the financial services side of the business rather than starting with my usual legal-side perspective.

While the cross-referral route is often at the heart of many of these relationships–typically between business lawyers and those advising on the numbers side of a matter–the article points out the need for both to work together. At a time when investors’ financial needs have become more complex, private attorneys — such as specialists in estates and trusts, especially, as well as in family/divorce, taxes and elder care — are an important component of many FAs’ networks and in some instances, even considered part of their team.

While I warn about just how close those relationships can get (no fee sharing with non-lawyers in almost every jurisdiction and potential conflicts of interest), there is no question that there is an obvious fit between the two professions. In numerous practices, attorneys I work with on business development strategies will tell me that various finance professionals–from CPAs to planners and investors–are their #1 source of referrals. With that in mind, we often plan social and educational events targeting those relationships. In addition, we often team and partner on marketing efforts aimed directly at the prospective client for both the legal and finance sides.

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LP_Today_Logo-e1401945551625.pngLeaders of many of the nation’s biggest and baddest law firms converged in New York City recently to discuss the rapidly changing legal landscape and how to adjust not only to survive, but thrive. The oft-repeated themes of innovation, differentiation and collaboration ruled the day.

My article in the August 2015 issue of Law Practice Today (LPT) serves as a recap of the full day inaugural Big Law Summit, put on by Bloomberg BNA. A who’s who of managing partners, in-house counsel and various industry experts discussed a wide range of issues ranging from innovating in a risk averse environment to adjusting to changing demands on the client side of big business that want more “value based arrangements.”

DLA Piper’s Roger Meltzer gave the global firm perspective. The program titled “Harnessing the Power of Collaboration,” could have been called “how origination dooms us all.” As the infamous quote goes, the first step is in admitting that you have a problem. I was drawn to the Big Law Summit because these law firms are my clients. The issues and answers that ruled the day reinforced those that I experience whenever I’m sitting with a Big Law managing partner or management committee. The conversations struck honestly at the heart of the issues that need to be addressed for major law firms to thrive in today’s global marketplace. Kudos to BNA for putting together a well-run and organized program on a subject matter that clearly had an audience.

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LPM_JA15_cover-nospine.jpgYou could also call my column in the July/August 2015 issue of the ABA’s Law Practice magazine, “101 Uses for an Article,” but in The True Value of Your Published Work, I discuss how sitting down to write one article can pay dividends in so many ways. The key is not to think about the time spent as writing one article for one publication, but more as writing one thing that will be repurposed in so many ways.

This very blog post you are reading is yet another use of one article. Perhaps you reached this blog post through one of my social media feeds. Or maybe I handed you this very column during a pitch meeting at your law firm or during a subsequent meeting with an attorney about business development planning.

Print deadlines being what they are, I just submitted my next column for Law Practice earlier this week. You won’t see it until November. I would never spill the beans on the subject matter, but suffice it to say that while rereading it, I was struck that the column could be turned into an entire CLE program…and you will likely see it as my Ethics Potpourri offering in 2016 for the Pennsylvania Bar Institute. It is a little disturbing that this idea came to me in my sleep last night (there are better things to dream about), but it occurred to me that the column could be the centerpiece of the program and the accompanying written materials. In other words, the four hours or so that I put into writing, research and editing will pay numerous dividends moving forward. You get the idea.

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TOlson.jpgSince the inception of the ABA New Partner Institute in 2011, I have had the privilege of serving on the planning board and speaking on business development each year. While many law firms provide excellent professional development to its attorneys from summer associate through associate and ideally partnership, ABA New Partner provides something unique that you can’t get in-house–different firm perspectives and philosophies, and the opportunity to network with fellow new partners from around the country–new partners eager to help one another build a bigger book of business.

This year, for the first time, New Partner moves to Washington, DC. And it is difficult to think of hearing from a bigger name partner than Ted Olson, and a more prestigious firm than Gibson Dunn.

For less than the cost of a billable hour, New Partner takes place as a one day conference in the heart of Washington. Make sure your law firm is represented with one or more of your new, recent or soon-to-be partners. It is built as a 50-person maximum program to better allow networking and intimacy among attendees and faculty.

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peak_season.jpgIt was a joyous day on my work calendar after Labor Day when the kids went back to school. The camp bus pickup at 9 am is replaced by the school bus pickup at 7:25 am. Extended day at school moves the “end of day” from 4 pm to 6 pm. The sunscreen, towels and related daily chores are replaced by much simpler tasks. And while family vacations are nice, they are not exactly relaxing. Many of those work trips are far less stressful.

While summer time is fun, the reality is that a lot of business and work hits the back burners after Memorial Day. If there is one thing I learned when I started working with law firms on marketing efforts back in 1997, it is that there are two significant time frames where little to nothing gets done–the first is from Thanksgiving until after New Year’s. The second (and much longer) are the months of June, July and August. Because marketing falls below “work for clients” and “family commitments/vacations” on most schedules, it means little in my world gets done.

This did not stop a bunch of law firms from discussing business development plans for the coming year during the summer months. It was just made clear that nothing was going to happen until the fall. And I still had a few law firm clients that wanted to launch some advertising campaigns or related marketing ventures–that I quickly put the kibosh on. Because just as people do just enough to get by during the heat of summer, that also includes interest in reading business publications, attending CLEs and other events that don’t involve BBQs, concerts and the beach.

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In today’s The Legal Intelligencer, reporter Gina Passarella writes about the trend toward sticking “business development” into the titles of many Philadelphia law firm lead marketers. She could have changed the title to “Philly Law Marketers should not let the revolving door hit them on the way out.”

The latest step (or misstep) for many of these firms is to add or change the CMO title to lead or include “business development” in it. Somehow, law firm management thinks this will make it all better. The irony is that most of the hires and candidates have the same set of credentials as their predecessors. It is nothing but semantics. Few have true BD experience, backgrounds or credentials. But that has not stopped many of these management committees from moving forward with their umpteenth marketing head of the last decade.

I often find myself reminding law firm management committees that there certainly is a connection between business development and marketing. In reality, every single employee of a law firm is somehow engaged in BD. We are all in business and we all are trying to develop more of the same. Marketing provides the image, messaging, tools and resources to develop said business. In corporate America, many CMOs are held to a number–meeting a revenue target, increasing market share, balancing the budget between them. In most law firms, it is the attorney that either generates a number–or not. They rely on the marketing team to give them what is needed to develop business. There are exceptions. But generally that is how it works.

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Former ABA President Robert Grey will keynote the fourth annual ABA New Partners Conference, taking place on February 6-7, 2014 at the Swissotel in Chicago, Illinois. Advance registration for the full conference is only $300 for ABA members and $350 for non-members, making it the most affordable conference of its kind in the country. Between the programs and networking opportunities, this is a must-attend conference for any law firm new partners and those on the cusp of partnership.

Among the networking events are an opening welcome reception at Baker & McKenzie on February 6th, breakfast and lunch on February 7th, and a concluding reception. The always useful “speed dating” networking event following breakfast and before the programming is a not to be missed opportunity to meet other new partners from around the country. One of the things that really sets this conference apart from all others (and provides something internal professional development curriculum can’t) is the opportunity to meet other new partners and compare trials and tribulations. It also offers an outstanding opportunity to network for future referrals. Learn how other law firms and management teams face the challenges of partnership in today’s economy.

Visit the New Partner Conference page to learn more about the programs and schedule. A nationally renowned faculty of law firm and legal industry leaders address topics including:

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Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for fb-lpt-sm.pngIn advance of the fourth edition of the ABA’s New Partner Conference, Law Practice Today highlights the topic with an issue dedicated to the theme of new partners. With the New Year upon us, many new partners are taking their places at the management tables of law firms throughout the country. Yet many find themselves wondering what the new role brings with it. Many of the New Partner Conference speakers and planning board members have authored the articles that coincide with their respective program topics.

LPT issue editor and conference speaker Amy Drushal of Trenam Kemker in Tampa, Florida, authors Transitioning from Associate to Partner: What now? Yours truly, also a conference presenter, writes about the new partner’s role in marketing and business development. Kerri-Ann Bent and Vanessa Cotto write on the effects of mentoring on the duty to supervise.

Avvo honcho Mark Britton discusses the New Partner Cheese–taking lessons from “who moved my cheese” to the law firm board room. Justia’s Tim Stanley, with co-authors Ken Min Chan and David Kemp, writes about building great relationships online, focusing on LinkedIn, Facebook and Google+.

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seque.jpgSequestration may be bad for the economy, but it has boosted some law firms’ federal procurement practices, attorneys and marketing professionals told Bloomberg BNA, in an article by reporter David Hansen, published on November 14, 2013.

Those interviewed in the article included McKenna Long & Aldridge LLP Partner Elizabeth Ferrell, Lateral Link Group LLC Principal Larry Latourette, Center for Responsive Politics (CRP) Personal Finances Researcher Dan Auble, CRP Research Director Sarah Bryner, George Washington University Law School Assistant Dean for Field Placement Jessica Tillipman, and yours truly.

The story touches on what sequestration has meant for law firms’ federal procurement practices, including the impact on those practice groups, their desperate need to recruit experienced government contract attorneys for both litigation and lobbying, the impact on lobbying efforts, and internships–namely unpaid law school interns to fill staffing needs.

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If it appears this month’s Web Marketing Today article on law firm apps is courtesy of the Department of Redundancy Department, I apologize. In the time I was writing it, I was also interviewed on the subject by two law publication journalists reacting to what must have seemed like an onslaught on law firm press releases touting the latest & greatest app. But I certainly saved some of my tips and examples for the loyal WMT audience.

In Corporate Secretary magazine, Abigail Caplovitz Field writes on “Law firms offer mobile apps to attract new clients.” Her article revolves around two US Foreign Corrupt Practices Act (FCPA) apps developed by Latham & Watkins and O’Melveny & Myers. In developing apps, the type of law firm and the related content runs the gamut from global mega firms to mom & pop shops.

Almost every attorney involved in the development of an app at a law firm will (accurately) tell you that the expectation is not that it will generate new clients, but more likely offer a branding or awareness tool that (hopefully) will be seen as an added-value item by clients, colleagues and the media.