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Archive for the ‘W Firm Management’ Category

Study Predicts 5 Percent Growth in Legal Spending by Fortune 1000

Saturday, May 9th, 2009

By Amazing Firms, Amazing Practices, Gerry Riskin.

 

Good news for some…  HOWEVER even with that increase:

"overall legal spending is expected to decline just 1.4 percent for the year."

Source:  ABA Journal Post referencing BTI PDF from which above image was extracted.

"In a press release, Michael Rynowecer, president of BTI Consulting, calls the findings “a big ray of sunshine in what has been a very stormy environment.” He cautions, however, that some law firms won’t benefit from the increase in spending."

Originally posted at Amazing Firms, Amazing Practices. Please visit http://www.gerryriskin.com/.

Posted in Law Firm Economics, W Firm Management, W General Marketing, W General Strategy | Comments Off

Managing Partners should have 3 priorities as confidence index drops to record low

Tuesday, March 31st, 2009

By Amazing Firms, Amazing Practices, Gerry Riskin.

From the Sacramento Business Journal today:

Law firm confidence index drops to record low

Excerpt:

Confidence in the economy among managing partners at large law firms nationwide hit new lows in the first quarter, according to the latest research from the Citi Private Bank Law Firm Group in New York City.

I recommend three priorities to Managing Partners:

  1. Bulletproof existing clients (complacency is deadly in light of the predator-like behaviour you can expect from your competitors as their revenues diminish)
  2. Concentrate Business Development training and strategic assistance on your best rainmakers (Train the rest later - for now, you need results)
  3. Coach all partners on how to deal with fee resistance (Your partners will be divided and conquered unless you give them the tools and confidence to effectively deal with the inevitable fee resistance that accompanies a recession.)

PUNCHLINE: There is so much more to do, but I have seen these three initiatives making an immediate palpable difference. NOW is when you need these benefits most.

Originally posted at Amazing Firms, Amazing Practices. Please visit http://www.gerryriskin.com/.

Posted in Law Firm Economics, Law Firm Management, Law Firm Marketing, W Firm Management, W General Governance, W General Marketing, W General Strategy, W Marketing, W Practice Group Management, W Profitability, W Strategic Marketing, W Strategic Planning, W Strategy | Comments Off