Last week, we distributed the December issue of the MPF E-Newsletter, which is sent to more than 5,300 law firm leaders every month.
In addition to Bob Denney's annual "What's Hot and What's Not" Report, we feature a report entitled "The State of Law Firm Leadership" by Patrick McKenna. We also lead you to some great examples of law firm social media policies.
Click here to download a copy of the newsletter, then visit our website to learn more about the topic(s) in which you're interested.
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Wednesday, December 15, 2010
Tuesday, December 7, 2010
Smaller and Midsized Law Firms Need Formal Social Media Policies for Lawyers and Staff
Now is the Time to Act if Your Firm Does Not Have One in Place!
In an ideal world, common sense should prevail. But, as we all know, it's not an ideal world and we continue to read and hear about embarrassing -- sometimes even disastrous -- situations involving lawyers and their use if the Internet. In this day and age, it's way too easy to divulge confidential information, create an unwanted client/attorney relationship, run afoul of bar advertising rules, or do something foolish that you later regret.
By now, almost every Amlaw 200 law firm has developed and implemented a formal set of social media policies and procedures regarding the use of the Internet - including blogs, listservs, and social networking sites like LinkedIn and Facebook - by its lawyers and support staff.
We've observed, however, that most smaller and midsized firms don't yet have such policies in place. For example, we recently presented to a group of 100 firm administrators at an ALA Conference in Charlotte and asked, by a show of hands, how many had a social media policy. Three hands. We then asked how many thought their firms should have one. Nearly every hand in the room. It's one of those things that firms recognize the need to do, but never seem to find the time to actually do it.
If your firm does not have a social media policy, the time has come to get one. To assist in that regard, we've searched the Internet and found three examples of thoughtful and well-written policies created by some of the top consultants to the legal industry.
Click here to take a look.
In an ideal world, common sense should prevail. But, as we all know, it's not an ideal world and we continue to read and hear about embarrassing -- sometimes even disastrous -- situations involving lawyers and their use if the Internet. In this day and age, it's way too easy to divulge confidential information, create an unwanted client/attorney relationship, run afoul of bar advertising rules, or do something foolish that you later regret.
By now, almost every Amlaw 200 law firm has developed and implemented a formal set of social media policies and procedures regarding the use of the Internet - including blogs, listservs, and social networking sites like LinkedIn and Facebook - by its lawyers and support staff.
We've observed, however, that most smaller and midsized firms don't yet have such policies in place. For example, we recently presented to a group of 100 firm administrators at an ALA Conference in Charlotte and asked, by a show of hands, how many had a social media policy. Three hands. We then asked how many thought their firms should have one. Nearly every hand in the room. It's one of those things that firms recognize the need to do, but never seem to find the time to actually do it.
If your firm does not have a social media policy, the time has come to get one. To assist in that regard, we've searched the Internet and found three examples of thoughtful and well-written policies created by some of the top consultants to the legal industry.
Click here to take a look.
Wednesday, December 1, 2010
Lessons Learned from GC Panel Discusssion - November 18th in Boston
I recently had the pleasure of moderating a panel of in-house counsel at the 2010 Annual Conference presented by the New England Chapter of the Legal Marketing Association. The Conference was held November 18th and 19th at The Colonnade Hotel in Boston, Massachusetts. More than 120 attorneys and law firm marketing professionals attended.
Here are a few things the panelists said they like:
Here are a few things the panelists said they like:
- Newsletters and White Papers - timely, relevant, and well-researched
- Industry Trade Associations - lawyers who are actively involved in them
- Likable Lawyers - flexible and easy to work with
- Client Feedback - informal and at the conclusion of a matter
- Quick Answers to Quick Questions - no need to research the issue to death
- Specialists - not "jacks of all trades"
And here are few things that don't matter very much, according to the panel:
- Mailed Holiday Cards - save your firm's money as they really don't matter very much
- Electronic Holiday Cards - they matter even less, no matter have clever
- Directory Listings - Chambers USA might be the exception
- PowerPoint Presentations - when making a pitch for business
- History of the Firm - do today's clients really care that the firm was founded in 1872?
My good friend and colleague, Larry Bodine, was in the audience and wrote a nice article summarizing the major points. Click here to download a copy.
Tuesday, November 30, 2010
Leaders of Mid-Size Firms "Cautiously Optomistic" for 2011
Observations from International Law Firm Network Conference
Law firms leaders are feeling pretty good about 2011.
Using audience polling technology, we asked leaders more than 100 law firms (about half from the US) how they would describe their projections for 2001. Their answers:
Law firms leaders are feeling pretty good about 2011.
Using audience polling technology, we asked leaders more than 100 law firms (about half from the US) how they would describe their projections for 2001. Their answers:
- 14% project "solid improvement" over 2010
- 65% are "cautiously optimistic," with lingering concerns about the global economy
- 18% project "flat" performance in 2011
- Only 2% project profits per partner to decline
And firm leaders in the US seem to be on the same page.
At our inaugural Managing Partner Forum for Northeastern Law Firms, we asked the same question of managing partners of 35 mid-size Northeastern law firms. Here are their responses:
- 4% project "solid improvement"
- 74% are "cautiously optimistic"
- 22% project "flat performance"
We see a good year for well-run mid-size firms, as well, with strategic planning, leadership development and marketing emerging as top priorities for many smaller and mid-sized law firms.
For articles, White Papers and more, be sure to check our website.
Monday, November 22, 2010
Profits Up for Mid-Size Law Firms in 2009 and 2010
Observations from Law Firm Network's International Conference
I had the good fortune to speak at a recent international conference presented by one the leading global law firm networks. Leaders of over 100 law firms - mostly mid-size in their respective markets - were in attendance. Just over half of the participants were from US firms, and about 27% represtented European firms.
During our session, we used state-of-the-art audience participation technology to elicit their answers to a series questions about a myriad of issues relating to financal performance and firm governance.
Let's first look at financial performance in 2009 and 2010. As BigLaw suffered, here is what they had to say:
Not bad at all.....and more data reinforcing that well-run smaller and mid-size firms have performed exceptionally well during the economic downturn. Our next blog post will reveal what they are projecting for next year.
I had the good fortune to speak at a recent international conference presented by one the leading global law firm networks. Leaders of over 100 law firms - mostly mid-size in their respective markets - were in attendance. Just over half of the participants were from US firms, and about 27% represtented European firms.
During our session, we used state-of-the-art audience participation technology to elicit their answers to a series questions about a myriad of issues relating to financal performance and firm governance.
Let's first look at financial performance in 2009 and 2010. As BigLaw suffered, here is what they had to say:
- 29% reported profits per partner (PPP) up more than 10%.
- 34% reported profits per partner up 1-10%.
- Only 6% reported a decline in profits by more than 10%.
Not bad at all.....and more data reinforcing that well-run smaller and mid-size firms have performed exceptionally well during the economic downturn. Our next blog post will reveal what they are projecting for next year.
Monday, November 15, 2010
MPF E-Newsletter - November 2010
Yesterday, we distributed our monthly MPF E-Newsletter to over 5,300 law firm leaders.
It features several recent articles about how law firms are being impacted by the lingering recession. With mounting pressure on in-house legal departments to rein in spending on outside counsel, it looks like smaller and mid-size firms may emerge as big winners at the end of the day.
Click here to download a copy.
If you like what you see, be sure to visit our Website where you'll find dozens of articles, White Papers and other resources on law firm leadership and management.
It features several recent articles about how law firms are being impacted by the lingering recession. With mounting pressure on in-house legal departments to rein in spending on outside counsel, it looks like smaller and mid-size firms may emerge as big winners at the end of the day.
Click here to download a copy.
If you like what you see, be sure to visit our Website where you'll find dozens of articles, White Papers and other resources on law firm leadership and management.
Monday, September 20, 2010
MPF E-Newsletter - September 2010
We just published and distributed our September Newsletter. Click here to see a copy.
If you like what you see, visit the MPF Website. It includes a growing library of over 100 articles, surveys, White Papers and other resources for law firm leaders.
If you like what you see, visit the MPF Website. It includes a growing library of over 100 articles, surveys, White Papers and other resources for law firm leaders.
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