Managing partners: Miscellaneous comments from managing partners
The following is part three of a three-part article, based on a managing partner panel presentation in Denver.
Alternative fee arrangements -- The jury is still out. In an hourly fee arrangement, there is no “upside” for the client. Clients want to discuss arrangements that benefit both parties – up front but also during the course of a representation. Emphasize effectiveness and efficiency over billable hours.
Associates – Associates are a mixed bag. On the one hand, they are more focused on themselves, their families and their lives outside the office. They are more likely to attend networking events that are age-appropriate. On the other hand, they are more likely than their older colleagues to be interested in and support the “business” side of a law firm – and the marketing endeavors that are part of running any good business.
Budgets -- Clients must live within their departmental budgets. When we blow our budget, they blow their budget. As a result, clients want predictability. Unfortunately, lawyers are lousy at budgeting. Project and budget management is the “next big focus of improvement” between clients and law firms.
Client service interviews – CSIs are absolutely the best way to find out what your clients want in the areas of skill and service – and then give it to them. We have been unbelievably impressed. “We’ve done more than 100 CSIs over the past few years with our law firm clients. Watch out, because now we are starting in on YOUR clients!”
Future – More mergers, bigger law firms, more global law firms.
Priorities – Marketing and business development priorities are a moving target. You can meet weekly or monthly to measure progress and priority, but there is always going to be a crisis or special need (one lawyer who is feeling slighted) that wreaks havoc with your calendar. The trick is to solve this problem and get back on track as soon as possible.
Sales – Local law firms are not seeing a “sales” function separate from marketing and business development. “The lawyer/client relationship is still relationship-based. It is very difficult to artificially insert a third party into that relationship process.”
Social media – Panelists use and see the potential, but feel “over-socialized.”
In summary, legal marketers can lighten the load for managing partners by devising a focused, strategic marketing plan; building and maintaining a firm-wide image; skillfully obtaining firm-wide buy-in for marketing initiatives; and putting plans into action in a way that makes each lawyer at the firm feel like your most important client.
For the full article: Managing partners appreciate strategic role of marketing department
