New survey: How in-house counsel research outside counsel

In a recent survey that is getting a lot of online attention, 164 in-house counsel were asked about their use of new media.  As part of this survey, in-house counsel ranked the following activities as "most important" for helping them research and hire outside counsel:

1.  Recommendations from sources you trust -- 73 percent

2.  Articles and speeches the lawyer has authored -- 38 percent

3.  Bios on the firm's Web site -- 30 percent

4.  Blogs published by lawyers on relevant topics -- 27 percent

The Corporate Counsel New Media Engagement Survey was conducted by Greentarget Strategic Communications, ALM Legal Intelligence and Zeughauser Group.  There is a lot of good stuff there.  Go to those sites to download a copy for yourself!  (By the way, a survey counts as "content.")

Three of these four results involve content produced by lawyers and law firms -- which the survey calls "credentialing" or "demonstration of thought leadership."

In fact, the concept of credentialing among providers and purchasers of legal services is evolving almost as rapidly as the technology that is driving the change.  What does it mean to be credentialed in today's legal marketplace -- a marketplace in which real-time communication is critical, true dialogue is expected, and traditional sources of information are under constant pressure from emerging media?

It means that to a greater degree than they currently may realize, law firms have the potential to hasten the inevitable assimilation of new media tools by recognizing their value as information-delivery and marketing tools -- and by crafting content for them that is authentic and relevant.

While the more traditional marketing channels for law firm credentialing continue to dominate -- publishing articles in trade journals, speaking at industry conferences and being quoted in the press -- in-house attorneys now are using new media platforms to deepen their professional networks; to obtain their legal, business, and industry news and information; and to enrich their social and personal lives.  Most importantly, they expect that trend to accelerate in the future.

 

A constant stream of quality content -- the best way to establish the credentials of a lawyer or law firm.

Does this economic cloud have a silver lining? More time for business development!

As the economy contracts, law firm clients have laid off more than 600,000 employees -- in January alone.  Law firms are feeling the ripple effect.  In just two days in February -- Black Thursday and Friday the 13th -- 1,100 legal professionals lost their jobs or received buyout offers.  According to industry experts, this is just the start.

As books of business continue to shrink, what is a fearful lawyer to do?  This article is based on a Feb. 10 presentation on this subject to the Rocky Mountain Chapter of the Legal Marketing Association, made by relationship development coach Cindy Rold.

Does this economic cloud have a silver lining?  More time for business development!

Mind the gap: Train today's young lawyers to become tomorrow's rainmakers

At many law firms, there is a significant knowledge and experience gap between the "finder" generation of senior partners and the "minder and grinder" generations of junior partners and senior associates.  Who will fill the gap when the rainmakers retire?  In the April 2007 article, business development consultant Mark Maraia of Maraia & Associates discusses training young lawyers to become the next generation of rainmakers.

Mind the gap:  Train today's young lawyers to become tomorrow's rainmakers

Associate today; partner tomorrow: Business development skills for young lawyers

At one time, a law firm associate who wanted to make partner simply had to do good work and stick around for five to seven years.  Today, the path to partnership is much more complicated.  An associate who wants to make partner must know how to develop -- and keep -- a good book of business.  In this September 2007 article, Michael Smith, a strategic business counselor with SBC & Associates, discusses the skills that young lawyers can use to develop business.

Associate today; partner tomorrow:  Business development skills for young lawyers

Rainmakers: Law firms must look to the next generation

The financial health of most law firms relies on the efforts of a few rainmakers -- lawyers who are able to keep the new-business pipeline flowing while their colleagues focus on the practice of law.  Who will make the rain fall at these firms when it comes time for the traditional rainmakers to retire or move on?  In this April 2006 article, Mark Maraia and John Mitchell discuss the creation of a formal structure to pass rainmaking skills from one generation of lawyers to the next.

Rainmakers:  Law firms must look to the next generation