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“Innovation” is a buzzword that gets thrown around a lot these days, right up there with “disruption.” It sounds like something that’s foreign in the legal industry, but it shouldn’t be. Believe it or not, we, too, can be innovative.

If you’ve been following along here for a while, you may know that I have a section of my bookshelf that’s dedicated to business books on my “to read” list – I love to read, but I’d rather pick up a mystery and plow through it than bury my nose into what feels like a textbook. But when I do, I’m more often than not pleasantly surprised by the inspiration that it affords me, and the comfort that it gives me in following some of my own plans and ideas moving forward. One such book is Eric Ries’ The Lean Startup (not new to many of you, I’m sure). I’m about halfway through this book that promises to show me how “today’s entrepreneurs use continuous innovation to create radically successful businesses.”

“But law firms aren’t startups and lawyers are entrepreneurs,” I can hear you saying.

What if we were? 
Continue Reading Three Truths About Innovating for Radical Success

We’re already almost mid-way through September (can you believe it?) and this time of year can feel like a new beginning! Though January is typically the time for resolutions, September can also feel like a refresh as kids go back to school, and we jump back into the grind after our own summer holidays and a quieter period with our clients away for their holidays.

Bearing that in mind, it’s also a great time to refresh your goals and business development efforts. Yes, business development is an ongoing effort, but it doesn’t end simply because the calendar year is wrapping up.

There will likely be three groups of you reading this – those who started the year with business development plans and goals, who split them up throughout the year and made progress on them; those of you who had those plans, but who may have only made some inroads here and there; and those of you who had no plans or goals set at all. But no matter where you are, think of September as your do-over month, and the opportunity to plan for the remainder of the year. (Not sure about planning? Take a look at our recent guest post from Joanne Thorud for some help.)
Continue Reading Restart Your Business Development Efforts

This is just a guess, but I suspect that most of us didn’t get into the legal industry because we love data, right?

If we loved data, we’d be elsewhere.

But…bad news. Data is one of those things that we have to start embracing as the industry changes in order to stay relevant. It sounds terrible and cumbersome, but truthfully, once you invest the time to put processes in place to collect and mine your data, the return you’ll get is huge. You’ll see where you can be more efficient, create more value for clients, and identify ways for the firm to be more profitable. More value AND more profit? Data doesn’t sound so bad after all, does it? 
Continue Reading Law Firm Leaders: Time to Address Data Poverty

Altman Weil recently released their “Law Firms in Transition” survey, which is now in its tenth year. The survey, which includes responses from half of US law firms with 50 or more lawyers, was initially developed as a response to the 2008 recession, to help firms understand how other firms were reacting to the marketplace and the challenges being presented. As its authors state, “We sought to provide clear, credible information that would facilitate law firm planning and operational decision making.” After a decade of change, the survey emphasizes three important concepts, which dovetail nicely with our recent discussions on the law firm of the future, and particularly the idea that the future is happening NOW. 
Continue Reading Law Firm Leaders: It’s Time to Act with Urgency

In order to keep them happy, we’ve all been told at one time or another to “think like a client.”

The idea of thinking like your client can be a bit overwhelming when you add it to your existing workload – while we all endeavor to understand our clients’ challenges, concerns, and pain points no matter what field we’re in, unless we’ve spent time there ourselves, we’re only privy to second-hand knowledge (for the most part).

But whether we’ve been on the client side in our own industries or not, we’ve all been and are clients – as lawyers, you are purchasers of various services, from consultants to building services to office products and more. In our personal lives, we are consumers of goods and services, including everything from groceries and electronics to personal care, travel, etc. At some point, we’ve likely all considered what it is we want from those interactions – things such as understanding of what you’re really asking, common courtesy, on-time delivery, exceeding expectations, etc. 
Continue Reading Lawyers: To Keep Your Clients, You’ve Gotta Think Like Them

A few years ago while traveling, I had the opportunity to read an article about how private labels in grocery stores were gaining traction against national brands. While the article isn’t available online anymore, the story offers some interesting food for thought (no pun intended) for the legal industry and the way that law firms are tackling the challenges presented by the current marketplace.

The article focused on the Publix Brand Challenge, which still takes place today:

Several times a year, the Publix Super Markets chain in the Southeast pits three to five of its store-brand products against their national-brand equivalents…If customers buy one of the featured national-brand products, they’ll get the Publix store-branded version for free. ‘Buy theirs, get ours free,’ the ad trumpets. ‘We think you’ll prefer Publix.’”

Continue Reading Differentiation Builds Unique Relationships with Your Clients

Legal directories have been both valuable, and a source of frustration, for lawyers and in-house counsel alike. Recently, a new directory appeared on the scene, threatening to disrupt what we’ve all been accepting for the last several decades – Top 3 Legal. In today’s guest post from founder Gareth Stephenson, learn more about the platform, and what makes it unique from other traditional directories.

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Top 3 Legal (www.top3legal.com) launched last month alongside some compelling market research.  Their key finding was that clients instruct new lawyers based on peer-to-peer recommendations 8x more than they use traditional legal directories.  This desire of in-house counsel to collaborate and pool experiences is also reflected in the proliferation of in-house counsel networks.
Continue Reading If you knew how clients choose new lawyers would you engage differently with legal directories?

We’ve talked a lot in recent posts about the idea of “relationship equity” and I’d like to revisit it again today – it particularly struck me as a friend of mine recently accepted a job offer and when she announced the company she was working for, suddenly people were coming out of the woodwork to ask her for favors and help. Many of those people aren’t connections she’s regularly in touch with – in other words, they have no relationship equity with her. It reminded me of another story.

Recently, I received an email from someone I don’t know – like everyone, I get LOTS of these, but this one struck me. He must read my blog, because he mentions it in his note. He even manages to spell my name correctly.

However, the purpose for his email is to tell me about this blog post he wrote, to suggest that I use it as the subject matter of one of my own posts, and that I tweet out his link to my Twitter followers. In fact, he goes so far as to mention that his is a topic worthwhile of discussion by the entire legal blogosphere. Really?

Well, I’m certainly not biting.
Continue Reading You Won’t Get Anywhere Without Relationship Equity

Today, we’re bringing you a special guest post from the folks at Legal Gateway, who are looking at the changing legal industry. In-house lawyers: this one’s for you, but it’s equally essential for our outside counsel readers to dive into this one. This was originally published on Plexus.

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“As CEOs plan their strategies to take advantage of transformational shifts,” the consultancy PWC suggests in their annual survey of CEOs “they are assessing their current capabilities – and finding that everything is fair game for reinvention.”  Most legal functions continue to cling outdated operating models with no transformation plan. They do so at their peril.
Continue Reading Legal Transformation: The new playbook

Today, we’re bringing you a special guest post from the folks at Legal Gateway, who have identified the top eight mistakes that in-house counsel make when implementing legal technology that prevents it from being successful. In-house lawyers: this one’s for you, and for our outside counsel readers, consider sharing this with your clients and discussing their technology needs, solutions, and strategies with them, and how you may be able to partner with them. This was originally published on Plexus.

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After many years of under-investment in technology, GCs are finally joining the party.  Sadly, many of them are setting themselves up for a hangover.

Our recent research into Legal Transformation suggests that General Counsels will increase investment in technology by 252% in the next two years.  Yet, limited technology competencies will lead most to frustration and failure.
Continue Reading Why Legal Tech does not work: The top 8 mistakes GCs make