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Client Services Bulletin September 2001
Bulletin Number:
01-001 Date: September 2001 Subject: Periodic News
  1. NEWS RELEASES
    • Olmstead & Associates Announces Additional Marketing Services
    • Olmstead & Associates Hires Solheid as Marketing Director
    • John Olmstead Takes the Floor at National Management Consultants Conference: Discusses The Future of Multidisciplinary Practices
    • John Olmstead appointed as Chair of National Bureau of Certified Consultants, Committee for Multidisciplinary Practices
    • Olmstead & Associates Go Online to Offer Consulting Services


  2. ADDITIONAL MARKETING SERVICES ANNOUNCED
    In response to requests from our clients we have enhanced our marketing service offering. In addition to our business and marketing planning services we have added the following services:
    • Corporate Identity Packages
      • Logo and Trademark Design
      • Graphics Design Plan For All Communications Materials (letterhead, business cards, fax cover sheets, presentation materials, web site & other collateral materials
    • Collateral Materials
      • Web Site Planning and Design - Database Driven & Static Designs
      • Firm and Practice Area Capability Brochures
      • Presentation Folders and Inserts
      • Annual Reports
    • Advertising
      • Newspaper ads
      • Magazine ads
      • Trade Publication ads
    • Marketing Infrastructure
      • Internal - External Staffing and Organization Plan
      • Marketing Information Systems
    • Client Surveys/Market Research
    • Marketing Training
      • Attorneys
      • Marketing Staff
      • Office Staff

  3. DEBORAH SOLHEID HIRED AS MARKETING DIRECTOR
    Deborah Solheid has been hired as marketing director for the firm. Her responsibilities include applying marketing strategies designed to enhance our internal marketing initiatives as well as assisting clients with their marketing initiatives. Deborah has more than 15 years of experience working with business organizations in marketing and management. Through the years, her marketing assignments have included event planning, media coordination, public relations, design and coordination of marketing collateral materials, advertising, marketing research and customer/client surveys, development of marketing training courses and training and coaching professional and staff employees.

  4. TIPS ON DEALING WITH THE UNCERTAIN TIMES AHEAD
    After the September 11th attack in New York and Washington, D.C. virtually all business leaders are still in a state of stock and uncertain as to how to steer their organizations into the uncertain times ahead. Law firm leaders are asking similar questions. What will be the impact and what should law firms be doing in both the short and long term?

    Many believe that we are heading for a recession. Past experience has shown that depending upon practice areas, some law firms will be affected more than others. Some firms, such as those specializing in litigation, bankruptcy, etc., may actually see their business improve during such times.

    You may be able to navigate these un-chartered waters by following these ten practice management tips:

    Put On Your Think Hat
    When lawyers are busy they often don't have time to be creative and think. Now is the time to think about and plan for the firm's future. Conduct a management review, survey your clients, and finally create that Strategic Business Plan.

    Formulate Your Strategic Business Plan
    Successful firms have such plans and they are actively planning and managing their futures. A recent research study conducted by the Legal Marketing Association found that 59% of respondents have a formal written strategic plan, 55% have a formal written marketing plan, 87% have a marketing budget, and 61% have a marketing budget that is specifically tied to a marketing and/or strategic plan. Law firms surveyed ranged in size from 45 to 950 attorneys.

    Now Is Not The Time To Skimp On Marketing
    Resist the temptation to cut marketing budgets. Effective marketing is now more important than ever. Most law firms are still way behind other professional service firms in their marketing investments. While the median law firm spends between 2-4% of revenue on marketing, other professional service firms are spending 10% or more. Get creative. Cut other non-essential firm expenses and increase your marketing investments.

    Roll Up Your Sleeves And Use Your Slack Time Wisely
    Take advantage of slack time to increase your marketing and networking activities. Create seminar materials, write articles, create capability and other collateral materials. Set up a client/prospect database and newsletter template. Draft the client newsletter and mail out to clients.

    Use Time To Develop New Practice Specialties
    This may be a good time to focus on a new specialty. Take additional CLE. Go back to school.

    Develop practice area checklists, documents, and procedures.

    Require Strategic Business/Marketing Plans From Each Attorney
    Firm level strategic business/marketing plans have had limited success. Plans should also be formulated at the practice group and the individual attorney level and be integrated with the overall firm plan.

    Survey Clients
    Law firms must know what their clients are thinking. What are their unmet needs, concerns, new opportunities, etc. Now is the time for law firms to finally become "client-focused.”

    Reduce Debt
    Reduce draws, increase capital contributions, and pay down bank debt.

    Downsize With Care
    During the last recession many law firms cut staff to the point they had severe problems staffing client work when the economy rebounded.

    Monitor Office Expenses and Accelerate Collection of Receivables Monitor expenses but be careful of cutting costs than are required for effective revenue generation. Do a better job of following up on past due accounts.

  5. 2001 CONFERENCE/PRESENTATION SCHEDULE
    The following conference/presentation schedule news releases can be reviewed in detail on our website www.olmsteadassoc.com under the News Releases area.

    During the upcoming months we will be presenting/attending at the following conferences:

    • Dr. John W. Olmstead, Jr., will make a presentation on "Multidisciplinary Practices: New Opportunities for Management Consultants" at the North American Annual Conference for Management Consultants, in San Diego, California, November 4-6, 2001.
    • Dr. John W. Olmstead, Jr., will be attending the Annual Legal Marketing Association Conference in Washington, D.C., April 24-27, 2002.
    • Dr. John W. Olmstead, Jr., will be attending the Annual Association of Legal Administrators Conference in San Antonio, Texas May 21-24, 2002.

  6. RECENTLY PUBLISHED LAW FIRM MANAGEMENT ARTICLES
    The following articles which we authored were recently published in The Lawyers Competitive Edge: The Journal of Law Office Economics and Management, West Group and other publications:
    • Coach Your Staff For Better Performance, by Dr. John W. Olmstead, Jr. Originally published in Legal Management.
    • The Organizational Life Blood For Law Firm Profitability, by Dr. Thomas J. Venardos. Originally published in the Lawyers Competitive Edge.
    • Legal E-Marketplace: How To Use Current E-Business Web Sites To Improve Law Firm Profits, by Dr. Thomas J. Venardos. Originally published in the Lawyers Competitive Edge.
    • Are Your Law Firm Management Practices On the Verge of Obsolesce, by Dr. Thomas J. Venardos. Originally published in the Lawyers Competitive Edge.

    Please note that all of these articles have been copyrighted by Olmstead & Associates. However, copies of these articles can be obtained for references purposes by printing them from our web site at www.olmsteadassoc.com. Copies can also be obtained by calling our office.

    Many other fine articles are published in The Lawyers Competitive Edge. To order a subscription contact West Group at (800) 328-4880.

  7. Just a reminder that we offer the following additional management services to clients:
    • Organizational Development
      • Change Management
      • Professional Teams
      • Management & Staff Skill Development
      • Lawyer & Staff Selection
      • Compensation
    • Operations Management
      • Computers & Office Technology
      • Financial Management
      • Management, Marketing & Quality Reviews
    • Practice Development
      • Coaching
      • Business Planning
      • Marketing
      • New Business Start-Ups
      • Firm Retreats
      • Practice Management
      • Mergers
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