Olmstead & Associates - Legal Management Consultants
Client Services Bulletin December 2001
Bulletin Number: 01-002 Date: December 2001 Subject: Periodic News
- STRATEGIES FOR SURVIVING IN THE PRESENT ECONOMY
In our September Bulletin we provided tips for dealing with uncertain times. If you have misplaced your issue you can contact our office for another copy or obtain them from our web site at http://www.olmsteadassoc.com/Resource/news.asp?no=72
As law firms begin to plan for the new year we also suggest the following key strategies:
- Develop an ongoing brainstorming program to facilitate the process of identifying new business opportunities. Incorporate client surveys into the process. Consider small client advisory boards and focus groups.
- Get that business/marketing plan that you have been talking about for years done for 2002.
- Focus - Focus - Focus your firm
Research indicates that three of the biggest challenges facing professionals today are: time pressures, financial pressures, and the struggle to maintain a healthy balance between work and home. Billable time, non-billable time or the firm's investment time, and personal time must be well managed, targeted and focused.Today well-focused specialists are winning the marketplace wars. Trying to be all things to all people is not a good strategy. Such full-service strategies only lead to lack of identity and reputation. For most small firms it is not feasible to specialize in more than two or three core practice areas.
Based upon our experience from client engagements we have concluded that lack of focus and accountability is one of the major problems facing law firms. Often the problem is too many ideas, alternatives, and options. The result often is no action at all or actions that fail to distinguish firms from their competitors and provide them with a sustained competitive advantage. Ideas, recommendations, suggestions, etc. are of no value unless implemented. We suggest the following:
- Recognize that unless your firm is a large firm - full-service may not be an appropriate strategy. Small firms should identify fewer areas of practice and specialize and aggressively market these areas.
- Limit your practice.
- Consider industry niches.
- Identify five key goals and strategies for the year.
- Be selective in client acceptance.
- Use your business/marketing plan as a tool to keep you on track.
- Create an environment in your firm for effectively getting decisions implemented.
- Increase your marketing investments.
Research over several decades shows that businesses that continued to invest in marketing during a recession had greater growth and profitability than their competitors who decreased marketing investments during the down periods.
- Evaluate your image and your firm identity plan. Consider upgrading your marketing materials.
- Consider ancillary business opportunities.
- BELIEVE IT OR NOT
- Many law firms have never formally asked their clients for feedback and suggestions concerning their performance, potential areas of improvement, and additional services that clients are seeking. These firms believe that they provide excellent service to their clients and unhappy clients would have let them know if they were unhappy with the services provided. These firms are missing out on unidentified opportunities and cross-selling opportunities as well as one of the most important quality control tools available to law firms. Client surveys are one of the top marketing tools that law firms can deploy.
- Firms continue embracing compensation systems for partners, associates, and staff that have nothing to do with performance or reinforcing a firm's strategies and desired behaviors. Recent client engagements reflect high levels of dissatisfaction in these areas.
- Law firms build expensive web sites and then fail to showcase their capabilities via articles, tips, seminar presentations, and other forms of online content. When a general counsel goes to Martindale Hubbell and clicks over to a law firm web site he/she is looking for capability information. Law firms need to do more than simply putting up an add on the web.
- MANAGEMENT TIDBITS
- In January 2001 an extensive national survey of America's corporate counsel was conducted by Greenfield/Belser and FGI Research, Inc. The results:
- Nearly two-thirds of buyers of legal services surveyed have gone online to locate outside counsel.
- More than one-third surf the web for outside counsel weekly or more often.
- According to the survey 77% gain web site entry from Martindale.com while 56% gain access from law.com.
- Half of the survey respondents visited a firm's web site as a result of a promotional mailing.
- Earlier this year our firm conducted an informal telephone poll of our smaller law firm clients regarding utilization of technology and training. Three-quarters (75 percent) reported that they are not using more than 40 percent of the features/functions/capabilities of key applications such as word processing and time-and-billing applications. Even more reported that initial training on key software applications such as word processing and time and billing was provided by outside software vendor/training organizations. Only 15 percent reported ongoing training programs. The majority of these programs were conducted in-house in informal group settings or individual sessions.
- NEWS RELEASES
The following news release can be reviewed in detail on our web site www.olmsteadassoc.com under the News Releases area:
Olmstead & Associates announces Rent-An-Administrator program for small law firms.
- 2002 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 be attending the Annual Legal Marketing Association Conference in Washington, D.C., April 24-27, 2002.
- 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, May 2002.
- Dr. John W. Olmstead, Jr., will be attending the Annual Association of Legal Administrators Conference in San Antonio, Texas May 21-24, 2002.
- 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:
- How To Use Secondary Research To Manage Your Firm, by Dr. John W. Olmstead, Jr. Originally published in Legal Marketing Association.
- The Making of a 21st Century Law Firm, by Laura Leckrone.
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.
- COMING SOON - CASE STUDIES ON OUR WEB SITE
In the near future we will be adding a case study section to our web site. These studies will feature case study summaries and articles on successful strategies being deployed by some of our clients.
Resource Center | News Releases | About Olmstead | Services Provided | Contact