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Client Services Bulletin December 2002
Bulletin Number:
02-002 Date: December 2002 Subject: Periodic News
  1. NEW YEARS RESOLUTIONS AND RECOMMENDATIONS FOR 2003

    • Take a serious look at the firm's present position in the marketplace. Review financials, compare against financial ratios, compare with both firm past history and against law firm benchmarks. Examine how well the firm is competing. Is the firm too dependent on a narrow base of clients? Is the practice at risk? Conduct a client survey and obtain client feedback both on firm performance as well as possible unmet needs and opportunities. Consider a comprehensive management review.

    • Formulate business goals and develop a strategic business plan as a roadmap for the future.

    • Design and simplify business reports designed to measure the goals identified in the strategic business plan. Strive for a one page summary as the primary report.

    • Require all timekeepers in the firm to submit personal one page business plans which in addition to outlining goals for the year provided fee revenue goals with an element of stretch. The goals should have a stretch component but yet be realistic and attainable. These plans should be approved by the Executive Committee, Managing Partner or the Partnership.

    • In all of our client engagements we typically discover that the root cause of most problems is poor internal and external communications. Poor client service, staff competency and morale, interoffice conflict, and client defections typically can be traced back to poor communications. Work on improving internal communications with firm personnel and external communications with clients and prospective clients. Yes, you have to have meetings now and then. Devise systems to improve communications and implement properly. If a meeting is required - conduct it properly, use agendas and take minutes. Use your email systems. Match the richness of the communication method with the nature and depth of the message to be communicated.

    • Improve relationships with your clients. In a recent American Corporate Counsel Association (ACCA) and Altman & Weil survey, 56% of all Chief Legal Officers surveyed indicated that they have fired or were considering firing outside counsel in 2002, compared with 62% in 2001. Each year 'lack of responsiveness' has been the number one reason for dissatisfaction.

    • Find ways to focus the firm and foster accountability from all.
    • Undertake a few projects at a time that can be realistically accomplished. Delegate tasks across the firm. All firm personnel should have marketing responsibilities - from the receptionist to the senior partners and everyone else in between. Databases must be maintained, newsletters and articles written, presentations given, clients to be wined and dined, etc. There is work for everyone.

    • Law firms must adopt management structures that enables the firm to act decisively and quickly. Structures that do not support such a culture must be replaced.

    • Come to grips with the fact that times are changing and law firms are going to have to change and reinvent their firms dramatically in the next few years.

  2. REED ARMSTRONG LAUNCHES NEW WEB SITE

    3. We just completed the new database driven web site for the law firm of Reed, Armstrong, Gorman, Mudge & Morrissey in Edwardsville, Illinois. Visit their web site and take a look. www.reedarmstrong.com

  3. STRATEGIES FOR INSURANCE DEFENSE FIRMS

    4. Numerous insurance defense law firm clients have asked us for ongoing tips on reinventing and restructuring their practices. Here are some of our continuing thoughts and suggestions:

    • Maintain your contacts even if you lose a client. Remember, adjusters and claims managers change jobs often or get promoted. Continued contacts with these people can be valuable in the future.

    • Educate your clients on new developments. Provide more value added services through education via seminars, newsletters, web sites, etc. Be sure to collect an attendee list anytime you give presentations. Turn in this list to your marketing database administrator so the names can be entered into the database and coded for subsequent mailings, etc. This will allow for ongoing contact with these clients or prospective clients.

    • Look for ways to move your litigation expertise up-market and reduce your dependency on insurance companies. Consider marketing your litigation expertise to corporate clients in areas such as home owners association general counsel work, consumer warranty, trucking industry liability, and elder abuse defense.

    • While many don't consider it glamorous, foreclosure, bankruptcy, and collections work has many of our clients laughing all of the way to the bank. Effective rates are substantially higher than insurance defense work in many cases and the work can be leveraged with paralegals and technology.

  4. NEWS RELEASES

    5. The following news release can be reviewed in detail on our web site www.olmsteadassoc.com under the News Releases area:

    Olmstead & Associates announces that David H. Meinecke has joined Olmstead & Associates as Creative Art Director.

    Olmstead & Associates announces that Sullivan & Ward, PC., a Des Moines, Iowa law firm, partners with Olmstead & Associates to upgrade practice management software.

    Olmstead & Associates announces that Reed, Armstrong, Gorman, Mudge & Morrissey, P.C., a Edwardsville, Illinois law firm works with Olmstead & Associates to change firm identity and image.

    Olmstead & Associates announces that local attorney teams with legal management consultant to receive national recognition.

  5. RECENTLY PUBLISHED LAW FIRM MANAGEMENT ARTICLES

    6. 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:

    Setting the Stage For Success: Law Firm Implements Behavioral Changes and Reinvents Itself for Another Century in Practice, 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.

  6. CASE STUDIES ON OUR WEB SITE

    7. A third case study has just been placed on our web site. A total of three case studies are now up on our web site. These studies feature case study summaries and articles on successful strategies being deployed by some of our clients. The most recent study features the law firm of Kavanagh, Scully, Sudow, White & Frederick in Peoria, Illinois which was recently published in The Lawyers Competitive Edge. Other studies feature the Law Offices of Thomas Noonan which was recently published in both Legal Management and The Lawyers Competitive Edge and a study featuring the Law Offices of Karl Truman which was recently published in the Louisville, Kentucky Courier Journal.

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