Retaining and growing existing client relationships and building new business. That’s basically the business development strategy on which most firms are, or at least should be, focused. It is a sound strategy indeed, but where should the investments of resources (i.e., time, money, business development professionals, etc.) be made?
We can’t ignore the cost of
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Your Partner FICO Score for Managing Performance
Law firm leaders constantly seek more effective and transparent measures to assess and boost their financial performance. Although traditional metrics such as effective rates, realization, profit margin, and leverage provide a foundation, their potential for misinterpretation and distortion often leads to more confusion than clarity.
In response, I created a new measure called the Partner…
For LPM, Charisma is Undying Belief
Here’s an idea for LPM leadership. We’ll welcome spring with the ending of our three-part series on charisma. If you missed Part 1 and Part 2 of our series, you’ll find them here. Again, we recommend viewing the Simon Sinek video that forms the basis for this series. It’s both entertaining and thought-provoking.
Although we…
Optimizing Your Business Development: Choosing Wisely Among Networking Events and Other Activities
I read a great article in the Harvard Business Review on networking. In “Don’t waste your time on networking events,” author Derek Coburn suggests that networkers are not achieving the results they’re looking for through networking events.
According to Coburn, “the most basic problem with traditional networking events is that they are mixing…
Your Strategic Pricing Execution Checklist
As the year begins, law firms transition their pricing focus from the planning stage to execution. In the second half of 2023, firms were busy evaluating their rates and pricing strategies to prepare for 2024. Currently, the emphasis is on leveraging the skills of their personnel, optimizing pricing processes, and improving transparency across the firm.…
Unveiling the Power of Legal Project Management: Driving Performance Through Data
As I geared up to co-chair the 14th annual program on legal project management (LPM) for the Practising Law Institute, I couldn’t help but marvel at the incredible evolution of this field since its inception in 2011. Back then, the concept of project management outside of the IT realm was a foreign language to many…
The Math Behind Declining Work Ethic
It seems like most discussions of law firm productivity these days – from Partners to paralegals – include references to declining billable hours, which are further extended into comments on declining work ethic. Sadly, such comments are stated with an apparent resignation to the fate…that nothing can be done about it. I suppose this phenomenon…
How to Install a Sales Process at Your Firm
If your firm has a client, it has a sales process. After all, somehow, a buyer of legal services became aware of your firm and expressed interest. When a specific need arose, somehow the buyer thought to reach out to your firm, consider its skills and offerings, decided to proceed and engage the firm, monitored…
Building Long-Lasting Client Relationships
Driving client engagement is important. With demand for services remaining almost flat, firms are grabbing share of wallet from one another. Not sure what to ask clients? How to build long-lasting trusted advisor relationships? First, let’s take a look at the stages of relationships law firms have with clients.
Study after study among law firm…
What’s the Big Deal About Charisma? Here’s What LPM Leaders Really Need
What’s the big deal about charisma? It’s simple. Many charismatic leaders can mobilize their followers and inspire them to create a stronger, more profitable alliance. But that’s not true of every person with charisma. There is a dark side to this trait and there are plenty of charismatic leaders who are narcissistic, manipulative, domineering, and…