Top ten firms with the most Corp. Counsel mentions.
No one should be surprised that Fortune 500 companies hire some of the biggest names in law for legal services.
Corporate Counsel’s annual report lists the top ten law firms hired by the Fortune 500. As David Lat points out in Who Represents America’s Biggest Companies? (2014), “the most-mentioned firms aren’t necessarily the most prestigious or the most profitable. The rankings prioritize quantity, and they’re dominated by firms that excel in a particular practice area. See if you can guess which one.”
The answer? Workplace law.
I asked Brian Rice, LexBlog’s CFO/COO, for his thoughts on the Corporate Counsel report. Warning: Brian is a big-time data junkie. His take:
“Because of the hugely influential role that the Fortune 500 companies play in the business world, studying their adoption and use of social media blogs offers important insights into the future of commerce. These corporations provide a look at emergent social media trends among America’s most successful companies.”
If you’re not online, then you’re losing traction (and clients) to the professionals cultivating a strong online presence through the act of blogging. The Internet is a communication ecosystem that amplifies the effect of lucrative referrals with “word-of-mouse spread[ing] even faster than word-of-mouth,” according to a Harvard Business School study, The Economics of E-Loyalty.
Earlier this year at the (shameless plug alert) Attorney@Blog Conference, I had the opportunity to meet Guy Alvarez and Joe Lamport, founders of Good2bSocial, a digital agency that helps law firms utilize social media and content marketing to improve their business.
Look, I will be the first to tell you how powerful a good content strategy can be for a business. I even left my cushy Biglaw salary to start a company in the content space. But #Biglaw? Even I was skeptical.
So I was shocked to hear of all the law firms who were being recognized at the conference for their work in social media. How exactly would a firm use Twitter or Facebook to drive business? I decided to invite Guy and Joe to participate in a conversation about the emerging role of social media in law firms….
When starting out, solo practitioners have to find clients. The traditional way, through networking and advertising, will get mixed results. So some think outside the box and try to find new ways to get people’s attention. Some attorneys have fantasized about setting up a hybrid business combining law and something else.
Law practice can successfully complement other work because of overlap. It is not unusual to see attorney/CPAs practicing in the areas of tax, business, and finance. I have also seen estate planning attorneys double as financial planners. And I have seen too many real estate lawyers work as sales agents or brokers on the side.
But once in a while, someone proposes a business that tries to combine law practice with something that seems totally unrelated, such as clothing sales or a bakery (I know some attorneys who have actually proposed these). These ideas sound crazy and in most cases go no further than that. But a brave few have ran with it. And some are seriously considering it in light of the terrible job market.
While I don’t want to wish ill on someone who is legitimately trying to make a living and taking a risk, I think most legal hybrid business plans are not viable. Not to mention sounding silly. Click onwards to find out why…
Soon after I started my solo practice, I realized that I needed to develop and execute a plan for getting new clients. At first, I did it the old-fashioned way: networking, joining organizations, giving elevator speeches, passing out business cards, and doing contract work for other attorneys. This method took time and cost money and it didn’t work to the extent I had hoped. So I asked a few colleagues whether I should hire someone to help me improve my business.
I received the names of consultants, SEO experts, and coaches. Someone even suggested I talk to Tony Robbins. Some people swore by them while others said that the “advice” they provided was a bunch of hooey and can be found on the internet or at the library for free.
Over the last few years, I have become very skeptical of business development professionals (sometimes known as “marketeers”) who claim that they know the “secret technique” for improving my solo practice. A number of them are lawyers or ex-lawyers who — for one reason or another — decided to go into consulting and coaching. Also, some of these “experts” have questionable backgrounds and may not understand the professional rules that we lawyers have to follow.
I should point out that the purpose of this post is not to badmouth any particular person or the legal business development industry. This guy covered that already. But click onwards to find out the reasons for my skepticism and my thoughts on when it might make sense to retain a business development professional….
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Are you tired of getting the same questions over and over again from prospective or existing clients? Should I choose an LLC or incorporation? Will I lose my house in bankruptcy? What is a power of attorney? How long will my divorce take? Rather than respond to these same questions over and over, why not school your clients instead?
These days, schooling clients is easy. With the rise of online training and college courses, a broader segment of the population is now familiar with online education. Plus, there are a variety of powerful free tools to create online educational programs to educate clients so that they’ll have a grasp of the basics.
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: