Business development

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.
An Example of Traction Through Blogging

Within six months of launching the Connecticut Employment Law Blog, Dan Schwartz got the high sign that his blog was working:

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Lawyers and law firms need to measure their return on blogging. Too much time and money time is put into blogging to do it on a lark.

The ROI, or blog success, is not measured by traffic to your blog or increased traffic to your law firm website from your blog.

Blog ROI should be measured by five milestones. Look at the milestones at six months, a year, and again at two years. Business development success online is a marathon, not a sprint…

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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….

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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…

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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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I’ve never met Amy Hrehovcik, but the beat of her Twitter stream thunders:

I’m sure that cartoon trigger chuckles in many marketers and business developers trying to help lawyers grow revenue. Why? The legal profession traditionally is slow to adapt….

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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.

Here’s my experience with some of those tools….

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A blog post represents our entry into a conversation. Nothing could be more true when it comes to blogging by lawyers and other professionals.

Dave Winer, an American software developer, entrepreneur and writer who is widely known for his contributions to blogging, established over a decade ago that a blog represents the unedited voice of a person.

Law firms and other organizations don’t edit what their professionals are saying when engaging others face-to-face. Nor should they do so with blog posts.

During last week’s Business Development Institute’s Social Media Summit for Law Firms, I asked the members of the panel I was moderating: do your firms vet or edit lawyers’ blog posts before publishing?

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Clients are in the driver’s seat these days. Lawyers, even partners at prestigious and profitable firms, must bow and scrape before in-house counsel to land engagements.

It won’t be long before beauty contests actually include, well, beauty contests. What rainmaker worth his or her salt wouldn’t strip down to a swimsuit if required to do so as a condition of being hired? (Assuming that seeing the lawyer in swimwear would actually appeal to the client, that is.)

Not long ago, some Biglaw partners had to humiliate themselves in order to land a major matter. What did they have to do for the deal?

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