Success in lateral hiring is like a coin flip — literally. According to a recently published ALM Intelligence and Decipher report titled, “Risky Business — Rethinking Lateral Hiring,” almost half of all lateral hires leave within five years, and 62% underperform in bringing over their stated books of business.
Lexicon Brand Manager Lauren Hoffmann and Chief Information Officer Brad Paubel host The LeXFactor, A Lawfully Good Podcast.
In this episode, they are joined by Deb Knupp, the Managing Director for GrowthPlay, to discuss how business development has been able to pivot in the virtual world, caused by COVID-19. She talks about the consulting firm she works for and how they utilize the cultivation of relationships to build predictable revenue in the legal industry.
Work From Home (WFH) is the new default for the legal industry. Host Greg Lambert talks with a wide range of legal professionals who share their stories on this new work model.
The path to partnership, which many attorneys aspire to achieve, can be a long and challenging road. In order to get there, an attorney’s ability to generate new business is a critical component. The partnership track can be even more difficult for diverse attorneys, as this group tends to lag behind their counterparts in business development. It begs the question: Why do diverse attorneys face challenges in business development, and how can marketing and business development professionals better support their diverse attorneys?
The natural instinct during times of chaos is to move into a place of scarcity. The single best gift you can offer clients is courage and confidence about the path forward.
If you were to poll the attorneys in your firm about whether business development is an expectation or an option, would you get a consistent answer? High performing firms are increasingly investing earlier and more often in attorney business development coaching and training. This is good news for a profession that historically looked down on business development as being beneath the character of a lawyer. Increasingly lawyers are recognizing that sales is about helping solve problems that need to be solved — an extension of rather than an adjunct to legal excellence.
Meet the rising star of new law: the changemaker. Change-makers are lawyers with a relentless focus on growth who also recognize that long-term success requires more than revenue generation alone. With the head of a rainmaker and the heart of an innovator, change-makers are quickly becoming a driving force in helping partners buy into new ways of thinking.
The legal profession has had a pretty good run. Lawyers are busy and overall law firm economics are solid. After a decade of declining and flat growth, 2018 brought an upward tick in demand. Key practices of corporate, litigation and employment all reported growth. Anecdotally, a general sense of “busyness” contributed to attorney confidence and sense of productivity.
For a long time, the people most prepared to articulate and advocate for inclusion efforts in law firms have been human resource professionals and diversity officers. Increasingly firms, however, are realizing that diversity plays an important role in their efforts to sell their services and build lasting relationships with clients. In fact, far from being a purely inward-facing function, diversity and inclusion efforts should be a central pillar of your firm’s business development strategy, and this team should be staffed accordingly.
The Journal of Legal Marketing – From Theory to Practice: Making Design Thinking Principles Work for your Law Firm
Design thinking has gained traction in the professional services world in recent years. As this roblemsolving approach reaches more legal marketers, we hear it described in various ways, many of them more lofty than practical. Innovative. Empathetic. Strategic. Maybe even fun.