Marketing

White Papers

• 2024 State of the Corporate Law Department  ** NEW **
  by Thomson Reuters Institute
  

  In case you missed it, our MPF Featured White Paper is the 2024 State of the Corporate Law Department published by Thomson Reuters. In interviews with over 4,500 professionals worldwide, the Thomson Reuters Institute found that:

  • Generative AI is expected to transform legal work
  • Departments are utilizing in-house teams and outside firms for efficiency
  • Outside counsel spend is expected to increase
  • Potential privacy, cybersecurity, and ESG risks are top concerns
  • Legal departments and executive leadership have varying views on opportunities and risks
   

• MPF INSIGHT
  Re-Envisioning the Law Firm:
  How to Lead Change and Thrive in the Future 
  by Managing Partner Forum, Jaffe, TheRemsenGroup
  

  This hard-hitting and ground-breaking report, which includes an abundance of benchmarking data drawn from two MPF surveys conducted earlier this year, serves as a wake-up call for leaders and owners of smaller and mid-size US law firms. We strongly maintain that to be successful in the future, law firms must be run more like a business and less like loose confederations of sole practitioners. For most firms, this involves change and accountability. And lawyers don’t like either. Leadership and planning are required. Here are some of our report’s major themes:

  • Firm owners must accept the fact the profession is undergoing unprecedented change and that your law firm must adapt if it wants to survive and prosper.
  • Strategic planning is no longer optional. Firms need a vision for the future and a plan to get where they want to go. “Hope and pray” is not a good strategy in a rapidly changing marketplace.
  • Firms must invest in the leadership and business development skills of their young lawyers. They are the future of your firm.
  • Importantly, law firms must proactively address issues involving problematic partners. They are affecting the culture and profitability of your firm much more than you realize.
  • The time has come for firm leaders to exercise “more leadership” and “less management.”
  You need to review this report. You need to share it with your partners. Importantly, your firm must respond to the changing marketplace. Otherwise, you may find yourselves selling buggy whips when the rest of the world has moved beyond them.

• Reinventing the Law Firm Business Model:
  Making the Most of Business Development
  Opportunities and Driving Long-Term Growth 
  by William Josten, Esq. and Ian Turvill
  

  William and Ian teamed up to write this forward-thinking White Paper to help your law firm adapt to the challenges and opportunities created by the shifting legal marketplace. Rather than proceeding with business as usual and hoping for a different outcome, today’s most successful law firms are undertaking thorough examinations of how their business models are built for the “new normal.” The five-page White Paper is divided into four chapters:

  • Client Selection: Finding Your Niche
  • Pricing and Profit Model: Choosing a Sustainable Profit Model
  • Scope of Activities: Figuring Out What You Do and What You Don’t Do
  • Winning and  Keeping the Business: Differentiating Your Firm
  We especially like the “Take Five” questions to ask about your firm and how it can do things better.

• Guide to Develop Individual Attorney Marketing Plan
  by John Remsen, Jr.
  

  There are two kinds of lawyers in private practice: Lawyers with clients and lawyers who work for lawyers with clients. That said, we believe that every lawyer in private practice should want to take the time to develop and implement an individual marketing plan. The reasons are many:

  • Clients hire lawyers, not law firms.
  • Clients hire and refer lawyers they know, like and trust.
  • Lawyers with clients better control their futures.
  • Lawyers with clients make more money and have more clout.
  We recommend that partners invest about 200 hours a year in marketing and business development. Associates should invest about 100 hours a year. Studies show that most successful rainmakers invest much more. To make sure that time is invested wisely, a plan is essential.
   

• Fans, Followers and Connections:
  Social Media ROI for Law Firms 
  by ALM Legal Intelligence
  

  This White Paper reports on a 2012 survey conducted by ALM Legal Intelligence examining the ROI – of both time and money – that law firms are spending on their social media programs. Although it's a "big firm" study (more than half of the respondents represent law firms with 500+ attorneys), smaller and mid-size firms can learn much from it. The report concludes that "law firms that have taken the plunge are starting to see some definite returns on ther investment, in terms of greater visibility as well as attracting new clients and matters."

• Social Media Policy
  by Jaffe PR
  

  By now, almost all of the AmLaw 200 law firms have adopted social media policies to guide how their lawyers and staff conduct themselves and represent the firm in various online forums, including blogs, listservs, LinkedIn and even Facebook. Yet, according to audience polling at The 2012 MPF Spring Conference, fewer than half of mid-size firms have such policies in place. Even fewer mid-size firms provide training to their lawyers and staff. This White Paper by Jaffe PR will help you develop your firm’s own policies and procedures in this rapidly changing area.

• What's Hot and What's Not in the Legal Profession 
  by
  

  Every December, Bob Denney presents his annual report entitled "What's Hot and What's Not in the Legal Profession." This is the 22nd year he has compiled his observations and shared them with clients and friends. In this year's edition, Bob reports that law firms are adopting formal social media policies and, after a one or two-year hiatus, are getting back to holding their annual Firm Retreats.

• The Attorney Hiring Zone:
  Top Activities to Win New Clients 
  by BTI Consulting Group for Hellerman Baretz Communications
  

  This 14-page White Paper, released in November 2009, studies the hiring methodologies of in-house counsel at Fortune 1000 and Global 500 companies. The research concludes that peer referral is the most powerful way for a lawyer (or firm) to catapult into the "hiring zone," and that superior client service drives peer referrals. A scheduled in-person meeting is #2 on the list. It takes seven attempts to get that meeting, and most lawyers give up after the first try.