Managing Partners should have 3 priorities as confidence index drops to record low
From the Sacramento Business Journal today:
Law firm confidence index drops to record low
Excerpt:
Confidence in the economy among managing partners at large law firms nationwide hit new lows in the first quarter, according to the latest research from the Citi Private Bank Law Firm Group in New York City.
I recommend three priorities to Managing Partners:
- Bulletproof existing clients (complacency is deadly in light of the predator-like behaviour you can expect from your competitors as their revenues diminish)
- Concentrate Business Development training and strategic assistance on your best rainmakers (Train the rest later - for now, you need results)
- Coach all partners on how to deal with fee resistance (Your partners will be divided and conquered unless you give them the tools and confidence to effectively deal with the inevitable fee resistance that accompanies a recession.)
PUNCHLINE: There is so much more to do, but I have seen these three initiatives making an immediate palpable difference. NOW is when you need these benefits most.
Lehman Liquidation? Merrill Acquisition? Greenspan: "worst economy I've ever seen"?
Managing Partners, you may have a disaster plan for fire, perhaps for terrorism - do you have one for the economic train coming off the tracks?
Listen (and watch) what Greenspan said yesterday Sept 14th (50 seconds)
Punchline: You are getting fair warning - are you acting on it? This is not a time for traditional strategic planning - it is time for scenario planning that will create "dynamic resilience" that may become the life support system your firm will need should the economy worsen.
It's time, as Nike would say, to "Just Do It".
Push the button. (click it) then let's talk about this privately.
Gaining Influence as a law firm CMO
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The September 2007 McKinsey Quarterly has an interesting article called: The Evolving Role of the CMO by David Court who discusses four areas of change for the CMO:- Changing to reflect new consumer [client?] buying behavior
- Shaping the Company's [Firm's?] public profile
- Managing Complexity
- Building new Marketing Capabilities
- Take time to understand what's really happening with customers [clients?]
- Foster the right connection between the CMO's efforts and those other parts of the organization
- Be a "thought partner" for the CMO as he or she transforms the marketing organization.
NOTE: General access to McKinsey Quarterly is free but requires registration and log-in - for recommended article, premium (paid) subscription is required.
Contemplating advertising? You had better "Nail It"
Greenfield/Belser nails law firm advertising.
Read Larry Bodine's post to see why he liked it so much: A Law Firm Announcement that Clients Will Actually Read
My Opinion: Refreshing!
