Legal Research

"The Keys to New Business in a Changing Economy (Part 2 of 2)"

This post was written by Jim Hassett: "Whether you choose to focus on current clients and referral sources or to spend your time looking for new ones, the marketing tactic that is most critical in this changing economy is increasing the value you provide.  This need is hardly limited to the legal world.  In his book, What the Customer Wants You to Know, consultant Ram Charan described how the internet and the global economy are changing the way customers think and what it means to people who sell: "[Businesses] are under enormous pressure to deliver value to their clients and their shareholders.  They are compelled to use the newfound power of transparency and overcapacity to drive down prices."  One result is that the traditional tools of business development - "long-term relationships, golf games, skybox seats and theater outings" - are losing their power (p. 4).

The same trends have now come to the legal world, with a vengeance...

In interpreting this result and others from the survey, they noted that:

CLOs rated the importance of "relationships" with outside law firms at exactly the same low level, whether for critical work, important work or commodity work.  The personal element apparently doesn't carry as much weight in the hiring decision in 2009.

How do you deliver more value? Value lies in the eye of the beholder, so it all starts with asking clients questions like this..."

Full text and active links are available by clicking on the author's name.

Source: Legal Business Development, 10 February 2010, reproduced with permission of the author.

Full post as published by Stark County Law Library Blawg on February 12, 2010 (boomark / email).