LawVision

✨ Is Charisma Necessary for LPM Leaders?
✒ Author: Carla Landry, Principal

Charisma, like extroversion, may be highly overrated. You don’t need to be charismatic to inspire people, at least according to leadership consultant Simon Sinek, one of my favorite authors and speakers.

I think he’s right. For me, Sam Bankman-Fried and Mark Zuckerberg immediately spring to mind. Your mileage may vary, but I consider these two tech founders equal parts socially awkward and engagingly geeky. Where they diverge (other than that whole conviction thing) is in the area of charisma. One has it and the other does not. I’ll leave that to you to decide which is which.

The point is that charisma is something that, whether you’re SBF or Zuckerberg, isn’t necessary. Both led obscenely wealthy—or seemingly wealthy—enterprises and thousands of followers. Sinek says that when you devote all of your energy to the cause, it creates the charisma that many mistakenly believe introverts don’t have. What you do need—and this is particularly true for your legal project management (LPM) initiative—is undying belief in your cause. How do you get that?

Read on @ https://lawvision.com/is-charisma-necessary-for-lpm-leaders/

🔪 Sharpening Your Law Firm’s Industry-Based Sales Strategy
✒ By Silvia Coulter, Co-Founding Principal

Over the last two decades there has been a proliferation of practice groups at most firms. Some are practice-specific, fewer are industry-focused, and some exist to garner budget money. While practice groups are a meaningful way to combine resources and plan internally, they don’t always provide the best structure for an industry-based, external sales strategy. A strong industry-based strategy that is market-facing will be one that allows a firm to effectively step up its efforts to grab market share. This is an important fact in a mature legal industry where demand is flat and competition for clients’ share of wallet is high. Coupled with this external focus, firms are beginning to hire new expertise to help them with this important competitive strategy.

🙂 New Face to Grow Firm Revenue
The Director of Sales, Chief Sales Officer, or Sales Executive—whatever the title may be—is a must-hire for firms realizing they need to bolster their industry-based sales strategy.

Read on - https://lawvision.com/sharpening-your-law-firms-industry-based-sales-strategy/

💡 Thought Leadership Tuesday: Law Firm Resilience

🗃 In Times of Planning Uncertainty, Fall Back on the Basics
✒ Author: Michael Short, Co-Founding Principal

As we all gaze into our crystal balls and try to predict what will happen in 2024 with any degree of certainty, our views are pretty hazy. Think back to this time last year, which was filled with much handwringing, nervousness, and qualifiers/fine print in our presented budgets. Now, fast forward 12 months to a time where much economic uncertainty remains (per the NASDAQ.com headline “2024 Recession Odds: America's CEOs Forecast 84% While Fed Officials Insist 0%”) AND the industry- and life-changing topic of AI was foisted upon us all AND we’re going into a major election year. Additionally – and tragically - there is now a second war.

When thinking about the future of the legal industry, which impacts and is impacted by these broader contexts, I find it helpful to focus on things we can control. As planners, we need to ‘move the needle’ as much as we can within any planning period and with finite resources of time and money. As such, balance is required, and we need to always focus on some combination of longer- and shorter-term issues to create the optimal strategic advancement of the law firm.

Each partnership’s list of priorities is, of course, unique. At a higher level, (read on for) a few needle-moving, shorter-term, and recurring challenges/opportunities for your planning consideration...

👉 https://lawvision.com/in-times-of-planning-uncertainty-fall-back-on-the-basics/



Image Credit: Kajetan Sumila on Unsplash

💡 Thought Leadership Tuesday: Law Firm Resilience

📋In Times of Planning Uncertainty, Fall Back on the Basics
✒ Author: Michael Short, Co-Founding Principal

As we all gaze into our crystal balls and try to predict what will happen in 2024 with any degree of certainty, our views are pretty hazy. Think back to this time last year, which was filled with much handwringing, nervousness, and qualifiers/fine print in our presented budgets. Now, fast forward 12 months to a time where much economic uncertainty remains (per the NASDAQ.com headline “2024 Recession Odds: America's CEOs Forecast 84% While Fed Officials Insist 0%”) AND the industry- and life-changing topic of AI was foisted upon us all AND we’re going into a major election year. Additionally – and tragically - there is now a second war.

When thinking about the future of the legal industry, which impacts and is impacted by these broader contexts, I find it helpful to focus on things we can control. As planners, we need to ‘move the needle’ as much as we can within any planning period and with finite resources of time and money. As such, balance is required, and we need to always focus on some combination of longer- and shorter-term issues to create the optimal strategic advancement of the law firm.

Each partnership’s list of priorities is, of course, unique. At a higher level, (read on for) a few needle-moving, shorter-term, and recurring challenges/opportunities for your planning consideration...

https://lawvision.com/in-times-of-planning-uncertainty-fall-back-on-the-basics/



Photo Credit: Photo by Kajetan Sumila on Unsplash

📈 The Nuances of Multi-Tiered Rate Structures: Unraveling the Complexity
✒ Author: Mark Medice, Principal

I occasionally receive questions about multi-tiered rate structures, which prompted my focus this week.

👉 RATE TIER STRATEGY DEFINED
Rate tiering is a pricing strategy where law firms offer different rate schedules for their services. Each schedule typically includes the same set of timekeepers but at different hourly rates. The variation could be based on premium services, time urgency, regional cost differences, preferred client relationships, or other considerations.

🤔 WHAT IS THE PURPOSE OF RATE TIERS?

Read on - https://lawvision.com/the-nuances-of-multi-tiered-rate-structures-unraveling-the-complexity/

📣 The Inaugural Running Legal Like a Business Conference
✒ Author: Susan Raridon Lambreth, Co-Founding Principal

🎉 This year marked the beginning of a new conference: the first-time-ever gathering of a combined 300 plus general counsel, in-house lawyers, and legal operations professionals. Further, there were several dozen law companies and legal tech providers of many types, and over 100 law firm partners and other law firm business professionals. They came to network and to learn the latest strategies when it comes to running legal like a business.

💡 The conference was the brainchild of CLOC founders Connie Brenton and Jeff Franke who founded a new company called LegalOps.com. They teamed with the Women’s General Counsel Network (WGCN), led by Jan Kang and our company, LawVision, to bring together critical participants of the corporate legal ecosystem. The star-studded sponsor list read like a who’s who of major law firms and legal tech companies. There was palpable excitement generated at each of the networking events as new relationships were forged and existing ones rekindled.

WHAT MAKES RUNNING LEGAL LIKE A BUSINESS DIFFERENT❓

https://lawvision.com/the-inaugural-rllb/

❓ Selling Legal Services: The Art of Effective Questioning
✍ Author: Jim Cranston, Co-Founding Principal

In the realm of legal services, successful client acquisition isn’t about diving straight into a sales pitch. Picture this: You walk into a doctor’s office, and before you can say a word, the physician launches into a sales spiel about their services. Sounds off-putting, doesn’t it? There’s a natural flow to effective communication, especially within the sales process. Surprisingly, many attorneys miss this crucial point and rush into the pitch, overlooking the power of a well-structured conversation.

Far too often, aspiring rainmakers assume that business development equates to relentless pitching. In reality, successful business development starts with a fundamental skill – listening. And the cornerstone of effective listening? Asking the right questions. The better your questions, the more business you’ll secure.

So, here some strategies to help you prepare for and maximize the value of your next business development meeting - https://lawvision.com/selling-legal-services-the-art-of-effective-questioning/.



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🎬 LPM Lessons from the Barbie Movie. Yes, Barbie.
✒ Author: Landry, Principal

There are all kinds of reasons to have a visceral “oh hell no” reaction to a production about Barbie, the least of which is the inane movie trailer featuring Margot Robbie in Pantone 219C and some of the 50 other shades of gag-me pink. And, no, I haven’t seen the movie. The media hype seems enough. But I couldn’t help reading the many business articles based on lessons learned. It seems the movie plot runs deeper than I imagined. Barbie has a little something for everyone. Are there lessons for legal project management (LPM), too?

Almost all of the articles about the movie mention feminism and empowerment. But there are other messages, as well. The most poignant are perhaps those regarding stereotypes and the dangers of conventional thinking when it comes to roles.

👉Read on @ https://lawvision.com/lpm-lessons-from-the-barbie-movie-yes-barbie/

When Culture and Strategy Clash
Author: Joe Altonji, Co-Founding Principal

“Culture eats strategy for breakfast.” – Peter Drucker

We’ve all heard this famous admonition from the founder of management consulting, but what does it mean to us, today, in the legal world?

The legal industry – or, perhaps more precisely, the subcomponent of the legal industry encompassing private law firms – has over time been one of the most successful and enduring of professional homes. From the modest beginnings of the professional lawyer during the Roman Empire through the period of cannon law dominance in the Middle Ages to the emergence of large law firms in the United States and England in the 19th century to the current state of the industry, lawyers – and more recently their firms – have enjoyed increasing prominence and respect. Over the last 50 years especially...

Read on - https://lawvision.com/when-culture-and-strategy-clash/



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When Your Client Loves Another Firm Better
Author: Silvia L Coulter Coulter, Co-Founding Principal

Elise, a partner in a Midwest-based global litigation firm, seemed somewhat desperate when I spoke with her. In the past five months she lost two significant clients. Billings for these clients averaged $2 million to $2.5 million annually.

What happened?

Read on - https://lawvision.com/business-development-strategy-when-your-client-loves-another-firm-better/

The Future of Law Firm Pricing: AI, Time, and the Quest for Genuine Value
{3 Min Read}
Author: Mark Medice, Principal

In my last two pieces, we navigated the intricate landscape of the 2024 law firm rate setting and broached the powerful bond between law firms and clients when discussing rates and value.

Today, let’s venture into the future and imagine a world where AI offers a 3x productivity boost to legal tasks.

What does that mean for an industry where value has traditionally been tied to time?

Read on - https://lawvision.com/the-future-of-law-firm-pricing-ai-time-and-the-quest-for-genuine-value/

Be an Info Hero at Your Firm: How to Propel Your Career by Learning Basic Business Analysis {4 min read}
Author: Bell, Principal

Law firms’ increasing focus on user experience creates a tremendous professional opportunity for law firm marketers and business developers. For a long time, general counsel have publicly insisted that law firms “understand the business,” and that means – in large measure – deriving actionable meaning from standard information sources such as SEC filings.

At Big 4 accounting firms, marketing and BD executives are expected to know basic business analysis. Not so much.

And lawyers themselves?

Well…. Many lawyers, especially those who augmented their legal training with business degrees, are up to the task, but most don’t have the temperament nor the time. Just ask information-services professionals what happens when they provide a stack of consequential but unfiltered business information to a lawyer: teeth are gnashed, eyes are rolled, groans are muttered, tears are shed.

Lawyer reluctance to personally conduct business research and analysis creates a big professional opportunity for law firm sales and marketing professionals. With only a little formal training, widely available at affordable prices and often funded through a firm’s professional development budget, they can become “understand the business” heroes and materially contribute to initiating relationships with prospective clients and deepening relationships with existing ones.

Read on - https://lawvision.com/be-an-info-hero-at-your-firm-how-to-propel-your-career-by-learning-basic-business-analysis/



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Building Stronger Client Bonds Through Strategic Rate Setting
Author: Mark Medice, Principal
{2 Min Read}

Following up on my recent piece about navigating the complex landscape of 2024 law firm rate setting, I’d like to delve deeper into the symbiotic relationship between law firms and their clients, especially when discussing rates and value.

Rate Setting Isn’t Adversarial
At its core, rate setting is not about drawing a line in the sand against your client. It's a strategic process that aligns the firm's value proposition with market dynamics and client expectations.

Read on - https://lawvision.com/building-stronger-client-bonds-through-strategic-rate-setting/

Practice Group Management: The Key to More Effective Use of Investment Time to Build Your Firm
Author: Susan Raridon Lambreth, Co-Founding Principal

Most firms today have embraced effective and empowered practice management for many reasons: improved engagement and retention of their valued professionals, greater profitability, more collaboration and teamwork, enhanced client base and much more. But, there is another reason that isn’t often considered: It is the key to maximizing the billable and “investment”/nonbillable time commitment for today’s law firm owners and other professionals. As most in law firms know, practice management is the management of a law firm’s people, clients and matters through the operation of mix of practice groups, industry teams, client teams and offices – depending on the size and complexity of the firm and its specialized expertise.

Practice management affects the return-on-investment time because it provides an economy of scale where each lawyer’s time is synchronized and tasks are shared by members of a practice group working toward common goals – best driven through the practice group’s business plan. The practice group business plan and related practice management activities provide a roadmap to the effective use of investment time. In his book True Professionalism, David H. Maister said it well: “What you do with your billable time determines your current income, but what you do with your nonbillable time determines your future.” Think of nonbillable time, then, as time invested in your future as a legal professional, as well as the future of your practice group and the firm. The expected result of working as a team within the practice group is a better return on the investment of each nonbillable hour.

Read on - https://lawvision.com/practice-group-management-the-key-to-more-effective-use-of-investment-time-to-build-your-firm/

The Case of the Misunderstood Marketing and Business Development Team
Author: Silvia Coulter, Co-Founding Principal

In the complex landscape of modern law firm businesses, certain departments shine brightly while others linger in the shadows of misunderstanding. Among the latter group, the Marketing and Business Development Department (hereafter referred to as the ‘MBD Department’) often finds itself veiled in confusion. Unlike the Finance Department, IT Department, Knowledge Management/Library Department, or HR/Talent Department, the roles within the MBD Department seem enigmatic to many.

This raises two crucial questions: What causes this disconnect and how can a path toward clarity be illuminated?

Read on - https://lawvision.com/the-case-of-the-misunderstood-marketing-and-business-development-team/



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Look to Firm Strategy for Guidance in Preparing Next Year’s Client Development Budget
Author: Steve Bell, Principal

It’s budget season – one of the toughest times for law firm client development leaders because they are asked to allocate a finite amount of dollars across a seemingly limitless range of possibilities. The job is made even more difficult for those law firms that miss doing a deep analysis, but rather set next year’s budget within a few percentage points, plus or minus, of last year’s budget. And, oh yeah, don’t forget surprises such as the sudden emergence of generative AI and pop-up demands that may not make good business sense or align with overall firm strategy.

It’s still early in the budget season though, so marketing and business development leaders have time to calmly review the foundational principles of law firm budgets.

Here are three proactive touchstones to consider before putting pen to paper ... https://lawvision.com/look-to-firm-strategy-for-guidance-in-preparing-next-years-client-development-budget/

Your AI Legal Strategy Framework Part 3
Author: Mark Medice, Principal

"Design is Intelligence Made Visible" – Alina Wheeler

Summary: Building a strategy focused on fast-moving topics like AI requires a different approach. Assumptions are quickly proven false, and new ideas are introduced, causing our priorities to change. In Part 1, we discussed the need for a strategic AI intelligence stream to cut through the hype and understand market participants' motivations. Part 2 explored enhancing ethics and risk management to address the unique challenges and opportunities AI presents. We also emphasized fostering a design mindset among lawyers and staff. In this final part, I will discuss the strategic design that enables the rapid pursuit of success in the AI world.

The Speed and Iterative Nature of AI Strategy

The availability of AI technology to non-technical professionals, such as lawyers and business leaders, has sparked creativity and accelerated strategic design cycles. The "gold rush" mentality surrounding generative AI compels organizations to act swiftly to stay competitive. And productivity gains witnessed in knowledge-based industries, including law, have the potential to reshape business models fundamentally. And while the AI hype may diminish over time, the momentum behind productivity gains will continue to grow stronger, establishing a new baseline. In summary, expect a faster strategic pace and be prepared to pivot more often.

Read on - https://lawvision.com/your-ai-legal-strategy-framework-part-3/

Here We Go All Over Again… Or Not
Author: Joe Altonji, Co-Founding Principal

The legal industry has been on the verge of either “ending as we know it,” or being forced to endure massive change, every five to ten years since at least the 1980s.

Consider some of the history:

* When computers became desktop tools in the 1980s and into the 1990s, many worried that the practice of law would be automated and the need for lawyers decline materially. I recall one firm I visited in the early 1990s. When I asked why they still had so many typewriters around, they told me that “if we gave our lawyers computers, it would greatly cut our billable hours…” I have no idea if that firm is still around!

* With the rise of the internet in the 1990s...

Read on - https://lawvision.com/here-we-go-all-over-again-or-not/



Image Credit: Glenn Carstens-Peters | Unsplash (https://unsplash.com/photos/6rkJD0Uxois)

LPM: And the Quiet Ones will Lead Them
Author: Carla Landry, Principal

You have an LPM initiative to launch. What’s churning in those lawyerly heads? You’re not the boss of me. Dr. Larry Richard, founder of LawyerBrain and leading expert on the psychology of lawyer behavior, has told us for many years that lawyers are precipitously high on the Caliper profile on two personality traits: skepticism and autonomy.

On top of the natural skepticism and autonomy of the lawyer personality, let’s overlay a healthy dose of introversion, as mentioned in part one of this series. Who are these people? That would be your lawyers with the AirPods permanently attached to their ears lest someone actually might want to talk to them.

It’s no wonder it can sometimes feel like an uphill climb to get engagement in your firm’s LPM effort. But it really doesn’t have to be an impossible chore. Despite the highly skeptical, fiercely autonomous lawyers that comprise your firm or practice group — and the closeted introverts lurking within the ranks — there are strategies you can use to propel your LPM initiative forward.

Read On - https://lawvision.com/lpm-and-the-quiet-ones-will-lead-them/

Creating and Managing a Sales Pipeline Report
Author: Silvia Coulter, Co-Founding Principal

Creating a sales forecast (aka pipeline report) is an essential element of business development. With a sales forecast, it will be much easier to keep focused on active pursuits, revenue goals, and where to invest limited available time.

This invaluable sales tool is easy to create and essential for keeping up to date on revenue opportunities.

Read on...
https://lawvision.com/creating-and-managing-a-sales-pipeline-report-2/

Your AI Legal Strategy Framework Part 2: Your Key AI Enablers
by Mark Medice, Principal

Summary. Building a strategy focusing on a fast-moving topic like AI requires a different rhythm. Assumptions made today may be proven false quickly. And your priorities may be different tomorrow. As discussed previously in Part 1, you must immediately set up your strategic AI intelligence stream to break through the hype and understand the motivations of market participants.

Today’s blog addresses steps required to enhance your ethics and compliance management processes to mitigate risks and address the unique challenges and opportunities presented by AI.

sion.com/your-ai-legal-strategy-framework-2/

Three tips for CMOs who oversee both Marketing and Sales functions
By Steve Bell, Principal

Law firms are slowly but steadily adding client-facing business development and sales professionals to their ranks and very often placing them under the leadership of Chief Marketing Officers (CMOs).

Quickly, these CMOs see the potential for silos to emerge, with traditional marketing professionals operating in one sphere, business development professionals in another.

Given the potential danger, it’s not surprising that in casual conversation at recent gatherings including Marketing Partner Forum, Legal Sales and Service Organization’s Raindance Conference, and LawVision’s Boardrooms I heard many CMOs voice a desire to drive better collaboration between the marketers and business developers/salespeople who report to them.

Here are three techniques for accomplishing this objective:
https://lawvision.com/three-tips-for-cmos-who-oversee-both-marketing-and-sales-functions/.

Three tips for CMOs who oversee both Marketing and Sales functions
By Steve Bell, Principal

Law firms are slowly but steadily adding client-facing business development and sales professionals to their ranks and very often placing them under the leadership of Chief Marketing Officers (CMOs).

Quickly, these CMOs see the potential for silos to emerge, with traditional marketing professionals operating in one sphere, business development professionals in another.

Given the potential danger, it’s not surprising that in casual conversation at recent gatherings including Marketing Partner Forum, Legal Sales and Service Organization’s Raindance Conference, and LawVision’s Boardrooms I heard many CMOs voice a desire to drive better collaboration between the marketers and business developers/salespeople who report to them.

Here are three techniques for accomplishing this objective: https://lawvision.com/three-tips-for-cmos-who-oversee-both-marketing-and-sales-functions/.

Your AI Legal Strategy Framework

Part 1: Separating the Signal from the Noise with the Help of "Bootleggers and Baptists"

Author: Mark Medice, Principal

Summary. Law firm leaders face a mountain of AI noise at the extreme ends of the fear and greed continuum, drowning out the real story. But this phenomenon is familiar and has occurred before during other significant technological introductions. Using a framework to assess the most relevant ideas will best shape your AI strategy, which you need to develop now.

Introduction

The AI hype today is ablaze with both doomsayers and opportunists. But most law firm leaders feel some compulsion to respond by learning about AI's strategic implications despite its frenzied panic. The challenge is figuring out what is essential for each firm and acting on it.

Marc Andreessen's recent blog, "Why AI Will Save the World," offers a helpful perspective. It outlines why we must embrace AI and apply its virtues to society while managing risks but not being stifled by the mania and panic posed by policymakers and market participants. Andreessen's article was written for businesses generally without referencing legal services, so I will draw analogies and make recommendations for law firms.

Today, I will focus on separating relevant ideas from noise and hype. Then in Part 2 (coming in a few weeks), I will provide a strategic AI framework to help you develop action plans to pursue this exciting technology within your strategy.

Read on: https://lawvision.com/your-ai-legal-strategy-framework/

Law Firm Sales: Reach Out With Gratitude
By Silvia Coulter, Co-Founding Principal

Receiving acknowledgement for a job well done, or for helping another business colleague or contact, or for ongoing work received from a client, is rewarding for the recipient.

The inherent message is “you matter.”

Acknowledging one’s contributions is a form of recognition and appreciation. Yet, many forget to do this simple outreach which is a) easy to do, b) takes very little time, and c) has a huge upside.

A recent meeting with a group of senior litigation partners reminded me of this simple concept.

Read on: https://lawvision.com/law-firm-sales-reach-out-with-gratitude/

Law Firm Sales: Reach Out With Gratitude - LawVision Receiving acknowledgement for a job well done, or for helping another business colleague or contact, or for ongoing work received from a client, is rewarding for the recipient. Yet, many forget to do this simple outreach which is a) easy to do, b) takes very little time, and c) has a huge upside.

Get to the Point (of Sale): Client-Facing Possibilities for Law Firm Professional Staff
Author: Steve Bell, Principal

“Commitment to help.” This is, according to BTI Consulting CEO Michael Rynowecer, one of the top attributes that buyers demand from their law firms. That’s old news; here’s the new news: More and more, law firms have awakened to the potential of professional staff, in addition to lawyers, interacting face-to-face with clients and prospective clients.

This is partially the result of legal-services buyers being open to relationships with law firms’ business professionals. At last week’s Legal Sales & Service Organization Raindance Conference, three general counsels were asked their views about working with professionals other than lawyers, and – for the second straight year – they answered “yes” to the following three questions: https://lawvision.com/get-to-the-point-of-sale-client-facing-possibilities-for-law-firm-professional-staff/.

Get to the Point (of Sale): Client-Facing Possibilities for Law Firm Professional Staff - LawVision More and more, law firms have awakened to the potential of professional staff, in addition to lawyers, interacting face-to-face with clients and prospective clients. This is partially the result of legal-services buyers being open to relationships with law firms’ business professionals.