Reinvention Is The Key to Survival For Law Firms
This morning CBS news featured a story on the demise of iconic American companies including Hostess and Kodak.
What are the factors contributing to this defeat and how do businesses and law firms protect themselves from becoming obsolete?
Factors that contribute to the downfall of business include, not staying in touch with rising costs, changing tastes or new technologies, not evolving and maintaining the status quo.
Kodak originated the technology for photography and in the 1970's held 90% of the photography market, yet has lost market share by not leveraging this technology in a digital world. Hostess, the creator of Twinkies, was slow to adapt to the changing tastes of a new market.
Scott Galloway, marketing professor at New York University's Stern School of Business, said reinvention is the key for the struggle of survival.
Businesses and law firms that find ways to reinvent themselves are the most successful. Apple is an example of a company who understands the power of reinvention.
What is your law firm doing to reinvent your law practice? The following are a few questions to consider;
* Do you use LinkedIn to build your network, make a contribution and stay connected or do you think LinkedIn is a waste of time?
* Does your web site provide updated content and value to your target client or do you have pages on your site that have been unchanged for 5-10 years?
* Do you stay informed on what is happening in your market by reading high value blogs, following thought leaders on social media sites including Twitter, and participating in targeted LinkedIn group discussions, or are you too busy?
* Is your bio updated and informative about the value you provide clients and what distinguishes you or is it chronological description of your educational background and dates of employment?
* Does your service to clients include collaboration with other professionals or are you going it solo?
* Does your search engine strategy include writing relevant blog posts, informative web site content, useful YouTube videos and on-line press releases or are you relying on “key word stuffing” and outsourced “link building” and content writing to increase your on-line visibility?
* Are you listening to your clients, conducting client evaluations, and providing remarkable service or are you doing what you have always done?
* Does your firm hold law firm retreats to review its strategic vision and target market annually to align marketing activities with your most important goals or are you winging it and hoping you will meet financial and billable hour targets?
The above questions are not inclusive and are meant to stimulate your thinking about how you are reinventing your law practice to maximize your success for prosperous and continued existence.
What additional questions would you include in the list above? What strategies have you implemented to reinvent your law practice?
Last week I received a question from a mid size law firm with 65 partners that I felt may be a familiar question for executive directors, managing partners and law firm CEO’s. The question was:
In my last blog post, I wrote about
Many lawyers are frustrated with law firm marketing activities. Often I hear lawyers complain about the time and cost of marketing and the uncertainty on the return on investment (ROI) for these activities. So where do you start AND what activities will afford you the highest return on the time and money you invest in law firm marketing?
bios. Even more interesting, another client of mine recently revised her bio and retained a high-asset client for her firm because her client liked her bio. These examples are consistent with studies showing that lawyer bios are the most-viewed pages on a law firm’s web site.
Like many business owners, one of my favorite blogs is Seth Godin’s blog. In today’s blog, Seth defined the
The recent economic crisis has had significant impact on the competitive environment for lawyers and law firms. Clients are more discretionary with their financial resources and a larger number of lawyers are competing for a smaller number of clients. .jpg)
On a recent trip to Cleveland, I had the opportunity to visit the Rock and Roll Hall of Fame with my 19-year-old daughter. I was there to learn about and enjoy the history of Rock and Roll, but I became intrigued with the artists who were able to maintain their Rock and Roll legend status 35 years later. How did they do it? How can artists be as popular today as they were 35 years ago? And would it be possible for lawyers to apply this strategy for success to 

You provide a high standard of service to your clients and produce positive results. Clients and referral sources benefit from your experience and expertise and often times tell you how much value and peace of mind you have provided them during a difficult or challenging time. You want to educate the public on your legal services and attract more clients who want what you do best. Unfortunately, in your community not enough people know about you and your law practice and the value it can provide.
This weekend I spoke at
One of the most effective approaches to growing your law practice is to apply the 80/20 rule or the
Building a successful law and collaborative practice does not have to be complicated or require you to give up your social life and the things that you enjoy.
I recently met with a partner at a law firm who asked me to assist him in placing an article he had written. He said a few of his partners had recently published articles in various publications and he thought he should be doing the same.