The Managing Partner’s Nightmare: Leaving Money on the Table
In our over 20 years of marketing law firms, one of the most often expressed concerns by managing partners is a fear that they are leaving money on the table. By this, they are usually referring to the fact that clients are associating the firm and/or individual attorneys with specific areas of focus, rather than as a resource for resolving any of a number of legal matters. This is typically seen in the client who contracts with a law practice for one legal matter and then walks down the street to contract with another regarding a different legal concern.
Part of this may stem from compensation arrangements that do not reward internal cross-promotion and part may simply be a function of internal politics and territoriality.
So how does the growth-inclined law practice avoid the dreaded “’shoulda’s’ ‘woulda’s’ and coulda’s?’”
The answer lies first in creating a culture in which the firm moves from a practice area orientation to a problem-solving one. Such an orientation often requires re-educating personnel that the firm’s major focus really is on just helping people. Administrative and human resource matters should be approached with that mindset and compensation should, in large part, be based on each attorney’s capacity to do just that. That means rewarding individuals not just for the work they bring in or the work that they do, but also for the work, internal or external, that they can bring to another member of the firm’s staff. Further, in some cases, an interdisciplinary team approach to client problem-solving should be considered. And processes should be put into place that allow firm attorneys to regularly be made aware of the legal matters in which their brethren are involved.
Second, law firms must do a better job of educating both prospects and clients as to the full range of their legal services. This means developing the kinds of materials – both online and off, which easily convey the many ways in which the firm can be of service. Specific areas of the firm’s legal expertise that are buried deep inside a firm brochure or web site do little in communicating how the firm can help an individual or business in more ways than they might have otherwise thought. Instead, law practices – particularly those with disparate areas of focus, should consider development of collateral materials that highlight its portfolio of services upfront. Ditto for the firm web site. Often, it is not enough for such content to be placed under some “Practice Area” button. That’s because the individual looking for assistance on a family law matter may never even bother to see whether the firm can also help him on his pending bankruptcy. The same holds true for the corporation seeking help with transactional matters, but not knowing (or bothering to find out) that the firm can also handle matters of litigation as well.
One way in which we have seen law firms address such issues is through the development and dissemination of e-newsletters. Here, what matters most is not the actual content (though it should still be well thought-out and well-written), but rather the subject line on the address and the title of the main article. Recipients may never actually even read the content, but even in rejecting it, will nonetheless still be exposed to other services the firm provides. The goal here is not to drum up business immediately (though its been known to happen), but to plant the seeds among the firm’s database for that day when the need for a particular service does arise.
Finally, in an age where everyone is (or should be) self-publishing, it is easy to communicate the individual skill sets of specific attorneys. What is mandated however, is ensuring that the ways in which such messages are disseminated, show a consistent regard for the firm at large. This means incorporating the firm’s logo, tag line, contact information (and possibly even practice areas) into individual online communications. Ultimately, it is the sum of all communications that serves as the face (and even the essence) of the organization.