Law Firm Management Solutions

 

 

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The Partner Compensation Diagnostic- Are You Paying For Key Results?

 

A law firm’s partner compensation system should be fully supportive of the firm’s goals for its Key Clients – the top 20 to 40 or more – including motivating the firm’s partners to ensure service excellence and thereby secure these clients’ loyalty while at the same time positioning the firm for expansion of its services. This diagnostic review can be used to test partners’ perceptions regarding the extent to which the firm’s partner compensation system is functioning constructively with regard to the Key Clients. Or instead, is the compensation system inducing dysfunctional behaviors that could be harmful to the firm’s ultimate success with these important relationships.

M&A Research Process - Revealing Hidden Aquisition Targets

 

Companies who are looking to acquire assets or other companies tend not to broadcast their intentions. So, becoming the law firm to handle a transaction tends to be a matter of existing client relationships or, even a matter of luck. Not anymore. With this M&A research strategy, you can identify likely company acquirers and potential targets. This simple yet common sense exercise can help you reveal merger and acquisition opportunities before you competition does. It can even identify target acquisitions for your clients that may not have been on their radar. Use the research method for industry segments, geographic markets or to narrow a field of rumored participants to see which players might add the most value to a company's portfolio. Used by Private Equity firms to narrow their targets, the research methods are not fool proof. But they will narrow the pool of potential players to a manageable group for more comprehensive analysis and provide topics for client conversations.

Understanding a Company's Business - 40 Questions an MBA Would Ask

 

Understanding your client's business is critical to becoming a trusted advisor. This guide walks you through 40 + questions to research and ask in order to thoroughly understand any business.  Once you can answer the questions about the business, you'll be prepared to really add value to the client relationship. Plus, the list of questions is excellent preparation for client meetings or RFP pitches where knowing the company, it's business and industry Is critical to success. 

Emerging Issues Worksheet- Focus on the Best New Opportunities

 

New sources of risk and emerging issues can present unique legal challenges to companies. Lawyers who are exceptionally knowledgeable about an emerging issue or new source of risk for a company provides a valuable benefit to companies. But how do you know which emerging issues will result in profitable work for the law firm?  

 

This worksheet offers a practical guide to catalogue and assess emerging issues and new sources of risk that companies face. Using the guide, practice group leaders and marketing professionals can assess which issues present the greatest risk to a company, which present the greatest opportunities for work and whether the firm is positioned well to seize these opportunities. Don't waste time chasing opportunities that don't present enough opportunity to warrant the investment time required to understand the risk and potential solutions. Use this guide to make sure you are focused on the opportunities in which you have the greatest developmental potential. 

The Master Practice Area List - The Most Comprehensive List Available

 

The list includes literally hundreds of practice area and subspecialty areas listed in a convenient, easily exportable excel format. Practice areas with specialty areas each have a worksheet enabling you to add additional specialty areas of your firm. Use the list to standardize practice group desciptions and for analysis of practice areas that the firm may want to add.

Responding to RFPs - Tips and Checklists for Error Free Submissions

 

Requests for Proposals are an increasingly common way for companies to select their outside counsel. And yet, many attorneys are still not familiar with the process, the best practices and the important tips to ensure a smooth, error free submission of their qualifications and experience. Use this brief overview of the process and step by step checklist list of best practices and tips to educate your attorneys on what to do when responding to an RFP.  

Conducting RFP Post Mortems with Questions  - Get It Right Next Time   

                    

Whether you won or lost the last RFP response, conducting regular post mortems, in which you visit with the company to learn how you performed and how they made their decision, is crucial to improving your RFP response process. This article and series of questions will walk you through how to conduct the interview, the information you should try to glean, and questions to ask to prepare you for your next RFP response.

Marketing and Business Development Audit Checklist with Questions

                    

Law firm leaders interested in quickly learning all there is to know about the marketing and business development capabilities of their law firms will love this audit checklist. Review the checklist with the department heads of each area to guide a discussion about the marketing and business development needs and capabilities of the law firm. With more than 80 questions and a checklist that covers the most important marketing and business development capabilities of the firm, you are sure to come through this process with a thorough knowledge and a deep understanding about how to market your firm.