Categories

Archive

The Marketing Eye Blog << Blog Home

Build it and they won't just come - reflecting on Dewey & LeBoeuf

Posted Wednesday, May 30th, 2012 by Neil Edwards

The failure of Dewey & LeBoeuf in the US is hopefully not a sign of things to come in the UK.  It does, however, usefully underline the point that you can't simply build a law firm and expect to be able to take peer level drawings from it without a robust plan to win and retain clients.

As The New York Times reported at the end of last month: "There are now far more capable lawyers and law firms than there is work for them to do".  This situation surely can't be exclusive to the US.

The winners are going to be those who proactively engage clients and constantly add value to them with content and events.  You can't persuade anybody to buy a service that they don't need, but you can make sure that your practice is front of mind when a need does arise - and even draw attention to a need that people didn't previously realise they had.

The problem for most law firms is that marketing and business development doesn't come naturally.  A Collier Pickard survey published in March 2011 showed that 40% of respondents didn't have any resources dedicated to marketing - it is little surprise therefore that they are underachieving their potential.

The more far sighted are moving towards outsourcing - a concept that should make every sense to lawyers as their own businesses rely on people sourcing specialist advice from trained experts.  The reality is that marketing is changing fast - particularly online - and, as with any fast-changing area of law, only a specialist can keep pace.

Consider your answers to the following questions:

1. Are business development and marketing a central part of your management meetings?
2. Do you understand the differences between marketing and business development?
3. Do you regularly produce value adding content and run events that keep your clients and prospects engaged?
4. Is your website generating leads?
5. Are you crystal clear about why clients should choose you over your competitors?

If you can't answer all of these questions with a resounding ‘yes', it is time to take a serious look at your approach to marketing.  An initial consultation with a marketing specialist could prove to be money very well spent.  If you think this might apply to you, talk to us about our Marketing Medical service.

Posted Wednesday, May 30th, 2012 by Neil Edwards

Other Articles In This Category

• Never mind the fear, law firms need to get social

  When analysing which business sectors are active in social media, it is clear that law firms and individual solicitors have yet to embrace the social media... read more
  31st of August 2012 by Samantha Cuff

• Lawyers, you are a reluctant choice, to be avoided where possible. Deal with it

  A recent study for the Legal Services Board (LSB) found that the Internet revolution has "yet to reach legal services". The research also found that... read more
  23rd of June 2012 by Neil Edwards

• How law firms can re-build failing trust

  On 31 May, Catherine Baksi, writing in the Law Society Gazette, reported that trust in lawyers had fallen in the past year from 47% to 43%. This is according to a... read more
  3rd of June 2012 by Neil Edwards

• Where next for provincial law firms?

  The legal industry has been turned on its head in recent weeks with a set of changes that has been likened to the Big Bang deregulation of the City in October... read more
  27th of October 2011 by Neil Edwards